Welcome to Financial Advisor IQ

Morgan Stanley and Wells Fargo Lose Reps to These Rivals

By Alex Padalka May 24, 2019

Ameriprise has added three financial advisors from Morgan Stanley in Florida and poached another two representatives from Wells Fargo, Ameriprise says.

And a team of Morgan Stanley advisors has gone independent, affiliating with Raymond James.

In Daytona Beach, Fla., Paul Strong and client service associate and practice manager Leslie Inman have joined Ameriprise’s employee channel, the company says in a press release. The team previously oversaw $149 million at Morgan Stanley, Ameriprise says. And in Boca Raton, Fla., Ameriprise has added the father-son team of financial advisors Marc and Jared Strasser to its employee channel, according to the press release. The team, which operates under the name the Strasser Group, previously managed around $189 million at Morgan Stanley, Ameriprise says.

In addition, Giovanni Duran, Joseph Cataldo and Nick Penna, along with client services manager Lauren Lamartine, have left Morgan Stanley to join Raymond James Financial Services, the firm’s independent broker-dealer, in Basking Ridge, N.J., Raymond James says in a press release.

The team, which now operates at IronRidge Wealth Management Group, previously oversaw $520 million at Morgan Stanley, according to Raymond James.

“We knew as a team that the next best step for us and our clients was to become an independent practice,” Duran, IRWMG managing partner, says in the press release. “Raymond James’ reputation of being a client-first firm, together with the amount of support they provide, were major factors in our decision. We were also attracted to Raymond James because of its impressive technology offering.”

Wells Fargo, meanwhile, lost advisors Jim Pekelder and Scott Prai and practice manager Debra Knust to Ameriprise’s employee channel in Omaha, Neb., according to the press release. The team, which operates as Pekelder Prai Financial Strategies Group, previously oversaw $196 million, Ameriprise says. Their branch manager is Chris Knust, whose first cousin is married to Debra Knust, according to the press release.

(iStock Photos)

In January, Ameriprise also picked up a Wells Fargo advisor overseeing $100 million. During the first quarter, Ameriprise added 90 experienced advisors in total.

And in April, Ameriprise brought on a team of financial advisors who previously managed $304 million at MassMutual.

But the same month, Ameriprise lost a $459 million team to Securities America.