As it approaches its first anniversary, upstart firm Ampersand Partners bolstered its roster with a billion-dollar-plus hire from Wells Fargo Advisors in Michigan.
The Meridian Wealth Management group, which managed $1.4 billion in client assets and produced $5 million in annual revenue, joined Ampersand on August 2, according to registration records and a source familiar with their practice.
The 10-person team is led by partners Bradley N. Clark, Karen M. Barnes, John H. Stewart and James W. Grace, according to their website. It also includes advisors Gabe S. Davis and Frank M. Lusebrink as well as client associates Jennifer Krum, Barbara Lee, Danielle L. Peters and Amberlee D. Swift.
Meridian was launched in 1977 by relatives of the current team who worked at regional firm Watling, Lerchen & Co, which was later acquired by Wells predecessor A.G. Edwards & Sons, according to its website. The group had been part of Wells’ private client group until 2019 when it shifted to Wells’ independent Financial Network channel.
Clark, a 31-year veteran, started his career with First Investors Corp and joined A.G. Edwards in 1995, according to BrokerCheck. He did not respond to a request for comment left at his office.
Barnes, Stewart and Grace all started their careers with A.G. Edwards in 2005, 2007 and 1999, respectively, according to BrokerCheck.
Davis and Lusebrink both first registered as a broker with Wells in 2011 and 2014, respectively, according to BrokerCheck. Lusebrink previously worked as the chief financial officer for a medical equipment manufacturing company for 15 years, according to his LinkedIn profile.
Ampersand was formed last year by former Wells executives, including former brokerage head David Kowach. It hired its first advisor over Labor Day weekend 2023, and its website shows 48 affiliated practices other than Meridian.
Ampersand had $2.8 billion in advisory assets under management as of December, four months after its launch, according to its latest FormADV filing.
In another previously unreported move in Michigan, Ampersand reeled in a private wealth team founded by advisors Neil A. Weissman and Ronald W. Eppler in Ann Arbor, according to registration records.
The Arbor Avenue Private Wealth team managed $542 million in client assets, according to Forbes, which ranked it #63 on its best-in-state wealth management teams list this year.
The team, which registered with Ampersand on April 26, additionally includes advisors Michael Eppler and Robert Eppler as well as support staffers Peter Lenart and Erica Fowler, according to registration records and their team website.
Weissman and Ronald joined Wells in 2011 from advisory firm Telemus Investment Management. Weissman started his career with Telemus in 2008, and Eppler first registered with Beacon Investment Company in 1996 and joined Telemus in 2006, according to BrokerCheck. Neither advisor responded to requests for comment sent through social media.
Michael and Robert started their careers with Wells in 2012 and 2021, respectively, according to BrokerCheck. Michael was ranked #43 on Forbes’ America’s top next-gen advisors best-in-state list in 2019. Robert, who was a client associate at Wells, had previously worked in sales for a medical technology company and as a high school teacher, according to his LinkedIn profile.
A spokesperson for Wells declined to comment.
Advisors join Ampersand as employees and have a hybrid payout structure through which they earn a higher portion of their revenue than wirehouse or regional brokers but are responsible for covering more of their own expenses.
Ampersand is pitching advisors on equity-laden recruiting offers, industry recruiters have said.
