Ameriprise Makes its Move Upmarket

Ameriprise Financial is offering 150% of an advisor’s last 12 months of revenue as its base recruiting bid in an attempt to zap its recruiting efforts back from the dead, according to a Reuters article published Thursday.

The Minneapolis-based giant has had lackluster recruiting results, according to a Reuters database where it tracks firms’ numbers. The decision to jack to 150% from 120% an advisor’s last 12-months of revenues — 25% — in a public bid for advised assets was revealed in a recent call with analysts and recruiters. The new bid applies to advisors who bring in $830,000 or more of revenue. It would also pay signing bonuses of 150% for so-called “second quintile” brokers who bring in $585,000 in revenue, according to the Reuters report.

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