$1.3B Minnesota Team Leaves Ameriprise to Start Own RIA
A team of advisors in Bloomington, Minn., has left Ameriprise Financial to launch their own registered investment advisor, Fathom Advisors. The team previously managed about $1.3 billion in client assets, according to a Forbes’ Best-in-State ranking.
Fathom Advisors is led by CEO Randy Doroff, COO and brother Todd Doroff, Chief Investment Officer Mark Anderson, and private wealth advisors Michael Cassidy and Elizabeth Stokes. Randy Doroff had been with Ameriprise for 30 years before making the change.
They’re joined by advisors Trevor Dunn, Jake Isaacson, Mark Lyon and Nick Adams. The team also includes six analysts, three operations staff and five admins.
The firm has chosen Schwab as its custodian, according to a Form ADV. The RIA has also joined the Protocol for Broker Recruiting, which allows advisors some leeway in taking client data with them when they change firms.
On the RIA’s new website, the firm said it moved to gain greater freedom and flexibility in how it serves clients. That includes having the ability to choose the technology, tools, platforms and investments best for clients, rather than being limited to the broker/dealer’s resources.
