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Practice Management > Building Your Business

Ameriprise Grabs $633M LPL Team in Louisiana

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Ameriprise Financial has recruited a team in Louisiana with about $633 million in client assets and nine advisors from LPL Financial, which the group had been affiliated with for 16 years.

Senior advisors Jeffrey Draughon, Joseph Bollinger Jr., Michael Upton and Samuel Marino Jr. of Louisiana are now part of Ameriprise’s employee channel after leaving the independent broker-dealer.

UBD Financial’s three Bayou State offices are in Baton Rouge, Alexandria and Leesville. Its name is based on the initials of the last names of its three founders — Upton, Bollinger and Draughon — who each have been in the business for over 24 years.

“From the beginning, we were looking for a platform that has all the tools in place to run our practice more efficiently so we can keep our focus on spending time with clients and building our business,” according to Upton. “We found that Ameriprise had everything we were looking for.”

The practice also includes advisors Brian Flynn, Stanley Bollinger, Crissy Shirley, John Lenahan and Lori Decker, as well as support staff Heather Parker, Shirley Laurence, Monica Meche, Martha Bankston, Ann Murray and Kimberly Braddy.

“We took our time — years, actually — in carefully evaluating firms, Draughon said in a statement. We really liked Ameriprise’s reputation for financial planning, its platform and its technology — all of which will help us better serve our clients, who are at the heart of everything we do.”

The team’s new branch manager, Tom Linn, added, “The team has found a great home here. We’re excited to help them capitalize on the support, technology and resources Ameriprise offers to deliver a terrific experience to their clients and grow their business.”

As of Dec. 31, Ameriprise worked with about 9,900 registered representatives, while rival LPL has about 16,100 affiliated advisors.

LPL Adds a Team

Also on Monday, LPL Financial said one of its affiliated offices of supervisory jurisdiction (or OSJs) had recruited a team: Beacon Wealth Management, which has two advisors and about $150 million in assets and worked with 1st Global for the past decade, is now a partner of Wealthcare Advisory Partners.

“We are pleased the Beacon team has chosen the combination of LPL and Wealthcare to support their business,” according to Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “We are committed to the team’s success … and we will be their partner for the long run, making investments in the capabilities that position them to capitalize on the growth opportunities ahead.”

Houston-based Beacon’s advisors are Brent Shepherd, CFP, and Ken Day, CPA. They work with Kristen Shepherd, operations and technology manager; Cindy Day, a licensed administrative assistant, and Lori Baumgarten.

“We were looking for partners that could help us deliver that level of service and also help us to broaden our client base. With access to expanded capabilities, we can look ahead to our firm’s next phase of growth,” according to Shepherd, who has 20 years of experience as a financial advisor.

Wealthcare has offices in Richmond, Virginia, and West Chester, Pennsylvania.

“We are pleased to partner with Brent and Ken to help them take Beacon to the next level,” explained Matt Regan, president of Wealthcare, in a statement. “Their commitment to building long-lasting relationships with clients by putting the client’s best interests first aligns well with Wealthcare’s goals-driven platform and fiduciary process.”

— Check out Ameriprise Nabs UBS Family Team: Recruiting Roundup on ThinkAdvisor.


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