Although it has yet to formally announce its launch, upstart brokerage firm Ampersand Partners continues to target Wells Fargo Advisors and Edward Jones as it made more than half a dozen hires this month.
Most of the recent recruits were veteran operations and compliance officials. They come as the firm is awaiting final regulatory approval of a revamp of a Nashville, Tennessee broker-dealer it purchased in August, sources have said previously. Firms are required to obtain the blessing of the Financial Industry Regulatory Authority for material changes to their business operations, including a rapid expansion of their sales force.
In recent weeks, Ampersand also hired two Edward Jones brokers and a client associate, according to registration records. But it has generally not been aggressive as it awaits regulatory approvals and most of its roughly 100 registered individuals at the firm came from the acquired broker-dealer, Wiley Bros.-Aintree Capital, according to insiders and regulatory records.
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