Advisor moves: Ameriprise adds $1.6B ensemble from Oppenheimer

The momentum in advisor recruitment is continuing to roll along in the final week of October, with Ameriprise onboarding a billion dollar-plus team in Florida as Osaic scoops up a longtime Commonwealth advisor in Minnesota.

Ameriprise bags $1.6 billion advisor group from Oppenheimer

On Tuesday, Ameriprise announced it has brought aboard The Atlantic Group, a Boca Raton, Florida-based practice managing more than $1.6 billion in client assets. The 16-member team, which includes nine financial advisors and seven support staff, joins Ameriprise’s branch channel after departing Oppenheimer & Co.

The group is led by Andrew Lerner and Logan Shalmi, who founded the practice after meeting as college roommates and have since grown it through a focus on client relationships.

Lerner said the team has “always prioritized delivering a high-touch, personalized experience to our clients,” and cited Ameriprise’s planning tools, investment products, and technology as factors in the move.

Shalmi added that joining Ameriprise is “a continuation of that journey,” noting that the firm’s platform will help the team deepen client relationships and expand its offerings.

Osaic snags 31-year Commonwealth alum in Minnesota

Osaic also made a notable addition Tuesday, welcoming Gallagher Financial Services, an independent wealth management firm based in St. Paul, Minnesota. Gallagher Financial, led by Mark Gallagher, manages about $194 million in client assets.

After more than three decades with Commonwealth, Gallagher decided to affiliate with Osaic, citing the firm’s support, technology, and clearing relationship with National Financial Services as key reasons for the move.

Gallagher said, “Osaic offers the right mix of local support, a clearing relationship with National Financial Services to ensure a smooth transition, competitive advisory solutions, and a technology stack to support our clients today and well into the future.” 

His decision to part ways with Commonwealth after 31 years speaks volumes about the disruption from LPL's acquisition, the fallout of which has so far seen dozens of elite advisors depart to Raymond James and other rival broker-dealer and RIA firms.  

Kestra, Wells Fargo nab experience teams from Merrill

Kestra Private Wealth Services has announced that Ascend Private Wealth Partners, a Scottsdale, Arizona-based team with $866 million in assets under management, has joined its platform.

Led by David Barnett and Ashley Ament –  who were previously registered with Merrill Lynch for roughly 15 years, according to their BrokerCheck records – Ascend specializes in comprehensive financial planning and aims to provide highly personalized service.

The move to Kestra PWS is intended to give the team access to expanded resources while maintaining independence.

Ament said the firm strives to ensure every decision reflects clients’ best interests, and that joining Kestra PWS provides “the freedom and flexibility to source high-quality solutions for our clients without being tied to specific products.” 

Wells Fargo Advisors has also expanded its Private Client Group in New Jersey by adding three experienced Merrill advisors: Sivakumar Veerapandy, Timothy Cappadona, and Minesh Patel.

The trio collectively oversee more than $722 million in assets and bring nearly 75 years of combined experience.

Jeffrey Tucker, northeast market leader said the advisors’ “combined experience and commitment to client service are an asset to our team,” and their arrival marks another step in the firm’s investment and expansion in the New Jersey market.