A father-and-son team with $180 million in combined client assets has left Cetera Advisors to join the employee side of Ameriprise, the firm said.
J. Leland Davis and his son Jeremy Davis moved their seven-member team to Ameriprise in Denver, where they report to branch manager Dean Obenauer, according to the firm.
"We did considerable due diligence before making our move," J. Leland Davis says in a released statement. "With the technology structure in place and the backbone of financial planning, Ameriprise was the right fit as we take our business to the next level."
The move to Ameriprise comes after the announcement earlier this month that Cetera's beleaguered holding company, RCS Capital, is in the midst of shutting down its wholesale distribution business. RCS also posted a $266.5 million third quarter net income loss from continuing operations. Its stock price, which now trades at well under $1, has lost over 90% of its value over the past year.
So far, the upheaval at RCS does not seem to have triggered a mass exodus of advisors from the independent broker-dealer.
Prior to joining Cetera in 1998, J. Leland Davis worked stints at MML Investors Services, G.R. Phelps and Walnut Street Securities, according to FINRA BrokerCheck records. He got his start in the industry with Mutual Fund of Omaha Fund Management in 1977, BrokerCheck records show.
His son Jeremy Davis began his securities career with his father at MML Investors Services in 2002, according to FINRA.
Ameriprise recently lured five advisors with a combined $415 million in combined AUM.