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Wells Fargo Loses $219M Rep to Ameriprise

By Alex Padalka December 6, 2017

A rep overseeing $219 million at Wells Fargo Clearing Services has jumped ship to Ameriprise Financial in Arizona, according to a press release from Ameriprise.

Michael Huffman, who’s joining Ameriprise’s employee channel, said in a statement that he opted to come on board because of the firm’s “focus on clients and advisors.”

Wells Fargo Advisors has been shedding brokers ever since its parent company’s banking unit was hit with a bogus account scandal last year, despite recently raising payouts for reps who generate at least $2 million.

Last week, the firm lost three reps collectively overseeing $1 billion to Robert W. Baird. Wells Fargo Advisors did manage to add 37 new advisors in the third quarter, but its ranks were still off 3.5% compared to the year prior.

Ameriprise, meanwhile, has also lured an advisor who previously managed $135 million at Commonwealth Financial Network in South Carolina, according to the press release. Heath Bartlett joins Ameriprise’s employee channel, according to the firm.

(Getty)

Separately, Kestra Financial completed its acquisition of independent broker-dealer H. Beck from Securian Financial Group, Kestra says in a press release. H. Beck will continue operating under its own name and retain operational autonomy, according to the press release. Securian, meanwhile, made a minority investment in Kestra as part of the deal, whose terms Kestra didn’t disclose. Kestra also didn’t specify how many of H. Beck’s 600 reps will be coming on board.