Ameriprise headquarters in Minneapolis (Credit: Ameriprise)

Ameriprise Financial added a three-advisor team that manages about $194 million in assets, the firm said Wednesday.

The Barbaro, DeMartino & Tucker Group joins Ameriprise’s employee channel in Red Bank, New Jersey, after leaving Merrill Lynch Wealth Management. Merrill Lynch did not immediately respond to a request for comment about losing the advisor team.

Gregory Barbaro, Lou DeMartino and James Tucker lead the team and are joined by client service associate Janet Iglesias, Ameriprise said.

The team was attracted to Ameriprise’s “strong reputation, financial planning capabilities and values,” the company said in announcing the addition. Aside from describing the team as “seasoned advisors,” Ameriprise did not specify in its announcement why it decided to add the group.

However, Trevor Jones, Ameriprise branch manager in Red Bank, told ThinkAdvisor: “Gregory, Lou and James are highly committed to growing their business and delivering exceptional service to their clients. The three of them fit into our strong culture here in Red Bank of growth, positivity and doing right by clients. I’m excited to have them on board at Ameriprise.” Jones oversees 20 advisors in Red Bank, the firm said.

The Barbaro, DeMartino & Tucker team “conducted extensive due diligence before deciding to join Ameriprise,” according to the firm. The advisors each shared their top reasons for choosing Ameriprise.

“What tipped the scales for me was Ameriprise’s unwavering focus on financial planning,” according to Barbaro. “We provide comprehensive advice to our clients that is monitored on an ongoing basis, and we are proud to be at a firm that supports this type of relationship,” he said in a statement.

Ameriprise “stood out to” DeMartino because of its “long-standing tenure in the industry, robust investment options and cutting-edge technology,” he said. “Our clients appreciate Ameriprise’s Total View feature, which allows them to easily see their entire net worth including portfolio allocations, account balances across multiple institutions and real estate holdings in one place online,” he added.

The team “wanted to work for a firm that embraces and encourages growth in a way that is consistent with our team’s values, and we found that in Ameriprise,” according to Tucker.

Barbaro has 16 years of experience serving clients, all of them at Merrill Lynch, where he was senior financial advisor and vice president, according to his LinkedIn profile.

DeMartino, meanwhile, has eight years of experience, including more than one year at UBS Financial Services and more than seven years at Merrill Lynch, according to his LinkedIn profile. Tucker has five years of experience, all of it at Merrill Lynch, according to his LinkedIn profile.

More than 4,000 financial advisors have joined Ameriprise since 2008, according to the firm. Its nationwide network includes about 10,000 financial advisors, it noted. Ameriprise reported total assets of $973 billion and Advice & Wealth Management total clients assets of $643 billion, both record highs, in its most recent earnings report.