Ameriprise-Affiliated FA Practice Moves to Commonwealth
Endeavor Wealth Advisory Group, which consists of wealth advisors John Moose, David Zambito, David Palermo and Nathan Wegman, oversees more than $282 million, according to Commonwealth. All four had been with Ameriprise for their financial service careers to date. Moose has been an FA since 1997, Palermo since 1996, Wegman since 2013 and Zambito since 1972, according to BrokerCheck.
“For us, it was all about the people who stand behind Commonwealth,” Moose says in the press release by means of explaining the team’s move. “Every individual who touched our transition upheld a genuine concern for what we wanted to accomplish and maintained accountability throughout the process.”
Commonwealth has been picking up advisor practices in recent months, particularly from rival LPL Financial, who last summer bought the assets of the four broker-dealers on the National Planning Holdings network. In April, Riverstone Wealth Partners opted against affiliating with LPL, choosing Commonwealth instead. In March, Commonwealth lured a $350 million father-son wealth management practice from Northwestern Mutual.
Ameriprise, meanwhile, has also nabbed several advisors from rivals this year. Three weeks ago the company lured four advisors who collectively managed $150 million at AXA Advisors, and in April Ameriprise picked up a $185 million team from Edward Jones.