Ameriprise recruits three RBC teams with nearly $1.2B and Wells adds nearly $900M

Ameriprise Financial has recruited three advisor teams from RBC Capital Markets with nearly $1.2 billion in combined client assets, according to InvestmentNews. Wells Fargo Advisors added three teams from rival firms with nearly $900 million in the same round-up of advisor moves.

The largest Ameriprise addition is The GEN Group, which joined in Vienna, Virginia, with more than $750 million. Private wealth advisor Matt Lanham and financial advisor Amanda Catalina lead the team, with client service associates Nicole Aguinaldo and Ari Aguinaldo supporting it. In Denver, Vantage Axia Wealth arrived with more than $280 million, led by financial advisors Andy Krantz, a certified financial planner, and Corben Gailey; registered client service associate Dominic Occhiuzzo moved with them. Chad Lewis, a former Air Force F-16 pilot of 25 years, brings $160 million to West Des Moines, Iowa. The three figures add to $1.19 billion, consistent with the "nearly $1.2 billion" the report cites.

Ameriprise also assigned seven named branch, complex and regional managers to the incoming teams, including complex director Ed Eckenroad and regional vice president Todd Hubley to The GEN Group, regional vice president David Spataro to Vantage Axia, and complex director Adam Lukens to Lewis. The RBC teams cited Ameriprise's technology platform, planning capabilities, advisor support model and leadership team as reasons for moving, according to the report.

The largest of Wells Fargo's three additions is the Halloran Dooley Investment Group, which joined from Santander Securities in Beverly, Massachusetts, with nearly $400 million. Kevin Halloran, John (Ryan) Halloran and Michael Dooley lead it. Mark Southwell came from Raymond James in McAllen, Texas, with nearly $300 million and client associate Thelma, and Lester Ernest moved from Truist Investment Services in Orlando with more than $200 million. Together the three totals come to roughly $900 million and extend the firm across Massachusetts, Texas and Florida.

Raymond James lost Southwell to Wells Fargo and gained a New Jersey pair from UBS. Peter Q. Morris and Kenneth "Ken" Montal, who managed $245 million at UBS, joined Raymond James & Associates, the firm's employee advisor channel, in Paramus, according to the report. The team now operates as The Compass Group of Raymond James, serves business owners, retirees, pre-retirees and clients dealing with sudden wealth, and is joined by client service associate Jessica Sanchez. Morris is a managing director with more than 30 years in the industry, 15 of them at UBS. As this publication reported earlier this month, an Ameriprise team moved to Wells Fargo's independent channel in a $580 million liftout.