Ameriprise Nabs Edward Jones Lifer, RBC Hires Morgan Stanley Vets in L.A.
Ameriprise Financial and RBC Wealth Management polished their credentials as two of the most active recruiters in the sluggish hiring environment by saying Thursday that they have hired high-producing teams of veterans in Georgia and southern California, respectively.
Ameriprise lured Paul Lang, who had spent his 34-year career as an Edward Jones broker in Alpharetta, Georgia to its employee channel. Along with advisor Emily Ellis and an associate, Lang’s team was overseeing $363 million of customer assets under management, Amerprise said.
In Beverly Hills, Royal Bank of Canada’s RBC Wealth Management-U.S. hired advisors Amir Navab, Bradley Finnigan and Shamya Ullah, along with a client associate, from Morgan Stanley. The team produced $2.2 million in the past 12 months and were managing $269 million of customer assets, RBC said.
RBC and Ameriprise have been sweetening their recruiting deals to take advantage of a deliberate hiring slowdown at their larger competitors, according to outside headhunters Morgan Stanley, UBS and Merrill Lynch have halted solicitation of veteran advisors in an effort to reduce compensation obligations.
“I felt Ameriprise was the right move because it allowed us to focus on the core of our business—financial planning and providing unparalleled service,” Lang said in a prepared statement about his decision to leave Edward Jones.
A spokesman for St. Louis-based Jones, which is not a member of the Broker Protocol, did not immediately respond to a request for comment.
Ameriprise last week said that it recruited Morgan Stanley veteran Bob Emerson and his team in Winter Park, Fla. that managed $341 million of customer assets.
RBC on Tuesday also went to the trough of Morgan Stanley, the biggest U.S. broker as measured by its 15,700 advisors, hiring a $600 million-asset team in Boston.
Navab, RBC’s most recent hire, began his brokerage career at at Smith Barney in 1994, according to BrokerCheck. He worked there for two years before joining UBS Financial Services, where he stayed for 12 years before joining Morgan Stanley in 2009.
Finnigan has been a registered broker since 2002, when he joined UBS Financial Services, and had been with Morgan Stanley since 2009. Ullah also joined Morgan Stanley that year, after a brief stint at UBS.