Feb 4 Ameriprise Financial Inc has
bolstered its adviser force in Wisconsin with a veteran adviser
and his team from Wells Fargo & Co's U.S. brokerage.
Ted Fox joined Ameriprise's independent broker division in
January from Wells Fargo Advisors, where he managed $175 million
in client assets and generated annual revenue of $1.2 million.
"I felt that the time was right for me to be my own boss,"
Fox said in an interview about his decision to become an
"I'm able to make my own decisions now and focus on what's
best for my clients ... versus having to wonder if I need to
solicit them for a mortgage, credit card or checking account,"
he said. "I don't have to worry about doing that here."
Fox, who has worked in the advising industry for roughly two
decades, remains based in Wausau, Wisconsin, where he was based
with Wells as a managing director.
Wells Fargo Advisors, owned by Wells Fargo & Co, is the
third-largest U.S. brokerage, following Morgan Stanley Wealth
Management and Bank of America Corp's Merrill
Wells declined to comment on Fox's departure.
Fox spent the bulk of his career with A.G. Edwards & Co.
A.G. Edwards was acquired in 2007 by Wachovia, which one year
later was bought by Wells.
Fox said he sought a similar culture and environment that he
had experienced at A.G. Edwards, before its acquisition.
"I wanted to find a firm that I could move to that had a
strong backing and brand and would be a solid franchise for me
to move my whole team to," Fox said.
Fox, the senior adviser on his team, moved with fellow
advisers Joel Pergolski and Karissa Smith, also formerly with
Ameriprise's independent division has about 7,500 advisers
who run their own practices and function as business owners. The
company also has a traditional employee broker-dealer division,
which has an additional roughly 2,300 advisers across the
Minneapolis-based Ameriprise had $352.8 billion in total
client assets under management as of the end of December - a 14
percent increase from the prior year. The company last week said
its operating earnings rose 31 percent from last year, driven by
strong results from its advice and wealth management business.
Ameriprise, along with other smaller regional brokerages,
has had success in recruiting veteran advisers from larger
Many of the firm's big broker recruits in 2012 came from
major U.S. brokerages including Wells Fargo Advisors, Morgan
Stanley Wealth Management and Merrill Lynch.