Ameriprise gets $143 million Merrill Lynch team
David Schrader and Frank DeFranco in New Jersey join employee unit.
Two brokers who managed $143 million at Merrill Lynch have joined the employee channel at Ameriprise.
David Schrader and Frank DeFranco worked at the firm’s Saddle Brook, N.J., office. Mr. Schrader joined Merrill Lynch in 2008. He began his securities career at Morgan Stanley in 1997. Mr. DeFranco also joined Merrill Lynch in 2008 after starting his career in 2000 at Morgan Stanley.
Both advisers were no longer registered with Merrill Lynch as of Oct. 16, according to the BrokerCheck website.
(More: Ameriprise loses $100 million broker to Raymond James.)
According to an Oct. 24 announcement, 88 advisers joined Ameriprise Financial Inc. from other firms in the third quarter, in addition to 215 who joined the firm as part of the acquisition of Investment Professionals Inc. The company said that total adviser head count had reached 9,890, with retail client assets at a record $539 billion.
Last Wednesday, Merrill Lynch released its 2018 compensation plan for its 15,000 financial advisers. The new program includes up to 2% compensation increase as an incentive for the acquisition of new clients, according to the plan. Similarly, advisers could see cash compensation decline by 2% if new minimum hurdles are not met.
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