| July 8
July 8 Weeks after raising its bonus offers for
top financial advisers, Ameriprise Financial Inc said it
has hired one away from Morgan Stanley to join its Providence,
Rhode Island, office.
John Poulton joined Ameriprise on June 27 from Morgan
Stanley where he managed $125 million in client assets.
Ameriprise announced in June that it raised minimum signing
bonuses for the top revenue-generating advisers to nearly $1.25
million from around $1 million.
Prior to upping its offers, Ameriprise recruited 77 new
advisers during the first quarter of this year, and the vast
majority managed under $100 million in client assets, a
It is unclear if Poulton received one of the recently raised
bonuses, however he is the second Morgan Stanley broker in
charge of more than $100 million in client assets to join
Ameriprise in recent months.
On May 9, Christopher Knust, who managed $147 million in
client assets at Morgan Stanley, joined Ameriprise's office in
Poulton could not be reached for comment. Ameriprise
announced the move last Thursday.
Knust, who previously worked for Smith Barney before it was
bought by Morgan Stanley, did not comment on offers. He said he
moved to Ameriprise in part because he thinks the firm reinvests
more in its business than Morgan Stanley.
Knust acknowledged that Morgan Stanley's investment
management business is the biggest in the field, with more than
$725 billion in client assets, but said it had "become more
difficult" to obtain reimbursement for some expenses.
"There's a greater investment in the business at Ameriprise
and that directly and indirectly benefits our clients because
(financial advisers) can focus on the things that we want to
focus on," Knust said.
A spokeswoman for Morgan Stanley confirmed Poulton and Knust
left the firm, and said the brokerage continues to reinvest
profit into its investment management business.
(Reporting by Elizabeth Dilts in New York; editing by Matthew