$836M Ameriprise Team Launches Independent RIA: The Bedford Group’s Strategic Exit and Industry Implications

A high-profile team of wealth advisors from Ameriprise Financial has made a bold move by launching The Bedford Group, an independent registered investment advisor (RIA) with $836 million in client assets. The transition, announced today, marks a significant development in the wealth management industry as advisors increasingly opt for independence to pursue differentiated strategies and client-centric models.

Led by Joshua Wright, the former Ameriprise practice founder, The Bedford Group will operate as a standalone RIA while maintaining key partnerships for brokerage and custody services. This strategic shift comes as independent RIAs continue to gain market share, accounting for over 30% of total U.S. Assets under management—a trend that shows no signs of slowing (Cerulli Associates, 2025).

The Rise of Independent RIAs: Why Advisors Are Breaking Away

Independent RIAs have become a dominant force in wealth management, driven by several key factors:

• Client Demand for Transparency: Clients increasingly seek advisors who operate independently, free from conflicts of interest tied to product sales or proprietary platforms. The Bedford Group’s move aligns with this trend, offering clients a fiduciary-only model.
• Technology and Scalability: Modern RIA platforms enable smaller teams to compete with large broker-dealers by leveraging automated tools, data analytics, and white-label solutions for custody and brokerage.
• Regulatory Pressures: Post-Dodd-Frank and SEC scrutiny have pushed firms to adopt compliance-heavy structures, making independence an attractive alternative to traditional broker-dealer models.
• Compensation and Control: Independent RIAs often provide higher revenue-sharing opportunities for advisors compared to the commission-based models of wirehouses like Ameriprise.

“The shift to independence is less about leaving a firm and more about creating a vehicle that aligns perfectly with the advisor’s vision—and the client’s needs.”

Who’s Behind The Bedford Group? Leadership and Regional Focus

The Bedford Group is led by Joshua Wright, who founded the practice as part of Ameriprise in 2016. Wright’s decision to launch independently reflects a broader industry pattern: advisors who have built significant client bases often seek to transition to RIAs to maintain relationships and avoid disruptions from corporate changes.

The firm’s regional offices in St. Louis, Wichita (Kansas), and Ste. Genevieve (Missouri) suggest a focus on serving high-net-worth clients in the Midwest. This geographic concentration allows for deeper community integration and localized service delivery.

How The Bedford Group Will Operate: Custody, Brokerage, and Compliance

To ensure a smooth transition, The Bedford Group has secured critical partnerships:

• Custody: Charles Schwab will provide custody services, a standard choice for RIAs due to its robust technology, competitive pricing, and fiduciary protections.
• Brokerage: The firm will use Private Client Services (PCS), a platform known for its independent brokerage capabilities and access to a wide range of investment products.
• Compliance: Joshua Jones, the Chief Compliance Officer, brings expertise in RIA regulations, ensuring the firm meets all SEC and state-level requirements from day one.

Client Impact: Continuity, Customization, and Control

The Bedford Group’s launch raises important questions for its $836 million in client assets:

• No Disruption: Clients will continue to receive the same advisory services, with no changes to their investment strategies or account structures. The transition is designed to be seamless.
• Enhanced Customization: As an independent RIA, The Bedford Group can tailor solutions without the constraints of a wirehouse’s proprietary products. This includes greater flexibility in asset allocation, ESG investing, and alternative strategies.
• Transparency: Clients will have direct access to the firm’s fee structure, performance reporting, and investment rationale—key differentiators in an industry where trust is paramount.
• Long-Term Stability: By operating independently, the firm is less vulnerable to corporate restructuring or changes in parent-company strategy, which can disrupt client relationships.

“The move to independence often signals a commitment to the client-advisor relationship. It’s a vote of confidence in the team’s ability to deliver consistent results without the influence of third-party agendas.”

Broader Trends: What This Means for Ameriprise and the RIA Landscape

The Bedford Group’s launch is part of a larger narrative in wealth management:

• Ameriprise’s Response: While Ameriprise has not commented on the departure, the firm has historically supported advisor independence through its Ameriprise Advisors platform. The loss of $836M in AUM is notable but not unprecedented; wirehouses routinely see advisors transition to RIAs as their practices grow.
• RIA Growth Continues: Independent RIAs now manage over 30% of total U.S. Retail assets, up from 22% in 2015 (Cerulli Associates). This trend is driven by advisors who prioritize client loyalty over corporate mandates.
• Regional Focus as a Competitive Edge: The Bedford Group’s Midwest-centric model highlights how RIAs can thrive by specializing in niche geographies, offering hyper-local expertise that large national firms struggle to match.
• Strategic Investments: The involvement of Alpine Capital Research, a valuation-based asset management firm, suggests The Bedford Group may explore alternative investment strategies, including private equity, hedge funds, or specialized ETFs.

Looking Ahead: Growth, Expansion, and Challenges

The Bedford Group’s first priority will be maintaining client trust during the transition. Key focus areas include:

• Technology Integration: Implementing a unified client portal for reporting, goal tracking, and secure communications.
• Talent Development: Investing in advisor training to support the team’s growth as they onboard new clients.
• Strategic Expansion: Potential to open additional offices in high-opportunity markets while maintaining the Midwest anchor.
• Regulatory Compliance: Ensuring all state and federal filings are up to date, including ADV updates with the SEC.

Frequently Asked Questions

1. Will my investments change if I’m a Bedford Group client?

No. The Bedford Group has confirmed that all client portfolios will remain unchanged. The transition is operational, not strategic.

2. How does an independent RIA differ from a wirehouse like Ameriprise?

Independent RIAs operate without the constraints of a parent company’s product mandates or sales quotas. They typically offer:

• Fiduciary-only advice (no conflicts of interest).
• Greater flexibility in investment choices.
• Direct access to advisors (no layers of management).
• Transparency in fees and performance.

3. Why did The Bedford Group choose Schwab and Private Client Services?

Both firms are industry leaders in their respective areas:

• Schwab: Offers robust custody, trading, and reporting tools at competitive rates.
• Private Client Services: Provides independent brokerage access to a wide range of investment products, including alternatives.

This combination allows The Bedford Group to maintain operational efficiency while delivering customized solutions.

4. What challenges might The Bedford Group face?

Common hurdles for new RIAs include:

• Compliance Costs: Maintaining SEC and state registrations can be expensive.
• Technology Investments: Building or integrating CRM, portfolio management, and client reporting systems.
• Talent Retention: Ensuring advisors stay aligned with the firm’s vision as it grows.
• Client Communication: Managing expectations during transitions to avoid churn.

The Bottom Line: A Win for Clients and a Signal for the Industry

The Bedford Group’s launch is more than a single advisor team’s exit—it’s a microcosm of the wealth management industry’s evolution. As clients demand greater transparency and advisors seek autonomy, independent RIAs will continue to gain traction. For The Bedford Group, the challenge is clear: deliver on the promise of independence by proving that a smaller, client-focused firm can outperform larger institutions in service, innovation, and results.

One thing is certain: the days of wirehouse dominance are numbered. The question is no longer if RIAs will take over, but how quickly—and which firms will lead the charge.