The strategic relationship includes
approximately 100 financial advisors and $18 billion in
assets
Ameriprise Financial, Inc. (NYSE: AMP) and Comerica, Inc. (NYSE:
CMA) today announced that Ameriprise Financial Services, LLC and
Comerica (through certain affiliates) have closed the arrangement
in which Ameriprise has become Comerica’s new investment program
provider. As such, Comerica has transitioned support of specific
insurance, brokerage, and investment advisory activities to the
Ameriprise Financial Institutions Group (AFIG). The new name
representing this strategic relationship is Comerica Financial
Advisors, powered by Ameriprise Financial.
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As a result of this strategic relationship, Comerica’s
approximately 100 financial advisors in Texas, Michigan,
California, Florida, Arizona, and the Carolinas now have access to
a full range of leading services and solutions, including:
- Personalized advice and financial planning capabilities
tailored to clients’ individual needs.
- Robust investment products to help clients achieve their
financial goals.
- Digital capabilities that allow clients to connect with
their advisors where and how they want—face-to-face, online, video
or phone meetings.
“This arrangement is the start of an exciting journey for
Comerica that allows us to enhance the offerings and client
experience we provide our wealth management clients,” said Greg
Carr, Executive Vice President and Executive Director of Wealth
Management at Comerica. “Backed by the industry-leading support of
Ameriprise, our advisors now have access to integrated technology,
extensive investment solutions, award-winning service capabilities
and marketing support, all of which will help differentiate our
client and advisor experience.”
Comerica’s wealth management division manages approximately $195
billion in assets, approximately $18 billion of which had been
previously managed by its securities business but is now supported
by AFIG as part of the strategic arrangement with Ameriprise.
“On behalf of Ameriprise, we welcome the Comerica advisors,
their staff, and leadership team to our institutions channel,” said
Pat O’Connell, Executive Vice President and President of the
Ameriprise Branch and Financial Institutions Channels. “We
initiated this strategic relationship because of the many synergies
between our two organizations with the ultimate goal to enhance the
advisor and client experience for all involved. Completing a
significant and complex conversion in eight months is a compliment
and testament to the teams at Comerica and Ameriprise. We’ve
reached an energizing new chapter for both firms.”
“After working hand in hand with the team over the past several
months, it’s clear we share the common purpose to help advisors
grow their practices while delivering an exceptional client
experience,” added Jay McAnelly, Group Vice President, Ameriprise
Financial Institutions Group. “We’re excited about the
opportunities ahead as we bring the full strength of Ameriprise to
Comerica’s financial advisors and their clients.”
Read the original announcement about this arrangement here.
About Comerica
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE:
CMA), a financial services company headquartered in Dallas, Texas,
and strategically aligned by three business segments: The
Commercial Bank, The Retail Bank and Wealth Management. Comerica,
one of the 25 largest U.S. financial holding companies, focuses on
building relationships and helping people and businesses be
successful. Comerica provides more than 400 banking centers across
the country with locations in Arizona, California, Florida,
Michigan and Texas. Founded 174 years ago in Detroit, Michigan,
Comerica continues to expand into new regions, including its
Southeast Market, based in North Carolina, and Mountain West Market
in Colorado. Comerica has offices in 17 states and services 14 of
the 15 largest U.S. metropolitan areas, as well as Canada and
Mexico. Comerica reported total assets of $85.7 billion as of
September 30, 2023.
Comerica Securities, Inc. is a broker/dealer, federally
Registered Investment Advisor, member FINRA/SIPC and subsidiary of
Comerica Bank.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel
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 affiliated
institutions. To find out why institutions are partnering with
Ameriprise, visit ameriprise.com/afig.
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 Insured by FDIC or Any
Other Government Agency
Not Bank Guaranteed
Not Bank Deposits or
Obligations
May Lose Value
Ameriprise Financial and the financial institution are not
affiliated.
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.
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.
[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.
© 2023 Ameriprise Financial, Inc. All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20231113274003/en/
Media Contacts: Nicole Hogan, Comerica
214.462.6657 nihogan@comerica.com Alison Mueller, Ameriprise
612.678.7183 Alison.G.Mueller@ampf.com Investor Relations
Contacts: Kelly Gage, Comerica 833.571.0486
kgage@comerica.com Alicia A. Charity, Ameriprise Financial
612.671.2080 alicia.a.charity@ampf.com
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