Strong Values, Goal-Based Planning, and Independence Draws Waddell & Reed Team With Nearly $200 Million in Assets to Ameriprise

Rhea-AI Summary

Crosstown Financial Advisors, managing $192 million in client assets, has transitioned to the independent channel of Ameriprise Financial (NYSE: AMP) from Waddell & Reed. The team includes experienced advisors who sought a values-driven partner with a focus on independence and succession planning. Christopher Forbes highlighted Ameriprise's robust technology platform, enhancing client engagement. Senior advisor Thomas Morrissy expressed confidence in the firm's integrity and support for client needs. Ameriprise has welcomed around 1,700 advisors in the past five years, emphasizing its growth strategy.

Positive

• Crosstown Financial Advisors manages $192 million in client assets, enhancing Ameriprise's advisor base.
• The transition is driven by advisors' desire for independence and robust succession planning.
• Ameriprise's advanced technology platform improves client engagement and operational efficiency.
• The firm has attracted approximately 1,700 experienced advisors in the last five years, indicating strong growth.

Negative

• None.

Crosstown Financial Advisors, a wealth management practice managing $192 million in client assets, joined the independent channel of Ameriprise Financial, LLC (NYSE: AMP) from Waddell & Reed. The team, which operates two office locations in Sugar Grove, Illinois and Lisle, Illinois, includes financial advisors Christopher Forbes, CFP^®, Thomas Morrissy, CFP^®, Kathleen Morrissy, CFP^® and David Servatius. When the sale of Waddell & Reed was announced in late 2020, the advisors felt it was in the best interest of their clients to do their due diligence on a variety of firms. They were looking for a values-driven partner that would provide independence, and robust succession planning expertise – while enabling them to deliver a superior client experience grounded in goal-based financial planning. After evaluating the marketplace, they found that Ameriprise was the best fit.

“Ameriprise gave us confidence that they would not only guide us through the transition process, but they would also support our future growth,” said Forbes, who has over a decade of experience in the industry. “The technology platform far exceeded our expectations. The integration of tools and capabilities makes it efficient for us to do business and seamlessly engage with clients – whether we’re meeting face-to-face or screen-to-screen. It’s a game changer that clients only need one login to see progress toward achieving their goals.”

Thomas Morrissy, who plans to retire later this year after 30 years in the business, said about the decision to move, “I have peace of mind that my clients will be in good hands. Ameriprise has a strong reputation for serving clients with integrity. I am assured that my fellow team members – particularly my daughter, Kathleen – are surrounded by leaders and corporate office experts who are ready and able to support their personal and practice growth.”

Crosstown Financial Advisors is supported locally by senior field vice president Trish Moll.

Ameriprise has continued to attract experienced, productive advisors, with 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 Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.

Ameriprise Financial Services, LLC is an Equal Opportunity Employer.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

© 2021 Ameriprise Financial, Inc. All rights reserved.

¹ Ameriprise Financial 2020 10-K.

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FAQ

What led Crosstown Financial Advisors to join Ameriprise Financial (AMP)?

Crosstown Financial Advisors joined Ameriprise to gain independence, succession planning expertise, and access to a robust technology platform.

How much in client assets does Crosstown Financial Advisors manage?

Crosstown Financial Advisors manages $192 million in client assets.

Who are the key advisors at Crosstown Financial Advisors?

The key advisors include Christopher Forbes, Thomas Morrissy, Kathleen Morrissy, and David Servatius.

How many experienced advisors has Ameriprise Financial attracted recently?

Ameriprise Financial has attracted approximately 1,700 experienced advisors over the past five years.

What benefits does Ameriprise Financial offer its advisors?

Ameriprise Financial provides a values-driven partnership, advanced technology platforms, and support for client engagement and practice growth.