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.
Quasi-independent team in Richmond with some $2.7 million of production joins RayJay’s “AdvisorSelect” channel, while 21-year Wells complex director in Omaha brings team to Ameriprise employee channel.
The shift from quarterly billing early next year aims to reduce customer sticker shock in volatile periods, company tells advisors.
Michael Struckman, who left Morgan Stanley and his Southeast regional post almost a year ago, affiliated with LPL on Tuesday.
Cetera broker in Ohio ordered to pay $490,000 to former associate at Ameriprise who bought his practice.
Wirehouse hires veteran Mark Feiler to run Bloomfield Hills, confirms recent broker departures in Texas, New Jersey, Pennsylvania, Illinois and Florida.
Rising productivity—averaging $952,000 annualized for recruits arriving in April—is the metric to watch, say Stifel executives.