Ameriprise Financial is making a serious bid to attract more experienced advisors to its talent pool as it names a new leader to advance the cause.
On Monday, Ameriprise announced Brian Mora as its new senior vice president of experienced advisor recruiting.
Mora, who has been with the company for over 20 years, steps into his new role after serving as regional vice president in the firm’s central branch channel.
He will lead a nationwide team focused on recruiting financial advisors from across the industry while reporting to Pat O’Connell, president and executive vice president of Ameriprise's Branch & Institutions Groups.
In a statement, O'Connell cited Mora's "track record of driving results and a genuine passion for advisor recruiting."
“Brian is well positioned to build on the firm’s recruiting success as he’s held a variety of leadership positions across our branch and independent channels – all of which will serve him and his new team well," O'Connell said.
Meanwhile, Mora underscored Ameriprise's value proposition for top advisors, including its "resources and support" for outstanding client service as well as its "130-year track record of integrity and success.”
Ameriprise has seen robust momentum in attracting experienced financial advisors. In August, the firm scored a major recruitment win in Texas by welcoming a five-advisor UBS team overseeing $1.5 billion in client assets. It reportedly attracted more than 400 advisors in 2023, contributing to the roughly 1,700 count of advisors who have transitioned to Ameriprise over the last five years.
Still, InvestmentNews data pointed to an overall deceleration in recruitment, with a net gain of 68 advisors last year.
In an April interview, James Cracchiolo, CEO of Ameriprise Financial, suggested that while the current market is "very competitive," some firms might be taking the war for talent too far.
"[S]ome of the competitors are actually, I think, being a little more irrational in that regard," Cracchiolo told InvestmentNews earlier this year. "So, we’re much more focused on quality people that really think about where they need to associate."
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