At a Bank of America conference in Miami, Ameriprise Financial Chief Financial Officer Walter Berman discussed how the firm has reassessed advisor recruiting. According to ThinkAdvisor, he explained that offers from competitors caused the company to reconsider what it is willing to provide in order to stay competitive.
Berman stated that Ameriprise believes its technology and service platform justify a premium. However, independent broker-dealers and private equity firms continue presenting attractive offers, which prompted the firm to reevaluate its recruiting strategy, as reported by ThinkAdvisor.
Berman described the recruiting environment as highly competitive. Even with declining U.S. interest rates, independent broker-dealers remain active, though they now act more selectively.
Ameriprise views advisor hiring as critical to growth. According to Berman, attracting advisors plays a key role in generating net new assets for the firm's asset management business.
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