Ameriprise Financial Welcomes $150 Million UBS Advisor Looking for Greater Support and an Empowering Culture
Financial advisor Michael Walstien has joined Ameriprise Financial (NYSE: AMP) from UBS Financial Services, managing $150 million in assets. Walstien highlighted several reasons for his move, including enhanced client service support, Ameriprise's expertise in financial planning, cutting-edge technology, and a supportive, empowering culture. Walstien's transition has been smooth, gaining positive feedback from his clients. Ameriprise has successfully attracted over 400 advisors in 2023 and about 1,700 in the past five years.
L'advisor finanziario Michael Walstien è entrato a far parte di Ameriprise Financial (NYSE: AMP) proveniente da UBS Financial Services, gestendo $150 milioni di attivi. Walstien ha evidenziato diversi motivi per il suo passaggio, tra cui un supporto migliore per i clienti, l'expertise di Ameriprise nella pianificazione finanziaria, tecnologie all'avanguardia e una cultura di supporto e valorizzazione. La transizione di Walstien è avvenuta senza problemi, ricevendo feedback positivi dai suoi clienti. Ameriprise ha attratto con successo oltre 400 advisor nel 2023 e circa 1.700 negli ultimi cinque anni.
El asesor financiero Michael Walstien se ha unido a Ameriprise Financial (NYSE: AMP) proveniente de UBS Financial Services, gestionando $150 millones en activos. Walstien destacó varias razones para su mudanza, incluida una mejor atención al cliente, la experiencia de Ameriprise en planificación financiera, tecnología de vanguardia y una cultura de apoyo y empoderamiento. La transición de Walstien ha sido fluida, recibiendo comentarios positivos de sus clientes. Ameriprise ha atraído con éxito a más de 400 asesores en 2023 y alrededor de 1,700 en los últimos cinco años.
재정 상담사 마이클 월스타인(Michael Walstien)은 UBS 금융 서비스에서 아메리프라이즈 재정 (NYSE: AMP)에 합류하여 1억 5천만 달러의 자산을 관리하고 있습니다. 월스타인은 고객 서비스 지원 강화, 아메리프라이즈의 재정 계획 전문성, 최첨단 기술, 지원적이고 권한 부여하는 문화 등 이사 이유를 여러 가지 강조했습니다. 월스타인의 전환은 원활하게 진행되어 고객들로부터 긍정적인 피드백을 받았습니다. 아메리프라이즈는 2023년에 400명 이상의 상담사를 성공적으로 유치하였으며, 지난 5년 동안 약 1,700명을 유치하였습니다.
Le conseiller financier Michael Walstien a rejoint Ameriprise Financial (NYSE: AMP) en provenance de UBS Financial Services, gérant 150 millions de dollars d'actifs. Walstien a souligné plusieurs raisons pour son déménagement, y compris un meilleur soutien aux clients, l'expertise d'Ameriprise en matière de planification financière, des technologies de pointe et une culture de soutien et d'émancipation. La transition de Walstien s'est déroulée en douceur, avec des retours positifs de ses clients. Ameriprise a réussi à attirer plus de 400 conseillers en 2023 et environ 1 700 au cours des cinq dernières années.
Der Finanzberater Michael Walstien ist von UBS Financial Services zu Ameriprise Financial (NYSE: AMP) gewechselt und verwaltet 150 Millionen Dollar an Vermögenswerten. Walstien nannte mehrere Gründe für seinen Wechsel, darunter eine verbesserte Kundenbetreuung, die Expertise von Ameriprise in der Finanzplanung, moderne Technologie sowie eine unterstützende und befähigende Unternehmenskultur. Walstiens Übergang verlief reibungslos und erhielt positive Rückmeldungen von seinen Kunden. Ameriprise hat 2023 erfolgreich über 400 Berater gewonnen und in den letzten fünf Jahren etwa 1.700.
- Michael Walstien joined Ameriprise Financial, bringing $150 million in assets.
- Enhanced client service support and comprehensive financial planning offered by Ameriprise.
- Ameriprise's investment in technology and tools for a streamlined advisor and client experience.
- Supportive and empowering company culture.
- Successful advisor transitions with over 400 advisors joining in 2023 and 1,700 over the past five years.
- None.
Insights
The transition of Michael Walstien, a financial advisor managing
Ameriprise's success in attracting experienced advisors is evident from the numbers: over 400 advisors joined in 2023 and approximately 1,700 in the last five years. This consistent influx of talent can contribute to steady growth in assets under management (AUM) and potential revenue increases.
However, it's important to consider the costs associated with these transitions. Firms often offer substantial incentives to attract high-performing advisors, which can impact short-term profitability. The long-term value of these acquisitions depends on client retention rates and the advisor's ability to grow their book of business post-transition.
From an investor's perspective, Ameriprise's ability to consistently attract talent suggests a strong value proposition and competitive positioning in the industry. This could potentially lead to increased market share and improved financial performance over time. However, investors should monitor the firm's expense ratios and profit margins to ensure that the costs of these acquisitions don't outweigh the benefits.
In the broader context, this move reflects ongoing shifts in the wealth management landscape, with advisors increasingly prioritizing technological capabilities, comprehensive planning resources and supportive cultures. Firms that can deliver on these fronts may be better positioned for growth in the evolving financial services market.
The transition of Michael Walstien to Ameriprise Financial offers valuable insights into current trends in the wealth management industry. Walstien's reasons for moving highlight key factors that are driving advisor decisions in today's market:
- Enhanced client experience: Advisors are prioritizing firms that offer superior support and resources for client service.
- Financial planning focus: There's a growing emphasis on comprehensive financial planning, moving beyond just investment management.
- Technological capabilities: Advanced tools and digital platforms are becoming important differentiators for wealth management firms.
- Collaborative culture: Advisors are seeking environments that foster professional growth and teamwork.
Ameriprise's success in attracting over 400 advisors in 2023 and about 1,700 in the past five years suggests that their value proposition is resonating in the market. This trend could indicate a shift in the competitive landscape of the wealth management industry.
For investors, this movement of advisors between firms is worth watching. It can impact market share, client assets under management and ultimately, the financial performance of publicly traded wealth management firms. Companies that can consistently attract and retain top talent may be better positioned for long-term growth.
However, it's important to note that advisor transitions can be costly for firms in the short term. Investors should monitor how these recruitment efforts impact Ameriprise's expenses and profit margins in upcoming financial reports.
Overall, this news underscores the importance of adaptability in the wealth management industry. Firms that can offer a compelling blend of technology, support and culture are likely to have an edge in attracting both advisors and clients in this evolving market.
Financial advisor Michael Walstien says his eyes were opened to everything Ameriprise could offer for his clients and his practice
Walstien made the move to Ameriprise for several reasons:
- Client service support: “First and foremost, I was looking to provide an enhanced experience for my clients. Ameriprise has the support, tools, and systems to bring our client offering to the next level.”
- Financial planning: “The firm’s longtime focus and expertise in financial planning will allow my clients broader access to resources and comprehensive advice.”
- Technology: “Ameriprise invests in technology, tools and services that make it more efficient for advisors to run their businesses, while offering a streamlined digital experience for clients.”
- Culture: “I love the culture here at Ameriprise and in our branch office. It’s truly a collaborative, team atmosphere where everyone is empowered to excel in their careers.”
Walstien did his due diligence with firms across the industry as he started thinking about a transition. Through this process, it became clear Ameriprise is one of the best in the business when it comes to advisor transitions. “Ameriprise said they had the expertise, dedicated resources, and supportive culture to facilitate my transition well, and they did not disappoint,” says Walstien. “The move is going extraordinarily well, and my clients have been extremely supportive and pleased with the change.”
Walstien is joined by client service associate Kaeli Williams. They are supported locally by Ameriprise Complex Director Adam Lukens and Ameriprise Regional Vice President Mitch Doren.
Ameriprise has continued to attract experienced, productive financial advisors, with more than 400 advisors moving their practices to Ameriprise in 2023 and approximately 1,700 joining the firm in the last 5 years.1 To find out why experienced financial advisors are joining Ameriprise, visit ameriprise.com/why.
About the Ameriprise Ultimate Advisor Partnership
The Ameriprise Ultimate Advisor Partnership offers a differentiated experience for advisors that helps them accelerate growth while delivering an excellent client experience. Combined with the company’s culture of support and independence, the Ultimate Advisor Partnership enables advisors to scale their businesses, deepen client relationships and drive referrals for future growth.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors2, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.
Ameriprise Financial cannot guarantee future financial results.
Ameriprise Financial Services, LLC is an Equal Opportunity Employer.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.
©2024 Ameriprise Financial, Inc. All rights reserved.
1 Ameriprise Financial 2023 10-K.
2 Ameriprise Financial Q1 2024 Earnings Release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801389359/en/
Alison Mueller, Media Relations
612-678-7183
Alison.g.mueller@ampf.com
Source: Ameriprise Financial, Inc.
FAQ
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