Ameriprise Financial Announces Agreement to Acquire Investment Professionals, Inc.
April 24 2017 - 9:30AM
Business Wire
Ameriprise Financial (NYSE: AMP) announces it has signed a
definitive agreement to acquire Investment Professionals, Inc.,
(IPI) an independent broker-dealer based in San Antonio, Texas
specializing in the on-site delivery of investment programs for
financial institutions, including banks and credit unions. IPI’s
experience and expertise in serving the financial institutions
market will complement Ameriprise’s successful growth strategy in
Advice and Wealth Management.
Established in 1992 by Chairman and Founder Scott Barnes, IPI
has grown to become a market leader with approximately 200
financial advisors operating out of over 140 financial institutions
in 29 states. The company had assets totaling over $8 billion at
year-end 2016.
IPI advisors and employees joining Ameriprise will continue to
serve clients within established banking relationships and operate
as a new Ameriprise advisor channel focused on serving financial
institutions. Backed by the size, strength and stability of
Ameriprise, they will be well-positioned to meet the full range of
clients’ needs in alliance with their banking partners.
“We extend a warm welcome to IPI advisors and employees, and
their bank partners,” said Pat O’Connell, Executive Vice President,
Ameriprise Advisor Group. “We have a talented team and resources in
place to make this a seamless transition, and we are confident our
new colleagues will enjoy the many benefits of working with
Ameriprise.”
“Coupling the resources and product line of Ameriprise with
IPI’s community bank culture will open the door to extensive
opportunities in the financial institution investment business,”
said Barnes. “We are thrilled to celebrate our 25th anniversary
next month as a new member of the Ameriprise family.”
Barnes will serve in an advisory role with Ameriprise to help
integrate and grow the business. In addition, Jay McAnelly,
President and CEO of IPI, will join Ameriprise, providing continued
leadership and a smooth transition for the advisors. He will report
to O’Connell.
Under their leadership, advisors from IPI will have access to an
expanded product platform, marketing support, service capabilities,
technology and digital solutions – while maintaining close
connections to the clients and communities they serve.
“I’m excited for what the future holds for our financial
institution partners, advisors, employees and clients,” said
McAnelly. “IPI’s competitive bank brokerage structure and
commitment to community banks, combined with Ameriprise’s depth in
financial planning and digital capabilities, will create something
truly unique in the marketplace.”
The transaction is subject to customary conditions and
regulatory review, and is expected to close in the third quarter of
2017.
About Ameriprise FinancialAt Ameriprise Financial, we
have been helping people feel confident about their financial
future for more than 120 years. With a nationwide network of
approximately 10,000 financial advisors and extensive asset
management, advisory and insurance capabilities, we have the
strength and expertise to serve the full range of individual and
institutional investors’ financial needs. For more information,
visit ameriprise.com.
About Investment Professionals, Inc.Investment
Professionals, Inc. (IPI) is an independent Texas-based investment
and insurance brokerage firm specializing in the on-site delivery
of investment programs for financial institutions across the United
States.
Investment advisory products and services are made available
through Ameriprise Financial Services, Inc., a registered
investment adviser.
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
© 2017 Ameriprise Financial, Inc. All rights reserved.
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Ameriprise FinancialKathleen McClung, 612-678-1069Public
Relationskathleen.h.mcclung@ampf.comConnect with us:
@Ameriprise
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