Don Froude stepping down as president of Ameriprise's personal advisers group

Don Froude will be stepping down as president of Ameriprise Financial Inc.'s personal advisers' group at the end of the month, according to SEC filings. Mr. Froude, 59, will remain at the firm in a position focused on "field initiatives and projects," a role that will be based in New York and require less travel, according to firm spokesman John Brine. He has worked closely with Ameriprise's chief executive, James Cracchiolo, over the past year to plan the transition, according to Mr. Brine. Mr. Froude, who oversees around 9,700 advisers across the firm's employee brokerage and franchisee channel, has been in the role since 2008. He is well known at the firm and in the industry, and reported directly to Mr. Cracchiolo. Mr. Froude was the fourth-highest paid executive at the company and received $4.6 million in compensation in 2013, according to the most recent company report. The firm announced the move in a filing with the Securities and Exchange Commission on March 3 and notified its advisers at the same time. The move was first reported by Financial Adviser Magazine. Mr. Froude's position as president of the Ameriprise Personal Advisors Group will not be replaced. His roles will be divided among Bill Williams, the head of the franchise adviser channel of around 7,500 advisers, and Patrick O'Connell, a 20-year veteran of the firm who heads the employee channel of around 2,200 advisers. Mr. Froude has a long tenure in the industry. He was head of U.S. distribution at Legg Mason Inc. before joining Ameriprise, and began his career as a broker and office manager at Prudential-Bache Securities Inc.