After spending millions to revamp systems and procedures to prepare for the fiduciary rule, Ameriprise won't jettison months of effort should the regulation be overturned.

That was CEO Jim Cracchiolo's message to analysts during an earnings call Thursday, when he sought to explain how the firm's efforts to comply with the rule will leave Ameriprise well situated to compete with rivals in the future. And those efforts are not insignificant; Ameriprise spent $11 million in the fourth quarter, the firm reported.

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