Another Billion-Dollar Team Bolts Ameriprise

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

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 independent platform that offers identical UHNW resources similar to a large bank but within a boutique supported independent RIA.”

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 pressures facing legacy 1099 platforms are not unique to Ameriprise Financial, but industry changes are prompting many advisors to reassess their options.

Like many firms, Ameriprise has faced rising regulatory, technology, and supervisory costs, some of which have been passed through to advisors in the form of platform fees. For some teams, this has narrowed the economic gap between semi-independent models and fully independent structures.

Recent legal disputes involving Ameriprise, LPL Financial and departing advisors have also drawn industry attention, highlighting how inherited account agreements and transition provisions can influence advisor mobility.

Ameriprise has also introduced programs such as Signature Wealth. Advisors evaluating these offerings should review the structure of these accounts carefully, as certain program features may make assets less portable if an advisor later chooses to transition platforms.

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.