Ameriprise Financial

The unit could fetch more than $3 billion, according to people familiar with the matter.

Even with those challenges, rep productivity and client cash balances expanded in the third quarter.

Ameriprise, for example, has hosted more six times as many advisors virtually than it did in person last year.

The father-son practice with two other advisors switched their affiliations after its founder had spent 18 years with New York Life.

Earlier this year, FINRA arbitrators granted the former advisor’s expungement request, but still sided with the firm on its demands for repayment of two promissory notes.

The father-son team praised Ameriprise’s assistance in the face of the coronavirus pandemic after making the move.

Five years of alleged promises, checks that never arrived, and a mysterious employee named “Tryg Nederloe” add up to a bizarre saga with wide ramifications.

Jim Cracchiolo predicts the number of advisors will go back up, but he says the firm places more importance on boosting the size of their businesses.

On the losing side of this exchange: Wells Fargo, UBS and Merrill Lynch.

The firm's top recruiter explained its approach to helping advisors keep up with a rapidly changing profession.

CEO Jim Cracchiolo says the firm is focused on “holistic advice rather than a free trade” after wealth management client assets reached a new high.

New recruits hailed from firms including Wells Fargo, Merrill Lynch and Raymond James.

Buyers and sellers both can benefit from a formula based on the future performance of the business, rather than a metric of current performance.

The breakaways join 72 others who moved their practices to the firm in the second quarter.

The new recruits include a father-and-son duo in Orlando.