Ameriprise has named a senior vice president of experienced advisor recruiting to succeed a recruiting head who left a little more than two months ago.
Ameriprise announced Monday that it had appointed Brian Mora to replace Manish Dave, who left the Minneapolis-based firm on Oct. 3 after 18 years in order to spend more time with his family and pursue other interests. Mora has spent his entire 23-year career at Ameriprise, according to BrokerCheck.
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He most recently was regional vice president for the central region of the firm's branch channel. His new role will have him overseeing recruiters and field leaders seeking to bring experienced advisors from across the industry to Ameriprise. He will report to Pat O'Connell, the president and executive vice president of the Ameriprise Branch & Institutions Groups.
"Brian is well positioned to build on the firm's recruiting success as he's held a variety of leadership positions across our branch and independent channels — all of which will serve him and his new team well as they continue to attract top advisor talent to Ameriprise," O'Connell said in a statement.
Ameriprise reported having 10,368 advisors at the end of the third quarter this year. That number consisted of 2,212 direct-employee advisors and 8,156 independent contractors. Ameriprise said in its press release that roughly 1,700 advisors have joined the firm in the past 5 years.
Ameriprise is now pursuing a wide-ranging court challenge against its industry rival LPL Financial's recruiting methods. Ameriprise sued LPL in July accusing its competitor firm of exhibiting a "widespread pattern and practice of harvesting and misappropriating Ameriprise's private, confidential client information and trade secrets …"
LPL, which had 23,686 advisors at the end of the third quarter, has responded by calling the legal action a "public relations stunt masquerading as a lawsuit." The case, which seeks an injunction on some of LPL's recruiting practices, is still being argued before a federal court in San Diego.
