Nov 28 Ameriprise Financial Inc has
expanded its adviser force in Illinois and New Jersey with two
veteran teams from top U.S. brokerages Bank of America Merrill
Lynch and Morgan Stanley Wealth Management.
The new advisers, who managed a combined $370 million in
client assets at their old firms, moved in mid-November.
"Ameriprise gave us the opportunity for all of our clients
to do more financial planning," said Illinois-based adviser Ziv
Ohel in an interview on Wednesday.
Ohel, who has worked in the industry for two decades, moved
to Ameriprise from Morgan Stanley Wealth Management earlier this
month with his partner, Bill Duncan. The two managed $275
million in client assets at their old firm and generated more
than $2 million in annual revenue last year.
In the roughly two weeks since the advisers made the move,
Duncan said the response from clients has been largely positive.
"It's not an easy decision from our end," he said, referring
to the process of transferring client assets from one firm to
another. "But we're now very comfortable in our relationships
The advisers, based in the Chicago suburb of Deerfield, were
legacy Citigroup Smith Barney advisers who joined Morgan
Stanley Wealth Management after the 2009 merger of Morgan
Stanley's wealth business and Citi's Smith Barney.
The duo joined Ameriprise's traditional employee
broker-dealer division, which has about 2,300 advisers across
the country. The company also has about 7,500 additional
advisers in its independent channel, which caters to advisers
who also function as business owners.
Also on the move, advisers Levent Bayrasli and Russell Smith
joined Ameriprise' independent channel from Merrill Lynch, the
brokerage owned by Bank of America. The advisers, based
in Branchburg, New Jersey, managed $95 million in client assets
Minneapolis-based Ameriprise had about $344.9 billion in
total client assets under management as of the end of September.
Many of the firm's big broker recruits this year have come from
major U.S. brokerages including Morgan Stanley Wealth
Management, Merrill Lynch and Wells Fargo Advisors.
Morgan Stanley declined to comment on the departures. Bank
of America confirmed the departures but did not comment further.