Advisers with $300 million in AUM have recently joined Ameriprise, according to the firm.
Frank Coussens is joining an Ameriprise branch in Miami with 35 advisers and 10 support staff, headed by complex manager Frank Teodosio, according to a company spokeswoman. Coussens previously had been with Merrill Lynch, where he had overseen $132 million in AUM, according to Ameriprise.
Joining from Cetera Advisors, James O'Brien previously had overseen $92 million in AUM before he moved to Ameriprise, the firm spokeswoman said. O'Brien, based in Lone Tree, Colo., will report to Branch Manager Kathleen Drake, who heads an office of 10 advisers and three staffers.
A third recruit, Joe Cunningham, left SagePoint Financial where he previously had $73 million in AUM, according to Ameriprise. Cunningham runs his practice as a solo practitioner and will join Ameriprise's franchise channel, working under the direction of Field Vice President Mike Barker.
Spokespersons for Merrill Lynch and SagePoint declined to comment on their advisers' departures. A spokesman for Cetera declined to comment directly on O'Brien's departure, but pointed to a high retention rate among advisers at the firm. "Our advisers have demonstrated overwhelming loyalty this year, and for the small minority of advisers who have decided to transition onward, we wish them the best," the spokesman says.
For Ameriprise, the new hires are the result of a recent recruiting effort that has seen the firm snag top talent from rival firms.
"We're focused on continuing the strong momentum we’ve had in the recruiting space," Manish Dave, vice president of business development at Ameriprise writes in an email. "Recruits are impressed by what Ameriprise has to offer. We're a non-bank-owned company with the size, scale and resources to provide great support for advisers in terms of technology, products, solutions and leadership."
Coussens comes to Ameriprise after a 35-year career with Merrill Lynch, according to FINRA's BrokerCheck database. "I wasn't going to make a move unless it made life better for my clients," Coussens says in an emailed statement, praising Ameriprise's "level of support and character of the people."
Prior to his time at Cetera, O'Brien worked for D.E. Frey & Company in Denver for 10 years, from 1989 to 1999, following a 20-month stint at Dean Witter Reynolds in Purchase, New York, according to BrokerCheck.
Cunningham worked with Cetera for nearly 11 years, following a 13-year tenure at SunAmerica Securities in Phoenix, and almost six-and-a-half years with Travelers Equities Sales in El Segundo, California.