Ameriprise Team Departs for LPL with $400M in Assets

LPL Financial has lured a $400 million advisory, brokerage and retirement plan team with offices in Washington and Idaho from rival wealth management group Ameriprise Financial.

Jason Johnson, who began his brokerage career in 1998 with Ameriprise, has moved his team, 509 Wealth Management, to LPL’s broker-dealer, registered investment advisor and custodial platforms. He is joined by a three-person staff.

Johnson decided the “franchise” model at Ameriprise would no longer work for his practice and chose LPL for “more freedom and flexibility to run his business on his own terms.”

“By making this move, I now have access to LPL’s innovative capabilities and back-office support so that I can elevate the services I provide… Ultimately, I have a greater layer of independence and freedom to work with each individual client, understand their goals and come up with my own strategies to help take care of their unique financial needs,” said Johnson.

LPL has been busy luring advisors from rivals in recent weeks, including from Merrill Lynch, Cetera Investment Advisors and Edward Jones, as well as Woodbury Financial Services, a subsidiary of Osaic, formerly known as Advisor Group.