A sales rep walking toward a door (Image: Thinkstock)

Ameriprise Financial’s franchise channel picked up First American Financial, a team of advisors based in Marlton, New Jersey, from LPL Financial.

Advisors Bill Eldridge and Don Delmonte lead the team at First American and manage about $158 million in assets, Ameriprise said Thursday.

The First American team also includes client service associates Denise Cherry, Lyn McCracken and Sandy Foresta. Regional vice president Tom North and franchise field vice president Scott Cohen support the team.

“Ameriprise gives us the opportunity and support to bring in advisors closer to the start of their careers,” according to Eldridge. “We are starting to think about our succession plan in more detail, and we want to make sure we’re able to transition our clients to others on the team with ease, when the time eventually comes for us to retire,” he said in a statement while reflecting on the decision to move to Ameriprise after serving clients for more than 33 years.

“Frankly, we want to grow more quickly,” Delmonte added. “We are actively seeking practice acquisitions so that we can build our footprint and help more clients plan for retirement and other goals,” he said in a statement.

Eldridge and Delmonte “felt that Ameriprise’s financial stability and continual investments into the business would help them reach their growth goals,” Ameriprise said.

First American mainly works with pre-retirees, retirees and small-business owners in New Jersey and Florida, Ameriprise noted.

More than 4,000 financial advisors have joined Ameriprise since 2008, it said. LPL, which has been adding advisors at a rapid pace, didn’t immediately respond to a request for comment about losing First American.