Ameriprise Financial Services has lost a $350 million team outside of Philadelphia to the RIA channel.
Beacon Bridge Wealth Partners, which is based in Conshohocken, Pennsylvania, announced last week that it had left the broker-dealer and registered as an investment advisor.
The firm includes chief executive Steven Krzywicki Jr., and advisors Christopher Chaves, James Schmidt and John D. Jim, according to a press release from the firm.
In all, the firm has nine employees, the press release states. Jim and Krzywicki had been with Ameriprise since 1994 and 2000, respectively, according to their BrokerCheck records. Schmidt and Chaves had been with the firm since 2015 and 2016, according to BrokerCheck.
Megan Scott, chief vision officer and partner at the firm, said that the new structure will allow for “expanded services” to clients.
Beacon Bridge’s Form ADV indicates that the firm will use Charles Schwab as its primary custodian. The disclosures show that Schwab may provide a total of $142,500 for marketing, technology, consulting, research and other services needed to set up during the first 12 months of operation. Schwab also will reimburse $237,000 in termination fees associated with the change, disclosures show.
In a statement announcing the move, Krzywicki promoted Beacon's Total Wellness management style. “To help our clients make better decisions, we explore the effect money has on every part of their lives. We address not only their finances, but also the impact their financial decisions can have on personal relationships, health, lifestyle, and purpose.”