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.
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