$1.4 Billion Ameriprise Team Defects to NewEdge Wealth in Tennessee

A $1.4B Ameriprise team defected to NewEdge Wealth in Tennessee, citing dramatically higher payouts in the independent channel.

A team managing $1.4 billion in client assets has left Ameriprise Financial for NewEdge Wealth's independent contractor channel in Tennessee, marking one of the largest single departures from Ameriprise in recent memory.

The team, which had been based in the Nashville metropolitan area, made the move in early February after evaluating several independent platforms over the course of 2025. NewEdge, backed by private equity firm EdgePoint and affiliated with Atria Wealth Solutions, has been building out its independent channel with a particular focus on wirehouse and large broker-dealer breakaways.

For the departing advisors, the economics were decisive. At Ameriprise, the team's effective payout was in the mid-40% range after factoring in grid rates, platform fees, and revenue sharing arrangements. At NewEdge's independent channel, the team will retain 80-88% of gross production while gaining access to a broader custody and investment platform.

Ameriprise has been a net exporter of advisor talent over the past 18 months. While the firm continues to recruit advisors from smaller broker-dealers and regional firms, its losses to independent platforms and larger wirehouses have accelerated. Several teams managing $300 million or more have departed for LPL Financial, Raymond James, and various RIA platforms in recent months.

The Nashville market has emerged as a growing hub for wealth management, driven by the city's rapid population growth and the influx of corporate relocations. The area's high-net-worth population has expanded significantly, creating opportunities for advisory teams that can offer comprehensive planning and investment management services.

NewEdge's pitch to wirehouse and captive broker-dealer advisors centers on three things: significantly higher payouts, open-architecture investment platforms, and enterprise-level technology and compliance support. The firm has invested heavily in its technology stack, including integrated financial planning tools, portfolio management systems, and a proprietary client reporting platform.

For advisors considering a similar move, the transition economics are worth examining closely. A team producing $5 million annually at Ameriprise might take home $2.2-2.5 million after all costs. At an independent platform like NewEdge, that same team could retain $4-4.4 million — a difference of nearly $2 million per year before accounting for any transition bonuses or equity opportunities.

The independent channel has been gaining market share steadily. According to Cerulli Associates, independent broker-dealers and RIAs now control more than 35% of total advised assets in the United States, up from 28% a decade ago. The trend shows no signs of reversing as platform capabilities continue to improve and the stigma that once attached to "going independent" has largely evaporated.

Ameriprise's response has included enhanced retention packages for its top producers and investments in its own technology and planning platforms. The firm's leadership has argued that its integrated model — combining advice, insurance, and banking — creates value that independent platforms cannot replicate. Whether that argument resonates with advisors who are watching their peers earn substantially more at independent firms remains an open question.

What to watch: NewEdge's pipeline reportedly includes several additional large teams from Ameriprise, Edward Jones, and regional broker-dealers. The firm's aggressive growth strategy, backed by private equity capital, positions it as a serious competitor in the breakaway market.