Morgan Stanley Loses 2 Father-Son Groups to Ameriprise
The news comes as Ameriprise reports second-quarter results, including 9,894 advisors and total client assets of $630 billion.
Ameriprise Financial says a team that includes two father-son partnerships and works with $367 million in client assets recently joined its employee channel from Morgan Stanley.
The team, which does business as the Falldin-Mattson Group, is based in Edina, Minnesota, not far from Ameriprise’s headquarters in Minneapolis.
It is led by advisor John Falldin, a 36-year industry veteran who has been with Morgan Stanley since 1984. His son Joe Falldin, who is new to the industry also is part of team.
Other members include Jim Mattson, a 34-year industry veteran who spent about 10 years at Morgan Stanley and 15 years at Merrill Lynch, and his son James Mattson, an advisor with six years in the business. Another team member is registered client service associate Abby Dority.
The team says it spent more than a year reviewing broker-dealers before deciding to move to Ameriprise.
“Jim and I are proud to work alongside our sons,” said John Falldin, in a statement. “Our transition, which has been all virtual, is going well. Our clients are pleased with our move to Ameriprise because of their positive reputation and robust digital capabilities that allow them to see progress toward their goals in real time.”
According to Adam Lukens, Ameriprise branch manager, “I’m proud that Ameriprise has the support and resources to help them structure their practice and succession plan to align with their vision of operating a family-run practice, which is key to serving their clients well for years to come.”
In the quarter ending June 30, Ameriprise had 9,894 advisors, a drop of 57 from the year-ago period. Its total client assets rose 4% to $630 billion, and its average level of trailing-12-month fees and commissions per advisor improved 5% to $669,000.