There's no love lost between firms competing for talent in the advisor space as Raymond James, Ameriprise, and Wells Fargo's independent advisor channel, FiNet each announced their latest additions.
This week, Raymond James announced it has added the experienced father-son team of Alan and Ian Chase to its independent advisor channel.
The duo, operating as Ingenuity Financial Services in San Antonio, Texas, previously managed $170 million in client assets at Commonwealth Financial Network. Specializing in serving business owners, families, individuals, and those in or nearing retirement, Alan brings more than four decades of industry experience, while Ian has worked in the field for 13 years.
Alan Chase said the move was motivated by a desire for a firm that “respects lasting client relationships and provides modern tools to guide the families we serve.” He added that Raymond James offers the ability to pair independence with technology that “turns complex topics into clear choices.”
The move in Texas continues a robust trend of Commonwealth advisors departing to Raymond James, which by all indications is steadily getting back at LPL after apparently losing the opportunity to acquire Commonwealth's elite advisory business in March.
Meanwhile, Ameriprise Financial has announced that Mike Felton, a 20-year industry veteran, has joined its branch channel in Charleston, South Carolina. Felton, who previously worked at Merrill Lynch, brings $110 million in client assets to Ameriprise. He cited the firm’s focus on financial planning and advisor support as key reasons for his decision to move.
“Ameriprise’s planning-first culture is a perfect fit for how I serve my clients,” Felton said in a statement. He also pointed to the firm’s investments in technology, training, and expert teams as important resources for growth. Felton is supported locally by Ameriprise complex director Jamie O’Brien and regional vice president Michael Rearden.
The company noted that more than 400 advisors joined Ameriprise in 2023, with approximately 1,700 making the move over the past five years.
The past nine-plus months have also been something of a field test for Brian Mora, whom Ameriprise announced as senior vice president of experienced advisor recruiting in December.
At the time, Mora underscored the firm's resources and support" for outstanding client service and its "130-year track record of integrity and success.” Pat O’Connell, president and executive vice president of Ameriprise's Branch & Institutions Groups – to whom Mora reports directly – hailed his "track record of driving results and a genuine passion for advisor recruiting."
At Wells Fargo Advisors, several advisors have made the move to Financial Network (FiNet), collectively bringing nearly half a billion dollars in assets under management as they integrated into existing FiNet practices.
Among the new arrivals are Lori Earley, who joined Heirloom Wealth Advisors from Ziv Investment Company in Wilmington, Delaware, with $346 million in assets. Benjamin Leess and Jason Goldberg, who joined FiNet affiliate Center Street Capital from Morgan Stanley in New York City, oversee $226 million/
FiNet also welcomed Taeya Lauer, who transitioned from LPL Shore to Summit Wealth Management in Bozeman, Montana, with $109 million.
David Waite and James Shea, another duo from Morgan Stanley, also joined Seventy2 Capital Wealth Management, bringing close to $160 million in assets. Waite operates out of Hunt Valley, MD, whereas Shea is based in Red Bank, NJ.
John Tyers, head of the Wells Fargo Advisors Financial Network, said FiNet practices are seeing strong interest from advisors and teams seeking independence.
"Joining an existing practice is a great opportunity for advisors who want the benefits of independent but don’t want to do it alone," Tyers said.
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