Mark Burton joins Ameriprise’s employee channel in Dayton, Ohio, the company says in a press release. Along with his branch manager, Todd Lucius, Burton has formed the Burton Lucius Financial Consulting Group, which also includes his wife, Norma Burton, who serves as a client service associate, and registered client service associate Sandy Long, both of whom join Burton from Wells Fargo, according to Ameriprise.
Mark Burton previously managed around $152 million at Wells Fargo, where he had spent the last 16 of his 20 years in the financial services industry, Ameriprise says.
Burton opted for Ameriprise for its “strong financial foundation,” high rankings in customer satisfaction and loyalty and commitment to investment in technology, he says in the press release.
Nonetheless, Ameriprise has successfully recruited several advisors from wirehouses over the past three months. This week, it also added Peter Bazirgan, who oversaw $168 million at Merrill Lynch, and at the end of September Ameriprise added four more advisors overseeing $675 million at the wirehouse.
This summer, it added two more advisors from Merrill Lynch as well as several brokers from Wells Fargo and Morgan Stanley.
Wells Fargo, meanwhile, has had several departures in recent weeks but has also been able to lure brokers from large rivals. At the end of September, Rockefeller Capital Management reportedly poached a broker managing around $1 billion at Wells Fargo. The same week, Wells Fargo lost four teams of advisors collectively managing $330 million to GCG Wealth Management, a Charlotte-based affiliate of Advisor Group firm Woodbury Financial Services.
But last month Wells Fargo reportedly lured a broker who generated $4 million annually at Morgan Stanley. This summer, Wells Fargo added brokers from Merrill Lynch, UBS and Stifel Financial, but also lost advisors to Stifel, Capitol Securities Management, Ameriprise, LPL Financial, Raymond James, Hilltop Securities, Prospera Financial Services and Summit Trail Advisors.