Ameriprise shopping?
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I know this is going to cause an uproar, but due to the fact that Ameriprise has sold company stock to raise funds for a potential buy, who would they purchase?? Could it be Wachovia Sec (PCG)?? It might make sense, and how much do you really think the asking price would be??
Ameriprise needs a proven distribution network and money management name that is NOT “WEST OF WALL STREET”. (you IDS folks get that)
FYI- I saw that Ameriprise announced it joined the Protocol after years of sitting it out. I would not be surprise at all if this is not a preparatory move to further large scale acquisition.
Interesting that they joined the Protocol considering their P2 Franchise Agreements make it somewhat tedious to leave (probably just the way they like it). I would imagine if a P2 Advisor wanted to leave the Franchise Agreement would take precedence over the Protocol?
I was original P2. The terms to meet were simple. I do not know if the UFOC has changed since 2006, or 2008 when another friend left AMP to go indy. No issues, just LOS as a P2, and proper notice in writing. (standard leave all the files, strip your pc of software and dont alert clients during the 2 week notice period).
It would help. Right now they have a custodian, a brokerage platform (it is actually a shell that takes in the data, ships it off to Schwab in their format then sends it back to the rep), and b/d. It was never a goal to underwrite securities or IB of any kind but who knows. Its the assets they want. For the HR Block and anyone else new there the book title that comes to mind is “No One Here Gets Out Alive”.
The UFOC has changed so much since I left in 2006 I can no longer say with any intelligence.That would be hilarious! Could you imagine the wailing and gnashing of teeth amidst the herd?