American Express Financial Advisors (AEFA) has rebranded as Ameriprise, as part of its spin-off from American Express. Starting August 1, Ameriprise will be operating as an independent, publicly traded financial planning and financial services business, with the transaction is expected to be completed by the third quarter of 2005.
"The name represents our American roots and the vastness of our nationwide network of over 10,500 financial advisers," said Jim Cracchiolo, chairman and CEO of AEFA. "It also embodies the enterprising culture our people bring to bear in helping provide our clients the peace of mind that comes with planning for a secure financial future. We help people achieve the 'prize' of the American dream."
The new name is the result of extensive research with financial advisers, employees and consumers, according to Kim Sharon, chief marketing officer. In the fall, the company will launch a national advertising campaign supporting the new brand.
Furthermore, the third-party distribution arm that sells insurance, annuities and asset management will be known as RiverSource.
"As we become independent, we chose to use the RiverSource name for our insurance, annuity and asset management product lines and their distribution in order to distinguish these capabilities from the financial planning and services offered through our financial advisers," Cracchiolo said. "This will enable our product companies to convey their own unique identity when marketing to other financial services providers, which will be especially helpful as we grow in outside distribution."