The strategic relationship includes approximately 100 financial advisors and $18 billion in assets
MINNEAPOLIS & DALLAS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP) and Comerica, Inc. (NYSE: CMA) today announced that Ameriprise Financial Services, LLC and Comerica (through certain affiliates) have closed the arrangement in which Ameriprise has become Comerica’s new investment program provider. As such, Comerica has transitioned support of specific insurance, brokerage, and investment advisory activities to the Ameriprise Financial Institutions Group (AFIG). The new name representing this strategic relationship is Comerica Financial Advisors, powered by Ameriprise Financial.
As a result of this strategic relationship, Comerica’s approximately 100 financial advisors in Texas, Michigan, California, Florida, Arizona, and the Carolinas now have access to a full range of leading services and solutions, including:
- Personalized advice and financial planning capabilities tailored to clients’ individual needs.
- Robust investment products to help clients achieve their financial goals.
- Digital capabilities that allow clients to connect with their advisors where and how they want—face-to-face, online, video or phone meetings.
“This arrangement is the start of an exciting journey for Comerica that allows us to enhance the offerings and client experience we provide our wealth management clients,” said Greg Carr, Executive Vice President and Executive Director of Wealth Management at Comerica. “Backed by the industry-leading support of Ameriprise, our advisors now have access to integrated technology, extensive investment solutions, award-winning service capabilities and marketing support, all of which will help differentiate our client and advisor experience.”
Comerica’s wealth management division manages approximately $195 billion in assets, approximately $18 billion of which had been previously managed by its securities business but is now supported by AFIG as part of the strategic arrangement with Ameriprise.
“On behalf of Ameriprise, we welcome the Comerica advisors, their staff, and leadership team to our institutions channel,” said Pat O’Connell, Executive Vice President and President of the Ameriprise Branch and Financial Institutions Channels. “We initiated this strategic relationship because of the many synergies between our two organizations with the ultimate goal to enhance the advisor and client experience for all involved. Completing a significant and complex conversion in eight months is a compliment and testament to the teams at Comerica and Ameriprise. We’ve reached an energizing new chapter for both firms.”
“After working hand in hand with the team over the past several months, it’s clear we share the common purpose to help advisors grow their practices while delivering an exceptional client experience,” added Jay McAnelly, Group Vice President, Ameriprise Financial Institutions Group. “We’re excited about the opportunities ahead as we bring the full strength of Ameriprise to Comerica’s financial advisors and their clients.”
Read the original announcement about this arrangement here.
About Comerica
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 174 years ago in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $85.7 billion as of September 30, 2023.
Comerica Securities, Inc. is a broker/dealer, federally Registered Investment Advisor, member FINRA/SIPC and subsidiary of Comerica Bank.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive investment advice, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.
About Ameriprise Financial Institutions Group (AFIG)
With more than 30 years[1] serving the investment program needs of banks and credit unions, Ameriprise Financial Institutions Group brings a depth of understanding, experience, and knowledge to the financial institutions space – helping deliver value for clients/members while driving revenue for the affiliated institutions. To find out why institutions are partnering with Ameriprise, visit ameriprise.com/afig.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The words “expects,” “expected,” “would,” or similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management undertakes no obligation to update publicly or revise any forward-looking statements.
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Not Insured by FDIC or Any Other Government Agency |
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Not Bank Guaranteed |
Not Bank Deposits or Obligations |
May Lose Value |
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Ameriprise Financial and the financial institution are not affiliated.
Ameriprise Financial Services has a partnership with this financial institution to provide financial planning services and solutions to clients. The financial institution is not an investment client of Ameriprise but has a revenue sharing relationship with us that creates a conflict of interest. Details on how we work together can be found on ameriprise.com/sec-disclosure.
Ameriprise Financial cannot guarantee future financial results.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.
[1] Investment Professionals, Inc (IPI) was founded in 1992 and specialized in the on-site delivery of investment programs for financial institutions. Ameriprise Financial, Inc. acquired IPI in 2017, bringing together the years of experience of the two organizations.
© 2023 Ameriprise Financial, Inc. All rights reserved.
Contacts
Media Contacts:
Nicole Hogan, Comerica
214.462.6657
nihogan@comerica.com
Alison Mueller, Ameriprise
612.678.7183
Alison.G.Mueller@ampf.com
Investor Relations Contacts:
Kelly Gage, Comerica
833.571.0486
kgage@comerica.com
Alicia A. Charity, Ameriprise Financial
612.671.2080
alicia.a.charity@ampf.com