Ameriprise lands $200 million adviser team from LPL
(Reuters) - Ameriprise Financial Inc expanded its adviser base in Arizona after landing a veteran adviser and his team from LPL Financial.
John Cartolano, with 25 years in the industry, joined Ameriprise last Friday. He was previously with LPL Financial, a broker-dealer where he had been registered since 1993 and managed $200 million in client assets with his team.
Cartolano said he made the move to Ameriprise because he wanted to focus more on succession planning for his business for when he eventually retires.
"They're providing us with the internal structure support to build out our brand and accommodate the other members of our team," he said on Friday. "It helps to transition the firm into their hands at some point."
Cartolano owns NetVest Financial, an independent asset and estate management firm based in Scottsdale, Arizona. He said he hopes to eventually quadruple the size of his team, which now has 10 members, over the next five years.
Cartolano joined Ameriprise's franchise group, which is made up of independent advisers who also function as business owners. The division accounts for roughly 78 percent of the company's adviser base, which also includes a traditional employee division.
Cartolano's team's move follows the recent addition of adviser James Marchesi and his team, which also moved from LPL on Friday. They are based in Chester, New Jersey, and managed more than $115 million in client assets.
Minneapolis-based Ameriprise has more than 9,600 advisers across the United States. Many of the company's big broker recruits so far this year have come from top U.S. brokerages, including Morgan Stanley Smith Barney, Bank of America's Merrill Lynch and Wells Fargo Advisors.
(Editing by Leslie Adler)