Wells FiNet Team with 189-Mln Book Shifts to Ameriprise

2 Jan    Investing News

Ameriprise Financial has lured a four-advisor team in Bakersfield, California, to its independent, or franchise, channel from the Financial Network (FiNet) independent channel of Wells Fargo Advisors, an Ameriprise spokeswoman confirmed. 

The practice, called Foundation Wealth Management, is led by Ricardo (Rick) Yanez and Lance Mackall, who had each been with the Wells affiliate for the last seven years of their 11-year brokerage careers. Their more seasoned partners—39-year industry veteran John A. Rodgers and 35-year veteran Cathie Joughin—also made the move along with two client associates. 

The team collectively manage $189 million of customer assets, according to the spokeswoman. A Wells Fargo spokeswoman did not return a request for comment. 

The advisors, who made the shift on November 29, did not return calls for comment left at their Bakersfield office on Monday.  

Foundation was formed in 2012 as part of Rodgers’ long-term plan to transition his practice to younger partners after a career at wirehouses. He shifted to the Wells independent channel that year from UBS Wealth Management USA at the same time that Yanez and Mackall made the jump from Chase Investment Services. 

Rodgers’ then-partner, Alan Larsen, said in a 2012 press report that the pair, with valuation help from FiNet, believed they could more effectively plan their retirements as independents than by extending their stay at UBS with long-term contracts. Larsen, a 35-year brokerage veteran, left Wells in February 2018 and is not now registered with Finra, according to BrokerCheck. He did not return a request for comment sent to him through LinkedIn.

Joughin joined the Foundation team in August 2018 from Wedbush Securities, where she had worked for 17 years. She began her career at E.F. Hutton and successor firm Lehman Brothers, and then worked for a decade at Triquest Financial before joining Wedbush in 2001, according to her BrokerCheck record.

Rodgers started his career at Dean Witter Reynolds in 1980, did three-year and eight-year stints at Prudential Securities and Merrill Lynch and, in 1999, joined UBS, according to BrokerCheck.

Yanez began his brokerage career in late 2008 with Morgan Stanley before joining Chase Investment Services in Bakersfield less than a year later. Mackall similarly joined the Chase branch in 2009, after working three years at World Group Securities and WaMu Investments, according to their BrokerCheck histories. 

Around 7,800, or 78%, of Ameriprise’s 9,930 brokers work in its independent contractor channel. Ameriprise earlier this month backed off a plan to impose a new monthly fee on independent brokers who use its discretionary advisory account platform.

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