Growth Resources Draw Advisor with $110 Million to Ameriprise Financial from LPL

Rhea-AI Summary

Ameriprise Financial (NYSE: AMP) announced that financial advisor Steve Salmon has joined the firm's independent channel from LPL Financial, bringing $110 million in assets. Based in Edina, Minnesota, Salmon was attracted to Ameriprise's comprehensive support system, integrated technology, and financial planning capabilities. The move reflects Ameriprise's continued success in recruiting experienced advisors, with over 400 advisors joining in 2023 and approximately 1,700 advisors in the last 5 years.

Positive

• Successfully recruited advisor with $110 million in assets under management
• Strong advisor recruitment with over 400 advisors joining in 2023
• Demonstrated sustained growth with approximately 1,700 advisors joining in past 5 years

Negative

• None.

Insights

Market Research Analyst

The addition of an advisor managing $110 million in assets represents a modest but strategic win for Ameriprise's recruitment efforts. While this individual acquisition is relatively small compared to AMP's total AUM of over $1 trillion, it aligns with their broader advisor recruitment success, having attracted over 400 advisors in 2023 alone. The steady inflow of experienced advisors suggests strong competitive positioning in the wealth management space.

The transition highlights Ameriprise's competitive advantages in technology infrastructure and advisor support systems, which are increasingly critical differentiators in the financial advisory industry. Their ability to attract advisors from major competitors like LPL Financial indicates the strength of their value proposition in the independent channel segment.

MINNEAPOLIS--(BUSINESS WIRE)-- Ameriprise Financial, Inc. (NYSE: AMP) today announced that financial advisor Steve Salmon, MBA, recently joined the firm’s independent channel from LPL Financial with $110 million in assets. His office is located in Edina, Minnesota. Salmon was attracted to Ameriprise’s end-to-end support that helps advisors to deliver an outstanding client experience and grow their practice.

“As a solo advisor, I wanted to partner with a firm that continually invests in resources and capabilities to help me deliver an even better client experience and grow,” said Salmon. “The top reasons I joined Ameriprise are simple – the firm’s integrated technology, superior financial planning and investment offerings, and local resources to support growth in my business.”

“At Ameriprise, I don’t feel like I’m on an island,” Salmon said. “There are coaching teams and local field leaders all dedicated to helping me leverage cutting edge technology, create efficiencies and keep me focused on what I need to do to deliver for my clients and expand my practice to help more people achieve their goals.”

The practice is supported locally by Ameriprise Franchise Field Vice President Scott Neils and Ameriprise Regional Vice President Michael Lawson.

Ameriprise has continued to attract experienced, productive financial advisors, with more than 400 advisors moving their practices to Ameriprise in 2023 and approximately 1,700 joining the firm in the last 5 years.¹ To find out why experienced financial advisors are joining Ameriprise, visit ameriprise.com/why.

About the Ameriprise Ultimate Advisor Partnership

The Ameriprise Ultimate Advisor Partnership offers a differentiated experience for advisors that helps them accelerate growth while delivering an excellent client experience. Combined with the company’s culture of support and independence, the Ultimate Advisor Partnership enables advisors to scale their businesses, deepen client relationships and drive referrals for future growth.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors², we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.

Ameriprise Financial cannot guarantee future financial results.

Ameriprise Financial Services, LLC is an Equal Opportunity Employer.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP^® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP^® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.

© 2024 Ameriprise Financial, Inc. All rights reserved.

¹ Ameriprise Financial 2023 10-K.
² Ameriprise Financial Q2 2024 Earnings Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121714939/en/

Alison Mueller, Media Relations

612.678.7183

alison.g.mueller@ampf.com

Source: Ameriprise Financial, Inc.

FAQ

How much in assets did Steve Salmon bring to Ameriprise Financial (AMP)?

Steve Salmon brought $110 million in assets when he joined Ameriprise Financial from LPL Financial.

How many advisors joined Ameriprise Financial (AMP) in 2023?

Over 400 financial advisors joined Ameriprise Financial in 2023.

Where is Steve Salmon's new Ameriprise Financial (AMP) office located?

Steve Salmon's Ameriprise Financial office is located in Edina, Minnesota.

How many advisors have joined Ameriprise Financial (AMP) in the last 5 years?

Approximately 1,700 advisors have joined Ameriprise Financial in the last 5 years.