David Kutz of Scottsdale, Ariz., and registered client service associate John Santillo, join Ameriprise’s employee channel as the Kutz & Santillo Financial Strategies Group, according to a press release from Ameriprise. They previously oversaw $123 million at Wells Fargo, Ameriprise says.
"My partner and I feel we are able to do more for our clients here at Ameriprise, and we are excited about the opportunity to grow our practice,” Kurtz says in the press release.
Wells Fargo has lost more than 1,000 financial advisors to several rivals since the 2016 revelations that the company’s retail bank employees opened millions of unauthorized accounts in a bid to meet aggressive sales quotas.
Ameriprise, meanwhile, also lured Rick Mundrane of Deerfield, Ill. to its employee channel this week, the company says in the press release. He previously managed $106 million at Morgan Stanley, according to Ameriprise.
"I chose Ameriprise for its client-centric philosophy, which was exactly what I was looking for after nearly three decades in this business,” Mundrane says in the press release. “As a former military officer, working for a firm with a strong reputation for its commitment to clients is very important to me.”
Ameriprise has been on a poaching spree for several weeks, particularly from wirehouses.
Last month, the firm picked up several advisors from Morgan Stanley and Merrill Lynch collectively overseeing $373 million, three advisors who managed more than $500 million at Wells Fargo and a $217 million practice from LPL Financial.
But a firm that Ameriprise was set to acquire earlier this year just lost a pair of advisors to Cetera Investment Services, according to ThinkAdvisor.
The husband-and-wife team of Pamela and Joseph Malara manage around $180 million at the Bank of St. Francisville andthe Peoples Bank of Pointe Coupee Parish, both in Louisiana, the publication writes.
Pamela Malara has been affiliated with Investment Professionals for 20 out of her 22 years in the financial services industry, according to BrokerCheck.
Joseph Malara has been affiliated with the firm for 13 years, according to ThinkAdvisor. Ameriprise said it would acquire Investment Professionals in April, the publication writes.
“Cetera’s long-standing expertise in supporting financial institutions-based practices like ours has already been evident in the consultative training sessions in which we have taken part, and in the seamless transition support we have received,” Pamela Malara says in the press release.