The financial services arm of American Express Company, New York, will be using 2 new names Aug. 1, when it breaks away from its parent.[@@]

American Express Financial Advisors, Minneapolis, plans to change its corporate name to “Ameriprise Financial” after the split, AEFA says.

AEFA will use the Ameriprise name for several of its operating units, including its retirement services business, but the company will use another name, “RiverSource,”for its insurance, annuity, asset-management and outside distribution businesses, AEFA says.

AEFA financial advisors will do business as “The Personal Advisors of Ameriprise Financial,”AEFA says.

AEFA executives picked the Ameriprise name to symbolize the company’s American roots and enterprising culture, and it picked the RiverSource name to represent the longevity of its 111-year-old insurance business, AEFA says.

AEFA says the company already is organizing an advertising campaign to promote the new Ameriprise brand name.

American Express announced several months ago that it will be turning AEFA into an independent, publicly traded financial services business. American Express hopes to complete the transaction by Sept. 30.

The transaction will create a company with about $400 billion in assets and a network of more than 10,500 financial advisors, according to AEFA.