One of the hottest trends over the last decade has been the breakaway broker, the captive advisor who leaves his firm to either become an RIA or to affiliate with an independent broker/dealer. It’s a rare occurrence to see an independent advisor go back, but Bedminster, N.J.-based Robert Bacino has done just that, affiliating with Ameriprise Financial’s employee channel after managing his own registered investment advisory, Insight Financial Advisors, since 2004. He manages $275 million in client assets.
Most recently, Bacino was affiliated with independent broker/dealer Purshe Kaplan Sterling Investments, and LPL Financial prior to that.
Bacino decided to move forward with the transition in March, despite the pandemic, because he felt the firm had the tools and support necessary to free up his time to work with clients. He also liked the firm’s high-touch tech platform, operations support and financial planning capabilities.
“Ameriprise was quite responsive in this climate, enabling me to deliver advice, research and insights to help my clients weather the market’s ups and downs,” Bacino said. “I’ve been leaning on Ameriprise’s financial planning capabilities and client-facing technology – such as e-signature and their secure client portal – that supplies timely information on any device, any time. I’m also pleased with the wide variety of investment products the firm offers to meet the unique needs of my clients.”
He brings over other members of his team, including advisor Shelley Nord and client service associates Sharon Faas and Alison Hosler.