Ameriprise lands $1.5B powerhouse group from UBS

Ameriprise has extended its advisory network yet again as another advisor team joins the broker-dealer from UBS, this time in the Lone Star State.

Q5 Wealth Management, a Texas-based financial advisory team overseeing $1.5 billion in client assets, has transitioned to Ameriprise Financial from UBS Financial Services. The team, which operates out of Beaumont and Houston, includes financial advisors Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia, and Brad Klein.

The Q5 Wealth Management team also includes investment specialists Kevin Wagner and Ashley Carter, along with a dedicated client service and concierge staff. They’ll be overseen and supported by Ameriprise Regional Vice President Tres Rouquette.

The team selected Ameriprise for its extensive resources, including its digital capabilities, as they look to scale their practice and better serve their high-net-worth clientele of individuals, families, and business owners.

Clients are the core of everything we do, and they trust us to provide advice that propels them to reach their unique goals in life,” Persia said in a statement Tuesday.

Q5 Wealth Management specializes in complex financial scenarios, with a particular focus on retirement planning.

Persia, a 44-year veteran of the industry, added that the move was driven by a commitment to  consistently evaluate and enhance the team’s business practices to ensure maximum value for their clients.

Saba also highlighted Ameriprise’s capabilities, sophisticated wealth platform, and products and services as tools to help Q5 “simplifying financial management for their clients.”

“It’s our job as advisors to make it as easy as possible for clients to manage their financial lives in a comprehensive way,” Saba said.

The move to Ameriprise’s independent channel was also influenced by the firm’s support structure, which the team found balanced leadership guidance with the flexibility to operate their practice independently.

Q5 Wealth Management’s transition comes shortly after another veteran-led UBS team managing $150 million defected to Ameriprise earlier this month.

Ameriprise has seen a steady influx of experienced financial advisors, with more than 400 joining the firm in 2023 and approximately 1,700 over the past five years.

In July, Ameriprise reported healthy movement in its Advice & Wealth Management group, which currently has over 10,300 financial advisors. In the second quarter, that division generated pretax adjusted operating earnings of $822 million for the quarter, advancing 12 percent over last year to reach a new high.