Rise Private Wealth Management is Schwab's fourth large Ameriprise breakaway of 2026

Schwab has won its fourth large Ameriprise team of 2026, and this one arrives with more than 100 employees, a Bedford, N.H., address, and assets that sources close to the matter place right near $8 billion. Rise Private Wealth Management, led by co-founders Brent Kiley and Robert Bonfiglio, is the fourth Ameriprise group with more than $1 billion to move to the custodian this year, per RIABiz, which reported the move after AdvisorHub broke it.

No one announced it. Rise's SEC ADV filing surfaced the change, Ameriprise has since confirmed the loss, and neither Schwab nor Dynasty Financial, the recruiting partner on the deal, put out a release. Paperwork now runs ahead of the press release on moves of this scale, which is worth remembering for anyone running a quiet process of their own.

RIABiz reports that Rise administers between $4 billion and $8 billion, with sources close to the matter saying it sits right at the top of that range. PWD's records list the firm with 102 employees and 20 registered reps, and dividing the top of that range by the rep count gives roughly $400 million per registered rep—a book density at which a custodian's economics work without the bonus money that wirehouse recruiting runs on. RIA custodians typically do not recruit with signing bonuses, RIABiz notes, so the offer that moved this team is likely built from platform, transition support, and the terms of custody itself.

What Schwab and Dynasty put on the table for Rise is undisclosed, but the structure is visible: a $6 trillion custodian in Westlake, Texas, as the launch platform, Dynasty handling the recruiting side, and a team arriving with staff and clients intact. RIABiz describes a custodian that has moved quietly on giant teams, emboldened by each success. As this publication argued in September, the Schwab-Dynasty playbook has become the template for any advisor weighing independence, custodian, and package structure at once; our reporting on UBS's platform build made the companion point that platforms now set two prices for a book—what a team costs to recruit and what it is worth at retirement—and the Ameriprise run is the recruiting half of that ledger.

More than 100 employees are making the move, which suggests the package had to cover staff and infrastructure rather than only the founders' transition. Recruiters watching the field call it momentum. One recruiter, speaking anonymously to RIABiz, said Schwab and Dynasty had teamed up to poach Ameriprise's largest and most prestigious team and framed the toll as cumulative: with two teams moving in 30 days, he said, "it's not a hemorrhage but a slow bleed." That's one recruiter's characterization, not a count of departures.

Ameriprise CEO Jim Cracchiolo addressed the pressure on the company's July 23 call with analysts, framing it as compensation. "Right now, people are taking some checks," he said, pointing to what he described as "a lot of short-termism today." RIABiz cautions that Cracchiolo may not have been describing Schwab or other RIA custodians at all, since those firms typically don't recruit with bonus money. If the winning offer is platform and terms rather than a check, retention pay addresses a different problem than the one that produced the departure.

Fidelity's letters to custody clients under $100 million, reported here on Oct. 2, gave them until June 2027 to move, with no fee option to stay, a hard line Michael Kitces called bizarre given that earlier minimum increases let small firms pay to remain. In the same market where a 100-person team near $8 billion gets a launch platform and a recruiting partner, a client below that threshold gets a deadline. Scale is the variable that decides which conversation an advisor has with a custodian, and it is the number to know before a breakaway is priced. Across custody this fall, shelf, sweep, and referral terms now compete for the same client relationship the advisor is trying to carry out the door.

RIABiz traces the pattern to Ameriprise's own success. The brokerage spent decades with an Edward Jones-like culture that flew beneath the radar, content to serve clients below high-net-worth thresholds; those clients got richer, the advisors' books grew with them, and the planning training Ameriprise gave its brokers made a planning-forward RIA a natural next step.

RIABiz estimates Schwab has won $10 billion or more in Ameriprise advisor assets across multiple teams this year. Against a $1.7-trillion brokerage, that is under 1% of assets; the identity of the teams leaving matters more than the arithmetic.

For an advisor at a wirehouse or bank with a comparable book, the fourth win is the structure made visible: a custodian that historically has not written signing checks, a platform partner running the launch, and a filing that tells the market before either firm does. The fourth departure hands the next Ameriprise team a comparable to cite in its own negotiation, which suggests the terms available to the fifth team may be better than the terms available to the first. Cracchiolo's next call with analysts is the nearest scheduled moment when retention costs would surface publicly.