Ameriprise Financial said it recently recruited three advisors from Morgan Stanley with a combined $234 million in assets under management.
The news comes about one month after Ameriprise reported its third-quarter results: The group now has 1,994 employee advisors and 7,681 franchise reps for a total headcount of 9,890. Average 12-month trailing fees & commissions per advisor is $550,000 vs. $511,000 a year ago.
For its part, Morgan Stanley has 15,759 financial advisors. The registered reps have average client assets of $146 million; their yearly fees & commissions average $1.07 million. The wirehouse said it was leaving the Protocol for Broker-Dealer Recruiting in late October.
Ryan Lurie of Scottsdale, Arizona, joined Ameriprise’s employee channel. He has about $69 million in assets and reports to branch manager Matthew Rea.
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“After learning what Ameriprise could offer my clients, I knew I wanted to be here,” Lurie said in a statement. “I tailor a portfolio for every single client, because each one has unique time horizons, goals, risk tolerances and estate plan wishes.”