Elite Team Managing $1.5 Billion in Assets Joins Ameriprise Financial for Sophisticated Resources to Take Their Practice to the Next Level

Rhea-AI Summary

Q5 Wealth Management, a team of five financial advisors managing $1.5 billion in client assets, has joined the independent channel of Ameriprise Financial, Inc. (NYSE: AMP) from UBS Financial Services, Inc. The team, based in Beaumont and Houston, Texas, chose Ameriprise for its robust resources and innovative digital capabilities to enhance their high-net-worth clients' experience and scale their practice.

The advisors, Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia, and Brad Klein, specialize in advising on complex financial situations for individuals planning for retirement, families, and business owners. They were attracted by Ameriprise's sophisticated wealth management platform and the balance of support and flexibility offered by the independent channel.

Ameriprise has been successful in attracting experienced advisors, with over 400 joining in 2023 and approximately 1,700 in the last 5 years.

Positive

• Acquisition of a team managing $1.5 billion in client assets
• Expansion of Ameriprise's advisor network with experienced professionals
• Attraction of over 400 advisors in 2023 and 1,700 in the last 5 years

Negative

• None.

Insights

Financial Analyst

The move of Q5 Wealth Management, managing $1.5 billion in assets, to Ameriprise Financial is a significant development in the wealth management industry. This transition highlights the growing importance of advanced digital capabilities and integrated platforms in serving high-net-worth clients. For Ameriprise (NYSE: AMP), this acquisition represents a substantial boost to its assets under management and could potentially impact its market position positively.

From an investor's perspective, this news is mildly positive for Ameriprise. The addition of $1.5 billion in assets, while significant, is not transformative for a company of Ameriprise's size. However, it does demonstrate the company's ability to attract established, high-performing teams, which could lead to increased revenue and market share over time. Investors should monitor Ameriprise's ability to continue attracting such teams, as it could be indicative of the company's competitive edge in the wealth management space.

Market Research Analyst

This move by Q5 Wealth Management underscores a broader trend in the financial advisory industry towards platforms offering sophisticated digital capabilities and integrated solutions. Ameriprise's success in attracting this team, along with 400+ advisors in 2023 and ~1,700 in the last 5 years, indicates a strong market position in advisor recruitment.

For investors, this trend suggests potential for sustained growth in Ameriprise's advisor network and, consequently, its assets under management. However, it's important to consider the costs associated with attracting and onboarding these teams, as well as the potential for increased competition in this space. The ability of firms like Ameriprise to provide cutting-edge technology and support services may become a key differentiator in the wealth management industry moving forward.

The team of five financial advisors say their high-net-worth clients will benefit from Ameriprise’s innovative and fully integrated digital capabilities

MINNEAPOLIS--(BUSINESS WIRE)-- Q5 Wealth Management, a financial advisory team managing $1.5 billion in client assets in Beaumont and Houston, Texas, recently joined the independent channel of Ameriprise Financial, Inc. (NYSE: AMP) from UBS Financial Services, Inc. Financial advisors Omar Bitar, Jeremy Saba, Mike Persia, Ed Persia, and Brad Klein conducted an extensive search for a new broker-dealer and chose Ameriprise for the firm’s robust resources to elevate their high-net-worth clients’ experience and significantly scale their practice. Specifically, the advisors were energized by Ameriprise’s innovative and fully integrated digital capabilities that will make it more efficient to consistently exceed clients’ expectations.

Reflecting on the move, Mike Persia said, “Clients are the core of everything we do, and they trust us to provide advice that propels them to reach their unique goals in life. Our team continually evaluates the way we’re doing business to ensure we’re delivering them the highest value. We saw an opportunity with Ameriprise to enhance our client offering and better position our practice for future growth.”

Q5 Wealth Management serves high-net-worth clients across the United States. The team specializes in advising on complex financial situations for individuals planning for retirement, families and business owners. “It’s our job as advisors to make it as easy as possible for clients to manage their financial lives in a comprehensive way,” Jeremy Saba added. “Ameriprise has leading capabilities that create efficiencies for clients and our team, as well as a sophisticated wealth management platform equipped with the products and services our clients want and need.”

The team chose to join Ameriprise’s independent channel because it offered the right balance of tenured support from leadership and flexibility to run their practice their way.

“We’re excited to welcome Q5 Wealth Management to our Ameriprise network,” said Ameriprise Field Vice President Logan Clipp. “Ameriprise is very thoughtful about the advisors we choose to partner with because we put significant time and resources into helping each one grow and serve clients exceptionally well. Omar, Jeremy, Mike, Ed, and Brad exemplify what it means to run a growth-focused, client-centric practice.”

Ameriprise Regional Vice President Tres Rouquette also supports the team.

The team includes their supporting staff, Investment Specialists Kevin Wagner and Ashley Carter, Client Service Managers Sherri Thompson, Brandy Head and Taryn King, and Client Concierge Dena McNiel.

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 Q2 2024 Earnings Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240813289340/en/

Alison Mueller, Media Relations

612.678.7183

alison.g.mueller@ampf.com

Source: Ameriprise Financial, Inc.

FAQ

How much in assets does the Q5 Wealth Management team manage that joined Ameriprise Financial (AMP)?

The Q5 Wealth Management team that joined Ameriprise Financial (AMP) manages $1.5 billion in client assets.

Why did Q5 Wealth Management choose to join Ameriprise Financial (AMP)?

Q5 Wealth Management chose to join Ameriprise Financial (AMP) for its robust resources, innovative digital capabilities, sophisticated wealth management platform, and the balance of support and flexibility offered by the independent channel.

How many financial advisors have joined Ameriprise Financial (AMP) in recent years?

Ameriprise Financial (AMP) has attracted over 400 advisors in 2023 and approximately 1,700 in the last 5 years.

What type of clients does Q5 Wealth Management serve at Ameriprise Financial (AMP)?

Q5 Wealth Management serves high-net-worth clients across the United States, specializing in advising on complex financial situations for individuals planning for retirement, families, and business owners.