Morgan Stanley loses three Michigan reps to Ameriprise

Trio managing $270 million joins firm's employee channel.
JUN 26, 2017

Three veteran advisers — Kenneth Demps, Robert Dennis and Jay MacKenzie — who managed $270 million in assets at the Troy, Mich., offices of Morgan Stanley, have moved to Ameriprise as employees. Mr. Demps spent his entire business career at Morgan Stanley, joining the firm in 1984. (More: See all the latest moves in the InvestmentNews Advisers on the Move database) Mr. Dennis began his career in 1995 at H&R Block Financial Advisors, and moved to Merrill Lynch in 2002. He joined Morgan Stanley in 2004. Mr. MacKenzie began his career in 1974 at First of Michigan Corp., moved to several firms over the years including E.F. Hutton, Lehman Brothers, Dean Witter Reynolds, Prudential Securities and UBS, before joining Morgan Stanley in 2014.

Latest News

Retiree alleges advisor withheld $600K through real estate LLC web
Retiree alleges advisor withheld $600K through real estate LLC web

$1.7M invested from an inheritance. Then the phone went dead.

SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception
SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception

The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.

GLP-1 users are trading retirement savings for their prescriptions
GLP-1 users are trading retirement savings for their prescriptions

A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.

Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors
Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors

The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.

Class action alleges Webull misled investors about China operations
Class action alleges Webull misled investors about China operations

Its SEC filings said one thing - a congressional probe said another.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor