All over the country Wells Fargo continues to aggressively recruit talented advisors at Ameriprise. According to advisors who have transitioned recently to Wells, they have a robust and very competitive platform with payouts that far exceed AMPF. Despite, AMPF have lowered comp Wells continues to increase. Managers have been directed to offer some of the largest transition packages the industry we have ever seen, including Upfronts, Back-ends, and Deferred Match. To add, the retirement program at the firm far surpasses that of Ameriprise where some advisors are getting a transition deal plus a future retirement deal for an all in eye-popping 600%.
Todd E. Harris of Gilbert, Arizona who only joined Ameriprise Financial Services as a Managing Director departed to Wells Fargo yesterday having only spent a little over 4 years there. As a single producer grossing about $1.5M, he was highly regarded at the firm receiving the Ameriprise Ultimate Digital Excellence Award in 2022 and the Ameriprise Client Experience Award, in 2020, 2021, 2022, and 2023.
What was the motivation having only been there 4 years and still locked up on deal?
According to our sources who spoke with Mr. Harris, not only was the platform better but the opportunity to eventually migrate to the Wells independent channel FiNet. Three major banks have a 1099 independent channel including Raymond James, Ameriprise and Wells. All have their positives and challenges though many consider the AMPF offering the least attractive. Not only is FiNet the largest of the 3 but offers the largest transition packages, multi custody, an external private equity partner who is an active investor helping grow advisory team multiples to over 20x. Lastly, the firm very actively recruits helping build dream teams from a large pool of the 15k advisors at Wells and many teams from outside the firm. As example, see this article How Does a Team Grow From $3M to $75M in 5 Years?
Ameriprise is a very reputable firm though comparatively the Wells formula is just that much better and why so many teams are being recruited all around the country.
