RayJay added a net 107 advisors last quarter to bring its brokerage force up 4% to 8,011 from a year earlier, while Ameriprise had a net decline of 21 brokers in the quarter, ending with a flat year-over-year headcount of 9,930.
Atlanta broker with over four decades of experience recommended investments from Ameriprise’s “prohibited” list, mismarking orders to circumvent blocks.
Three-broker Morgan Stanley team in Houston that produced $3 million joined Raymond James last week, while Merrill Lynch loses $675 million-asset-under-management team in Annapolis.
Four Long Island advisors on an Ameriprise employee-channel team split for offices of rival firm in Manhattan and Boca, while a wirehouse broker in Des Moines leaves to launch an independent practice in the city.
Costs associated with recruiting higher producers, new customer relationship software and the launch of its bank elevated costs in the quarter.
Ameriprise hires two advisors in Tampa who managed $338 million at Morgan Stanley and RayJay gets most of a $1 billion team in Allentown who spent most of their careers with Merrill.