Ameriprise Financial has lost another major advisory group, as Apex Private Wealth Advisors, managing $650 million in client assets, has made the move to LPL Financial. This exit adds to the growing list of advisors leaving Ameriprise for more independence and control over their operations.
Brett J. Howard and Marco A. Rivera, co-founders of the Apex team, have both built long careers at major financial firms, including Wells Fargo and Citigroup. Their decision to join LPL was largely driven by a desire for greater flexibility. “As our practice continues to grow, we felt it was the right time to step away from the franchise model to have more freedom and control in how we operate,” Rivera explained.
This move highlights a broader trend within the industry, where advisors are seeking to build their own brands outside of the rigid structures of firms like Ameriprise. LPL offers advisors the ability to operate independently, without the constraints of a franchise system, which has become a significant draw for those looking to scale their practices in their own way.
A critical factor in Apex’s decision was the efficiency LPL’s platform provides. With integrated technology that allows for streamlined operations, and self-clearing capabilities, LPL enables advisors to spend less time on administration and more time on client growth. For Howard and Rivera, who have decades of experience, this operational flexibility is essential to maintaining their competitive edge.
Additionally, LPL’s wide array of investment options allows advisors like Howard and Rivera to craft more customized portfolios for their clients. This flexibility is something many Ameriprise advisors have cited as a key reason for moving to LPL, especially as they seek to diversify client offerings and respond to market demands.
Tensions between Ameriprise and LPL have further intensified the competition. Ameriprise has accused LPL of encouraging recruits to take confidential client information, filing lawsuits to block these moves. Meanwhile, LPL has alleged that Ameriprise uses intimidation tactics to prevent advisors from leaving, adding more pressure to those looking for a smoother transition.
For Apex Private Wealth Advisors, this move to LPL reflects a larger shift among high-performing teams, opting for greater independence and the freedom to grow their practice on their terms. As the advisory landscape continues to evolve, it’s clear that LPL’s model offers the flexibility and support that many advisors are seeking in this new era.
