Another Billion-Dollar Team Bolts Ameriprise

New York City Team Opts For Full Independence at NewEdge 

The Ameriprise 1099 model remains under pressure as another team with more than $1 billion under management has jumped ship.

ClearTrust, led by Matt Robins, Nick Stamatis and Joe Creecy, transferred from Ameriprise Financial to NewEdge in reflection of a broader and accelerating trend among sophisticated advisory teams.

This move is not about dissatisfaction with clients, performance or culture. It is about structural evolution and where the independent advisory business is heading.

It’s the same force that drove Gary Plessl and Kevin Houser, who managed $600 million, to move last week to Wells Fargo FiNet and a $2.5 billion AUM group, Laurel Oak Wealth Management that started their own RIA.

1. Why Teams Are Outgrowing Ameriprise’s 1099 Model

For many years, Ameriprise’s 1099 platform represented a compelling bridge away from traditional wirehouse employment. Advisors gained improved economics, some degree of brand ownership, and a sense of autonomy while retaining the infrastructure of a large institution.

But the market has evolved.

Despite its “independent” label, Ameriprise’s 1099 model still operates on a W-2 chassis:

• A single custodian
• A captive technology stack
• Firm-centric compliance and supervision
• A proprietary, insurance-driven product architecture

For elite teams running complex, multi-generational client relationships, this structure increasingly limits flexibility, margin expansion, and enterprise value creation. Semi-independence once felt progressive. Today, it often feels constraining.

2. Why NewEdge Resonates with Breakaway Teams

NewEdge succeeds because it solves the central tension advisors face: How do you gain full independence without giving up institutional-grade support?

Founded by former UBS advisor Rob Sechan, NewEdge was designed specifically for teams that have outgrown one-size-fits-all platforms. It has been solidifying its place atop the ranks of supported independence platforms and last month landed a marquee $25 million team in New York City led by Justin Waterman.

What differentiates NewEdge:

• True independence with choice (brand, custody, technology)
• Advisor-centric compliance built for sophisticated enterprises
• Highly competitive economics with room to customize
• Equity optionality, including the ability to own 100% of one’s own brand or participate in enterprise-level equity
• A culture that feels like Wall Street operationally—but behaves like a boutique

As Roger Gershman, CEO of The Gershman Group, puts it:

“It’s probably the only firm that looks and feels like a traditional brokerage while maintaining a boutique culture and a truly independent support system.”

That balance has fueled NewEdge’s rapid growth into a ~$88 billion AUM platform spanning both RIA and independent broker-dealer channels.

3. Why Now

The challenges for legacy 1099 models are not unique to Ameriprise, but the firm’s response has been detrimental to advisors on its platform.

Ameriprise has increasingly been passing on cost increases to its advisors through higher platform fees and raising its legal defenses to keep advisors in their seats.

There was no stronger signal of the firm’s intentions than the multiple lawsuits it filed last year against LPL and individual advisors who left. Those cases demonstrated how Ameriprise has sought to limit Protocol protections at the 1099 channel with overbearing inherited account agreements that block any future solicitation of the acquired clients. The moves raise questions about whether Ameriprise could withdraw from the Protocol altogether.

There are more subtle changes as well, including the launch of the Signature Wealth program in March. Advisors should be aware that those accounts not only come with higher fees but also clauses that prevent those assets from easily transferring out of the program.

4. The Bigger Picture

This move is emblematic of a larger shift underway.

The winning model is no longer semi-independence. It is:

Full Independence + Multi-Custody + Modern Technology + Scalable Support + Enterprise Value Creation

Advisors are no longer forced to choose between autonomy and infrastructure. Platforms like NewEdge—and custodians like Goldman Sachs—are proving that the two can coexist.