Ameriprise Nabs $360M Duo from Edward Jones
Paul Lang and Emily Ellis join Ameriprise’s employee channel in Roswell, Ga., according to the spokeswoman. Lang had spent his entire 34-year financial advice career with Edward Jones prior to the move, according to his BrokerCheck profile. Ellis had been with Edward Jones for 18 years, according to her LinkedIn profile, the last six of which she was registered as an advisor, according to BrokerCheck. Lang says in the press release that the move to Ameriprise lets his team focus on financial planning. Lang and Ellis will report to Ameriprise’s Greater Atlanta-area complex director Brian Connerat, according to the company.
Ameriprise has been scooping up large producers from rivals in recent months. In July, the firm picked up a trio of Merrill Lynch brokers collectively overseeing $463 million. In June, Ameriprise lured 15 Wells Fargo Advisors reps collectively managing $347 million and three Morgan Stanley advisors who collectively oversaw $270 million.
Edward Jones and its brokers, meanwhile, have been in the spotlight recently for various regulatory infractions. Earlier this month, Finra barred a former Edward Jones broker for failing to show up at a hearing related to allegations of unauthorized gifts from a client as well as the use of the client’s credit card for personal benefit. The company had dismissed the advisor earlier in connection with the allegations. But in July, Finra fined the firm itself for inadequate supervision of consolidated reporting.