Ameriprise Financial Rolls Out New Development Program to Help Next-Gen Advisors Build Successful Careers and Provide Exceptional Service to Clients

Rhea-AI Summary

Ameriprise Financial (NYSE: AMP) is launching the Associate Financial Advisor Business Development Program, aimed at training the next generation of financial advisors. With a significant portion of current advisors expected to retire soon, this initiative addresses the looming talent shortage. The six-month program enhances AFAs' skills in client acquisition and relationship management, which can lead to increased assets under management. The program's pilot yielded impressive results, with participants acquiring nearly double the clients and quadrupling their revenue compared to peers.

Positive

• Launch of the Associate Financial Advisor Business Development Program to train new financial advisors.
• Addresses the impending talent shortage as one-third of financial advisors are expected to retire soon.
• Participants in the pilot program nearly doubled their client acquisition and quadrupled revenue compared to peers.

Negative

• None.

Ameriprise Financial (NYSE: AMP) is launching a new training program designed to advance the development of the next generation of financial advisors, while at the same time driving growth for their practices. The Associate Financial Advisor Business Development Program sets up licensed Ameriprise Associate Financial Advisors (AFAs) for long-term success in the industry by teaching them to consistently deliver a goal-based, premium client experience.

With more than one-third of financial advisors in the industry expected to retire within this decade¹, there is a critical need to develop the next generation to prevent a talent shortage. The program is an attractive offering for established Ameriprise advisors who are looking to address this challenge by developing talent and broadening the expertise of AFAs on their staff.

“At Ameriprise, we are committed to the success of each of our 7,800 independent financial advisors – at all stages of their careers,” said Bill Williams, Executive Vice President of Ameriprise Independent Advisors. “We launched this unique program because we know independent advisors want to develop their teams, but they may not have the time or resources to do it effectively on their own. Our training can help them accelerate the process, advancing the expertise of their AFAs so they can build an even stronger future for their practices and the clients they serve.”

AFAs who complete the six-month program will develop client acquisition skills, deepen existing client relationships, and increase assets under management for their practices. These skills will enable AFAs to take on more responsibilities, freeing up time for their supporting advisors to focus on broader strategic priorities, including succession planning.

Proven culture of learning

One hundred percent of those surveyed after graduating from the program’s pilot said they feel confident in their ability to “begin building a new relationship and understanding someone else's needs and goals” based on what they learned in the sessions. Additionally participants acquired nearly twice the number of clients and more than quadrupled the revenue of their peers.² As a result of its success, Ameriprise won a Gold Medal Award for the pilot in late 2020 by independent learning and development research firm Brandon Hall.

Having pioneered financial planning 50 years ago, Ameriprise has a rich culture of continuous learning and development focused on helping clients achieve their goals for the future. All coursework in the Associate Financial Advisor Business Development Program is conducted virtually, enabling AFAs to take part from anywhere across the country. To learn more about the program or how to become a licensed Ameriprise advisor or AFA, contact AFA.Business.Development@ampf.com.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

© 2021 Ameriprise Financial, Inc. All rights reserved.

¹ https://www.cerulli.com/about-us/press/2020-february-us-advisor-edition/
² Results of 21 participants in 2019 pilot program

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005200/en/

FAQ

What is the Associate Financial Advisor Business Development Program launched by Ameriprise (AMP)?

It's a training program aimed to enhance the skills of licensed Ameriprise Associate Financial Advisors to improve client acquisition and relationship management.

Why is Ameriprise (AMP) launching this training program?

The program aims to develop the next generation of financial advisors due to the anticipated retirement of many current advisors.

What results did participants achieve in the pilot program for the Ameriprise (AMP) training?

Participants in the pilot program increased their client acquisition nearly twofold and quadrupled their revenue compared to their peers.

How long is the training program for Associate Financial Advisors at Ameriprise (AMP)?

The training program lasts six months.

What are the expected outcomes for Associate Financial Advisors after completing the Ameriprise (AMP) program?

AFAs are expected to have improved skills in client acquisition, deepen existing relationships, and increase assets under management.