Ameriprise experienced a decline in net gains of financial advisors in 2023, reflecting the intense competition in the hiring market. Ameriprise told InvestmentNews that this slowdown has resulted from advisors staying put due to favorable market conditions.

InvestmentNews also reports that industry observers note the increasing aggressiveness of large independent broker-dealers and competitors in offering attractive financial arrangements to retain advisors, making it financially challenging for them to switch firms. This heightened competition underscores the importance of retaining existing advisors rather than solely focusing on recruitment.

As of March 2024, Ameriprise reported 10,364 financial advisors, representing a 1 percent increase compared to the previous year, primarily driven by growth in its employee channel.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.