Ameriprise Financial, an investment manager based in the US, has launched new employee adviser offices in those markets that offer growth opportunities.
According to the firm, the markets selected for the expansion drive offer suitable conditions to grow its adviser and client headcount.
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The firm has set up 15 such offices in Alabama, California, Florida, Georgia, Massachusetts, Nevada, South Carolina, Texas as well as Wisconsin since 2017.
Together, these offices oversaw assets of over $4bn as of 30 November 2019.
Currently, plans are on to launch 12 new employee branches in cities offering opportunities.
Ameriprise hires advisers from wirehouses, banks and insurance firms, among others.
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By GlobalDataAs per August 2019 data, the firm has hired over 4,000 advisers since 2008.
Through the firm’s branches, the advisers gain access to local leadership, staff support, training, technology, and client acquisition techniques.
Commenting on the expansion, Ameriprise Financial executive vice president of the employee adviser and financial institutions groups Patrick O’Connell said: “We’re energised by the success we’ve had with launching new branches in cities where we haven’t previously operated employee adviser offices.
“We look forward to replicating this strategy in other markets and opening the door for more advisers to gain access to the talent, technology and expertise that sets Ameriprise apart in the industry.”
In Q4 2019, the advice and wealth management unit of Ameriprise reported pre-tax adjusted operating earnings of $387m.
The firm’s asset management arm posted pre-tax adjusted operating earnings of $178m in the quarter.
