Advisor Moves · Breakaway · RIA
Another $1.9B Team Bolts Ameriprise as StackStone Wealth Launches Its Own RIA
The steady drumbeat of large defections from Ameriprise continues to grow louder as another tenured, high-producing group left to start an independent RIA.
By Advisor News Network
May 5, 2026
5 min
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AMP--SCHW--
Transition:Ameriprisetru Independence
$1.9MAUM
The steady drumbeat of large defections from Ameriprise continues to grow louder as another tenured, high-producing group left to start an independent RIA.
StackStone Wealth, based in Dubuque, Iowa, is led by Scott Leibfried, who spent his entire 28-year career at Ameriprise and its predecessor, IDS Life Insurance. Leibfried and his team generated approximately $12.7 million in revenue and managed $1.9 billion in client assets. They are precisely the type of large, established teams that have long formed the foundation of Ameriprise's advice business.
But many Ameriprise advisors are recognizing that independent broker-dealer platforms no longer offer true independence. Firms like Ameriprise, which was a pioneer in the 1099 model, have not evolved to match the cost, flexibility, and technology available to independent RIAs. Advisors are migrating from legacy 1099 firms in search of greater control, open architecture, and the ability to unlock equity value.
A Supported Path to Independence
Supported independent firms have made that journey significantly easier. StackStone partnered with tru Independence to support the transition and establish the firm's operational infrastructure. With tru, the team can operate on its own Form ADV while also having access to an integrated broker-dealer and compliance function.
That reduces the supervisory and operational burden while preserving the benefits of full ownership.
Tru is also multi-custodian, and StackStone has selected Schwab Advisor Services as its primary custodian, opting for a proven name as it begins operating independently.
"Advisors increasingly cite equity ownership, succession flexibility, branding control and the ability to build transferable enterprise value as key motivations for making the move," says Gershman Group CEO Roger Gershman. "These considerations have become particularly important for billion-dollar practices with multigenerational client relationships that have outgrown legacy models."
A Familiar Pattern
The StackStone launch follows a familiar pattern, to name just a few:
- ClearTrust, led by Matt Robins, Nick Stamatis and Joe Creecy, transferred their billion-dollar practice from Ameriprise Financial to NewEdge, another supported independence platform, in February.
- Gary Plessl and Kevin Houser, who managed $600 million, moved to Wells Fargo FiNet, also in February.
- Laurel Oak Wealth Management, a $2.5 billion practice, started its own RIA last year.
Why Are Large, Veteran Ameriprise Teams Leaving — and Leaving Now?
Part of the answer lies in years of accumulating frustrations with employee-style management layered over an independent broker-dealer model. A growing emphasis on proprietary old technology, rising platform costs through the Global Administrative Fee (GAF), combined with overly burdensome compliance, have contributed to dissatisfaction among a large population of advisors.
At the same time, breakaway firms have evolved significantly. Advisors no longer face a binary choice between staying put and building an RIA entirely on their own. They can now select different combinations of custodians, strategic partners, and capital providers based on their long-term goals—whether that is taking ownership or creating their own enterprise.
As the landscape continues to evolve, these large transitions demonstrate the expanding range of options available to advisors seeking to chart their own path while maintaining a strong focus on client outcomes and long-term business growth. Advisors want the power to determine their own timeline, choose their strategic partners, and decide how and when to monetize the value that they have spent decades building.
The legacy independent platforms must adapt or face the continued threat of attrition.
The Gershman Group is proud to have supported StackStone Wealth during its transition from Ameriprise.
TagsAmeripriseStackStone Wealthtru IndependenceSchwab Advisor ServicesRIABreakaway
