Chicago-based firm says it's brought on 15 advisors "over the past quarter". Independent broker-dealer Brewer Financial Services has plucked four veteran brokers from Ameriprise Financial Services in Florida. They had a client base representing about $175 million in assets at when they were at Minneapolis-based Ameriprise.

Representatives Christopher Reuschle, Tracy Winfree and Kenneth Friedman will work as an independent team in Jacksonville, Fla. Bruce Musselman will work as a Brewer-affiliated independent in Cocoa, Fla.

Large captives

In recent months Brewer has pulled in 15 advisors with around $505 million under management at their old shops, according to Brewer's president Bob Whalen.

"At Brewer, advisors know they can remain independent and access a full array of products as well as new offerings while benefiting from one of the most competitive compensation packages in the industry," adds Whalen. "This is a compelling proposition for seasoned advisors and their clients, especially with the turmoil we see in the large captive broker dealers."

Brewer has 85 independent brokers in 15 U.S. markets. Advisors affiliated with the broker-dealer have the option of branding themselves Brewer Financial Services or not.

Newly independent broker Musselman says he went with Brewer because the firm gives him "access to traditional and alternative investments" and so helps him "serve my clients' needs, address their performance expectations and prepare them for a sound financial future." On the practice-management side, he says he gets "access to better technology and compliance" through Brewer.

Brewer Financial Services is a four-year-old subsidiary of Chicago-based Brewer Investment Group, a wealth-management company that caters to individual investors, small to mid-size businesses, institutions, independent advisors and introducing broker-dealers. The holding company's other subsidiaries are Brewer Investment Advisors, an RIA that Brewer-affiliated advisors can use to give their practices dual-registrant capabilities, Brewer Futures Group, Brewer FX and Brewer Insurance Group, and a wholesaling, education and consulting arm for unaffiliated broker-dealers, RIAs and trust departments called Advisor Resource. -FWR

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