Ameriprise Recruiting Head Abruptly Resigns

Manish Dave, the head of advisor recruiting at Ameriprise Financial Services, has resigned from the company, effective immediately.

The firm confirmed Dave’s departured late Friday.

“We have a strong recruiting team that will report to Pat O’Connell, executive vice president and president of the Ameriprise Advisor and Ameriprise Financial Institutions Groups, in the interim,” a spokesperson said via email. “We feel confident in our recruiting pipeline and differentiated advisor value proposition.”

Prior to his resignation, Dave had been an executive at Ameriprise for more than 18 years. During his tenure, the firm’s nationwide network of financial advisors grew to approximately 10,000. The unit added 118 advisors over the past 12 and 52 in the second quarter.

In addition to leading its recruiting efforts, Dave was also tasked with building partnerships between corporate partners, field leaders and advisors to align with the firm’s business strategies, according to his LinkedIn profile.

Before landing at Ameriprise, Dave worked for both Bank of America and Merrill Lynch.

His departure, which was first reported early Friday by Financial Planning, comes as Ameriprise Financial Services is also engaged in litigation against LPL Financial for what its attorneys have called “shocking” recruiting tactics.

Ameriprise’s Advice and Wealth Management unit had 10,392 advisors working with $972 billion in client assets as of June 30. In the second quarter, client net flows fell 30% year over year to $6.6 billion, and cash sweep balances fell 3% to $40.6 billion.

Credit: Bloomberg