The relationship will enable Comerica to deliver an even stronger value proposition to clients backed by services and capabilities from Ameriprise
Comerica Bank Tower, formerly Bank One Center, Dallas. (Credit: RadicalBender/Wikipedia)
Ameriprise Financial, Inc. (NYSE: AMP) and Comerica Bank today announced that Ameriprise Financial Services, LLC and Comerica Bank have signed an agreement for Ameriprise to become Comerica’s new investment program provider. As part of the arrangement, Comerica and certain affiliates will transition support of specific insurance, brokerage and investment advisory activities currently conducted by Comerica’s broker-dealer subsidiary to the Ameriprise Financial Institutions Group (AFIG). The transaction is expected to close by the end of the year.
Headquartered in Dallas, Comerica has approximately 100 financial advisors who are part of a broader team of nearly 800 who support the wealth management business throughout Texas and in Michigan, California, Florida, Arizona and the Carolinas. Comerica’s wealth management division manages approximately $195 billion in assets, approximately $18 billion of which is managed by its securities business and is expected to be supported by AFIG as part of the arrangement.
Through the strategic relationship, Comerica’s financial advisors will have access to the integrated technology, robust investment solutions, outstanding service capabilities, marketing support and award-winning learning and development programs of Ameriprise Financial. Backed by this premium support model, Comerica expects to be well positioned to help talented financial advisors continue to grow, while providing clients with personalized advice and solutions to meet their current and long-term needs.
“We conducted thorough due diligence to find the right partner to elevate Comerica’s securities offering,” said Greg Carr, Executive Vice President and Executive Director of Wealth Management at Comerica. “Ameriprise has the technology, research capabilities, products, services, financial strength, and practice management expertise to help us raise the bar on the experience we provide our clients. Their culture is a natural fit for our financial advisors, as Ameriprise shares our passion for providing tailored advice that helps clients achieve their financial goals.”
“This is an energizing new chapter for both organizations,” said Pat O’Connell, Executive Vice President and President of the Ameriprise branch and financial institutions channels. “In these arrangements, fit is so critical. I’m proud Ameriprise stood out among industry competitors. We have invested significantly in our technology and capabilities to deliver a premium experience to our advisors and clients. We look forward to partnering with the Comerica team.”
“Getting to know Comerica and their people through this process has been truly rewarding – their culture and desire to put clients first aligns perfectly with Ameriprise,” said Jay McAnelly, Group Vice President, Ameriprise Financial Institutions Group. “Comerica’s commitment to clients – backed by the power, strength and stability of Ameriprise – will unlock new opportunities to drive even greater satisfaction and loyalty with clients.”
Carr stated, “This is an exciting first step on a journey to create a unified wealth management platform that will elevate our client experience in the markets we serve. The opportunity in front of us is incredible, and we’re pleased to have found the right partner to help us grow and bring new capabilities to financial advisors and clients.”
Source: Company Press Release