Ameriprise Lands Merrill, Morgan Stanley Teams in Hawaii and NYC
Ameriprise Financial’s revved-up recruiting efforts have been bearing fruit with wirehouse brokers.
The Minneapolis-based firm said on Thursday that it hired a Merrill Lynch team in Honolulu that had been managing $188 million in assets and another in New York from Morgan Stanley that was managing $185 million.
Chief Executive James Cracchiolo said on the firm’s earnings call last month that the company has been “attracting productive advisers with larger practices who serve the affluent market.” The average Ameriprise broker across its employee and independent channels generates $613,000, the company said, compared to an average of around $1 million at the wirehouses.
An Ameriprise spokeswoman declined to discuss production figures for the new hires.
The Honolulu team of Joseph Gronwald, Ryan Katahara and David Nakamoto joined Ameriprise’s franchise, or independent, channel on October 5. Gronwald, a 23-year industry veteran, had been with Merrill since 2010, according to BrokerCheck.
“Ameriprise provides a higher level of financial planning resources and a robust technology platform to help drive the client experience,” he said in a prepared statement that described his clients as coming from a “broad range of socio-economic backgrounds.”
A spokeswoman for Merrill confirmed the departure but declined to comment further.
Gronwald, who started his brokerage career at Prudential Securities in 1995, did not immediately return a call for comment. He moved to UBS Financial Services in 1997 and spent 13 years there before joining Merrill.
The Morgan Stanley team of Marcy Rose and Joseph Soranno joined the employee channel in July.
“I chose Ameriprise because of the overall positive culture at the firm and its significant growth over the past 10 years,” Rose said in a statement. “It has the strength of a Fortune 500 wealth management firm, yet still understands the value of maintaining an entrepreneurial spirit for advisors.”
Rose began her brokerage career at Merrill in 2000 and moved to Smith Barney in 2009 shortly before it was absorbed by Morgan Stanley. Soranno followed a similar path, starting at Fam Distributors in 2000, moving to Merrill in 2003 and to Smith Barney on the eve of its Morgan Stanley takeover in 2009.