An Ameriprise Financial franchisee team managing $580 million in Los Angeles broke away to join Wells Fargo’s independent Financial Network on Wednesday, according to a spokesperson for the hiring firm.
The Orchard Financial Group, which produced $4.3 million in annual revenue, is led by advisors Anthony Perez, Audre Schmedes, Eric Smutko and Michael Kawase, the spokesperson said. They joined FiNet with three additional advisors and four support staff.
“Their commitment to serving clients and ambition to grow in the Los Angeles area makes them a strong addition, and we’re proud they chose FiNet for their next chapter,” John Tyers, president of FiNet, said in a statement.
Perez, Smutko and Kawase started their careers with Ameriprise’s IDS Life Insurance predecessor between 2003 and 2004, according to BrokerCheck. Schmedes first registered with Merrill Lynch in 2017 and moved to Ameriprise three years later.
Members of the team did not respond to requests for comment sent through social media.
Earlier this month, two Ameriprise teams managing $5.6 billion combined left to launch their own RIAs in New Hampshire and Minnesota.
An Ameriprise spokesperson also did not immediately respond to a request for comment. The Minneapolis-based firm, which has around 10,000 brokers, no longer reports exact headcount.
Wells executives in April touted the success of its multi-channel approach when hiring brokers. Last month, a team managing $1.3 billion at UBS Wealth Management USA left to join FiNet practice Ascend Advisory Group in Ohio.
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