Amex Advisors to be Spun Off

One of the nation’s biggest independent broker dealers, with 12,000 reps and $7 billion in revenues last year, is getting even more independent. American Express Company has announced plans to spin off American Express Financial Advisors to shareholders in the third quarter of 2005.

The move will include Amex’s Securities America unit, the Omaha-based unit’s chief compliance officer, David Spinar, said during the Financial Services Institute annual conference in Orlando. He applauded the spinoff, saying true independence could allow the Amex advisor network to build more visibility in the market.