Kinecta Federal Credit Union Moves its Wealth Management Program to Ameriprise Financial

Rhea-AI Summary

Ameriprise Financial partners with Kinecta Federal Credit Union to enhance wealth management services, transitioning from LPL Financial. The move includes 20 financial advisors managing over $2 billion in assets across California and New York. The conversion is set to finalize by the end of 2024, offering clients personalized advice, robust investment products, and digital connectivity with financial advisors.

Partnership gives Kinecta Wealth Management clients access to an impressive suite of solutions and services offered by Ameriprise Financial

MINNEAPOLIS--(BUSINESS WIRE)-- Ameriprise Financial (NYSE: AMP) today announced Kinecta Federal Credit Union, a member-owned financial institution, will transition the support of Kinecta Wealth Management from LPL Financial to the Ameriprise Financial Institutions Group (AFIG). Kinecta Wealth Management includes approximately 20 financial advisors with more than $2 billion in assets with offices in California and New York. The conversion is expected to be complete by the end of 2024.

“Our new partnership with Ameriprise Financial allows us to offer an elevated level of service backed by powerful digital tools and technology to help our clients achieve their goals with greater confidence,” said Donna McNeely, President of Kinecta Financial Management Company. “We’re confident we’ll have top-notch expertise and resources behind us with Ameriprise, and we’re excited to bring new capabilities to our advisors and clients.”

Through Ameriprise Financial, Kinecta clients will have access to a full range of leading services and solutions, including:

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

“The team at Kinecta is deeply rooted and well respected in the communities they serve – and they saw an opportunity to make an even bigger impact on clients’ lives in partnership with Ameriprise,” said Jay McAnelly, Group Vice President, Ameriprise Financial Institutions Group. “Their decision to move to Ameriprise is a testament to our differentiated value proposition, the breadth of our services, and our commitment to providing an outstanding experience for clients.”

“We’re delighted to welcome Kinecta to the growing family of financial institutions that entrust Ameriprise with their wealth management platforms,” said Pat O’Connell, Executive Vice President and President of the Ameriprise Branch and Financial Institutions Channels. “Our future together is bright, and we look forward to extending our outstanding services and capabilities to Kinecta’s financial advisors and clients.”

About Kinecta

Headquartered in Manhattan Beach, California, Kinecta Federal Credit Union is one of the country's largest credit unions, with assets of $6.8 billion and more than 270,000 members from coast to coast. Banking the Southern California area for more than 80 years, with additional branches in New York and Florida, Kinecta offers its members a full range of financial products from banking, lending and insurance to wealth management services. Kinecta was voted Best Credit Union in the South Bay in Easy Reader's 2024 "Best of the Beach" poll. Kinecta has 28 branches, and its members can use a network of more than 5,800 shared branches and access over 85,000 fee-free ATMs nationwide. For more information on Kinecta, visit the website and LinkedIn.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel more confident about their financial future for more than 125 years. With extensive investment advice, 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.

About Ameriprise Financial Institutions Group (AFIG)

With more than 30 years^[1] serving the investment program needs of banks and credit unions, Ameriprise Financial Institutions Group brings a depth of understanding, experience, and knowledge to the financial institutions space – helping deliver value for clients/members while driving revenue for the financial institutions. To find out why financial institutions are partnering with Ameriprise Financial, visit ameriprise.com/afig.

Ameriprise Financial Services has a partnership with this financial institution to provide financial planning services and solutions to clients. The financial institution is not an investment client of Ameriprise but has a revenue sharing relationship with us that creates a conflict of interest. Details on how we work together can be found on ameriprise.com/sec-disclosure.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The words “expects,” “expected,” “would,” or similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management undertakes no obligation to update publicly or revise any forward-looking statements.

Not FDIC or NCUA Insured
No Financial Institution Guarantee		May Lose Value

^[1] Investment Professionals, Inc (IPI) was founded in 1992 and specialized in the on-site delivery of investment programs for financial institutions. Ameriprise Financial, Inc. acquired IPI in 2017, bringing together the years of experience of the two organizations.

Ameriprise Financial and the financial institution are not affiliated.

Ameriprise Financial Services partners with financial institutions to provide investment advisory, brokerage and insurance services to their clients. This is a contractual relationship, which earns the financial institution compensation from Ameriprise for successful referrals. In most cases, the financial institution also receives a majority of the commissions and fees generated by Ameriprise financial advisors for the services noted above. This applies as long as the referred client maintains a relationship with Ameriprise. Non-licensed employees of the financial institutions may receive incentives from their employer for referring clients to Ameriprise. These incentives create a conflict of interest.

Ameriprise Financial cannot guarantee future financial results.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240410544016/en/

Ameriprise Media Contact:

Alison Mueller, Ameriprise

612.678.7183

Alison.G.Mueller@ampf.com

Kinecta Media Contact:

Samantha Rubenstein, Interdependence PR

650.200.6110

364908@email4pr.com

Source: Ameriprise Financial

FAQ

What is the partnership between Ameriprise Financial and Kinecta Federal Credit Union about?

The partnership involves Kinecta Wealth Management transitioning from LPL Financial to Ameriprise Financial Institutions Group (AFIG), providing clients with enhanced services and solutions.

How many financial advisors are included in Kinecta Wealth Management?

Approximately 20 financial advisors are part of Kinecta Wealth Management, managing over $2 billion in assets and operating in California and New York.

When is the expected completion of the conversion process?

The conversion process is anticipated to be finalized by the end of 2024.

What benefits will Kinecta clients have through Ameriprise Financial?

Kinecta clients will gain access to personalized advice, robust investment products, and digital capabilities for enhanced financial planning and connectivity with advisors.

Who commented on the partnership from Ameriprise Financial?

Jay McAnelly, Group Vice President of Ameriprise Financial Institutions Group, highlighted Kinecta's decision to partner with Ameriprise and the value proposition Ameriprise offers.