Ameriprise Financial rolled out upgrades to its various programs and tech platform Nov. 6. The Custom Advisory Relationship program, as it is called, offers clients two new features and a third for advisors: the one-time need for a client’s signature, a revamped monthly billing schedule and a more integrated set of workflows for advisors.
Clients can provide their signature one time to access multiple advisory services. Ameriprise has seven different advisory programs it offers clients: Strategic Portfolio Service (SPS) Advantage, a nondiscretionary managed account; SPS Advisor, which gives Ameriprise Financial advisors authorized discretion over a client's assets; Select, a separately managed account strategy program; Active Portfolios, a third-party model business; and its Envestnet programs that includes Vista Separate Account, Investor Unified Account and Select Strategist UMA (a holding service). So, the single signature would allow an advisor to elect additional services as needed without verbal or written consent. According to a prepared statement, the new program has “a key benefit that provides more flexibility and efficiency for advisors to quickly adjust investment strategies specific to their clients’ needs.”
The program also aims to simplify client billing with a new monthly billing schedule; a consolidated price structure across the seven programs; and itemized fees for advisory, management and platform services. It's a "consistent way for clients to see what they're paying and when," according to the Ameriprise prepared statement. Lastly, the integrated workflow platform allows advisors to view a client’s account information along with market research and investment performance in one portal. Ameriprise was able to do this by building a proprietary workflow tool that merged the seven aforementioned programs into one tech platform. The platform runs below the customer relationship management (CRM) software to give advisors more options in how they would like to use the platform.
The Minneapolis-based financial services firm supports approximately 10,000 financial advisors that offer an array of services from asset management to advisory to insurance.