Ameriprise has added two New York advisor practices managing $1.1 billion in assets to Kuttin Wealth Management, a fast-growing Long Island-based practice affiliated with Ameriprise’s independent advisory channel.
One of the practices cited the growth prospects and infrastructure support that Ameriprise offers as reasons for its move. The other is a sole practitioner with 40 years of industry experience who is looking to wind down his career.
1879 Advisors, based in White Plains, N.Y., and by far the larger of the two practices, with $950 million in client assets, brings a nine-advisor team to Kuttin, which is based in Hauppage, N.Y., and has an ambitious growth agenda that will likely see more acquisitions in the future.
Richard Kersting, 1879’s president, said that he arrived at the decision to move to Ameriprise after 18 months of scouting the market for a partner that could at once support the independent advisory model and further his own team’s growth.
“After doing extensive research, we found Ameriprise checked all of the boxes,” Kersting said in a statement. He lauded Ameriprise’s corporate culture, its technology stack, and its financial planning process.
The other addition to Ameriprise’s Kuttin team is a smaller practice based in Scarsdale, N.Y., run by Vincent Gianatasio, with $192 million in client assets. Gianatasio, who previously was affiliated with Cadaret, Grant & Co., had spent the last few years mulling his next move, and said that Ameriprise’s service model made it an attractive destination to wind down his career.
“I wanted to align with a firm that could continue my legacy of providing clients with comprehensive financial planning advice wrapped in a great service experience,” he said in a statement.
For Kuttin, the two acquisitions come as the team is scaling up aggressively. Ameriprise said Kuttin over the last year more than doubled its headcount, which now stands at more than 100 individuals working out of 15 offices.
“Our vision at Kuttin Wealth Management is to be the premier destination for elite advisors to grow their businesses and develop as leaders,” CEO and founder Jonathan Kuttin said in a statement. “We’ve achieved significant growth by having an intense focus on coaching our people to provide best-in-class service to our clients.”
Kuttin ranked No. 29 on the Barron’s 2021 list of top independent advisors. His practice checked in at No. 98 on this year’s list of top teams, though its assets have grown considerably since that ranking.
Kuttin anticipates continued growth, both through organic expansion and more acquisitions.
“We pride ourselves on being a great choice for advisors who are ready for a change, whether they are in growth mode or approaching retirement, knowing that their clients will be well-cared for in the years to come,” Jake Dunlap, Kuttin’s president, said in a statement. “We are always open for business to other advisors.”
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