Ameriprise Financial Services and Comerica Bank said Friday that they had reached an agreement that Ameriprise will become Comerica's investment program provider and manage its retail securities business, which has close to 100 financial advisors and $18 billion in client assets.
Taking a page from competitors like LPL Financial and Cetera Financial Group, Ameriprise Financial Inc. said in 2017 that it was buying Investment Professionals Inc., a Texas-based independent broker-dealer that focuses on the market for independent reps operating in banks and credit unions. That was Ameriprise's first foray into the bank channel, and the unit is now called Ameriprise Financial Institutions Group.
The agreement, which is expected to close by the end of the year, will give Comerica's financial advisors access to Ameriprise's technology, investment solutions, service capabilities, marketing and development programs.
"Ameriprise has the technology, research capabilities, products, services, financial strength, and practice management expertise to help us raise the bar on the experience we provide our clients," Greg Carr, executive vice president and executive director of wealth management at Comerica, said in a statement.
Banks often seek to mitigate their exposure to risks associated with securities transactions and investment advice by arranging for an outside broker-dealer like Ameriprise to supervise that business. Raymond James Financial Inc., LPL Financial and Cetera Financial Group have long-established bank and credit union broker-dealer businesses.
Last year Advisor Group bought a bank-focused broker-dealer, Infinex Investments Inc., with 750 financial advisors who control more than $30 billion in client assets.
Firms continue their quest to attract and retain the best advisor teams.
A survey from TacticalMind AI found 69% of advisors say a high-quality AI platform that makes investment recommendations and constructs portfolios is worth $500 monthly, while research-only tools are valued closer to $250.
The alts tech provider's latest integration lets advisors query fund data and surface portfolio insights without leaving their primary workspace.
The regulator is scrutinizing how some firms oversee concentrated positions in complex "worst-of" notes – and wants answers.
Meanwhile, Carson Group fully integrates a decades-old practice in Phoenix, Arizona, and Triad Wealth touts its 5x growth to hit a $2 billion milestone.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
