Ameriprise Adds Wells Broker, Waddell Manager Leaves for RIA
Advisors continue to change jerseys across the country, with Ameriprise Financial and a Washington registered investment advisory booking some March hires. Jim Foley, an Atlanta adviser who spent the bulk of his 33-year brokerage career with Wells Fargo Advisors’ private client group and predecessor firm A.G. Edwards, has joined the employee channel of Ameriprise Financial.
Foley was overseeing about $222 million of customer assets at Wells when he left two weeks ago for his new employer, an Ameriprise spokeswoman said. Foley produced around $1.5 million for Wells in the past 12 months, according to a person familiar with his book.
The veteran broker, who began his career with a less-than-one year stint at penny stock firm Blinder Robinson, spent six years with PaineWebber before joining Edwards in late 1992, according to his BrokerCheck history.
In a statement provided by Ameriprise, Foley wrote: “When considering the options, Ameriprise was the best fit for my clients and my practice.”
Wells Fargo Advisors has lost more than 900 brokers on a net basis since its sister bank’s fake-account scandal was disclosed almost two-and-a-half years ago, but has upped its recruiting deals to fill the void, with some success. Last month, it recruited five advisers from Morgan Stanley, cumulatively producing $7.5 million in three southern states.
Separately, Kevin Wiley, 46, who was helping to supervise offices of around 100 independent contractors for Waddell in Washington and Alaska, left to join Clear Creek Financial Management, a Silverdale, Washington-based RIA.
Wiley is opening his practice in nearby Bainbridge. His new firm, which custodies customer assets with TD Ameritrade, has 10 advisors and manages a little over $100 million in client assets, according to Wiley.
Wiley, who was managing about $20 million of customer assets, said he is barred from soliciting Waddell brokers to Clear Creek for one year under his employment contract with the independent broker-dealer.
He started his brokerage career nine years ago at Edward Jones & Co., and worked at Morgan Stanley and Ameriprise before joining Overland Park, Kansas-based Waddell in 2017.
Waddell has lost several large teams in the past year amid strategy shifts that included migrating its employee brokers to an independent model. Waddell had 1,060 advisors at the end of 2018, down 22.5% from 12 months earlier.
“The decrease in advisors, along with an increase in productivity, is due to our efforts to transform W&R into a self-sustaining, fully competitive and profitable entity, with a focus on higher producing advisors,” the firm said in the filing.