On November 20, 2024, it was reported that the Mainstay Wealth Management team, which previously managed $850 million in client assets at Ameriprise Financial, departed to join Steward Partners. This move represents a notable outflow of assets from Ameriprise's platform.
The departure of a team with such a substantial asset base can impact Ameriprise's overall assets under management and its competitive position in the wealth management sector. Advisor retention is a key metric for financial services firms.
This event highlights the competitive nature of advisor recruiting and retention within the industry. Ameriprise's ability to mitigate such losses and continue attracting new talent will be crucial for its sustained growth.
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