Ameriprise Financial Selected as Randolph-Brooks Federal Credit Union’s New Broker-Dealer

Rhea-AI Summary

Ameriprise Financial (NYSE: AMP) has partnered with Randolph-Brooks Federal Credit Union (RBFCU) to enhance financial planning services for RBFCU's 950,000 members. RBFCU will transition its investment program to Ameriprise's platform by year-end, involving 14 financial advisors managing about $800 million in assets. The collaboration aims to deliver personalized financial advice, robust investment solutions, and integrated digital capabilities, addressing evolving client expectations and supporting RBFCU's growth. This agreement underscores Ameriprise's commitment to client-focused service and innovative technology.

Positive

• Partnership with RBFCU expands Ameriprise's reach to over 950,000 members.
• Access to 14 financial advisors managing approximately $800 million in assets.
• Enhanced financial planning services and robust investment solutions for clients.
• Commitment to digital capabilities improving client experience.

Negative

• None.

Ameriprise Financial (NYSE: AMP) today announced it has signed an agreement with Randolph-Brooks Federal Credit Union (RBFCU) to provide their members with financial planning services. RBFCU is expected to fully transition its investment program, RBFCU Investments Group, to the Ameriprise Financial Institutions (AFIG) platform from CUNA Mutual by the end of the year.

Headquartered in Live Oak, Texas, RBFCU serves more than 950,000 members and has 61 branch locations throughout the state. The investment program comprises 14 financial advisors, who manage approximately $800 million in combined brokerage assets. RBFCU selected Ameriprise as its new broker-dealer to enhance and expand its financial planning offering.

“We determined that Ameriprise Financial was the right partner once we saw the firm’s commitment to creating an exceptional client experience – it’s what we strive to do at RBFCU each day,” said Edward Bronnenberg, Senior Vice President of the Credit Union Service Organizations at RBFCU. “As the financial industry advances and client expectations change, we know that technology is an essential aspect of this evolution. Our members have come to expect multiple delivery channels for the essential services they utilize, and the fact that Ameriprise provides leading technology to meet this need drove our decision to work together. Ultimately, this partnership will support RBFCU’s growing footprint and provide the digital tools necessary to elevate our client experience within the financial program.”

Through the new partnership, Ameriprise will provide RBFCU members access to a full range of leading services and solutions including:

• Personalized advice and financial planning solutions that are tailored to their individual needs.
• Robust investment solutions to help them achieve their financial goals.
• Digital capabilities that allow members to connect with their advisors where and how they want – face-to-face, online, video or phone meetings.

“Our relationship with RBFCU is grounded in a shared commitment to putting clients first,” said Jay McAnelly, Group Vice President, AFIG. “For more than 125 years, Ameriprise has helped clients meet their financial goals, and we look forward to bringing this expertise to RBFCU and its members. With our steadfast focus on providing personalized advice, industry leading digital capabilities and comprehensive investment solutions, RBFCU will be well positioned to deliver an exceptional experience to its members while growing its business.”

AFIG partners with community banks and credit unions to help their clients reach their goals through financial planning and investment solutions. Ameriprise formed its financial institutions channel after acquiring Investment Professionals, Inc. (IPI) in 2017.

About Randolph-Brooks Federal Credit Union

Established in 1952, Randolph-Brooks Federal Credit Union (RBFCU) is a full-service financial cooperative whose mission is to improve members’ economic well-being and quality of life. With assets exceeding $13 billion, RBFCU serves more than 950,000 members at 61 branch locations throughout Texas.

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.

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FAQ

What is the significance of the Ameriprise and RBFCU partnership?

The partnership allows Ameriprise to provide financial planning services to RBFCU's 950,000 members, expanding its market presence and enhancing service offerings.

When will RBFCU transition its investment program to Ameriprise?

RBFCU is expected to complete the transition of its investment program to Ameriprise's platform by the end of the year.

How many financial advisors will be involved in the RBFCU partnership?

The partnership will involve 14 financial advisors managing approximately $800 million in combined brokerage assets.

What types of services will Ameriprise provide to RBFCU members?

Ameriprise will offer personalized financial advice, robust investment solutions, and advanced digital capabilities for RBFCU members.

What is RBFCU's current membership size?

Randolph-Brooks Federal Credit Union serves over 950,000 members.