Effective August 1, the 12,000 advisors and registered reps of American Express Financial Advisors got a new name as part of American Express Co.’s spinoff of its broker/dealer and other businesses from the parent company. Ameriprise Financial, which will use a stylized compass as its corporate logo, is the new name of the holding company that is slated to go public on September 30, under the leadership of chairman and CEO Jim Cracchiolo. In addition to the advisor unit, also operating under the Ameriprise name will be another company, called RiverSource, that will include the firm’s insurance, annuity, asset management, trust company, and outside distribution businesses.
The deal involves $1.7 billion in fixed annuity account balances.
The maximum death benefit is $300,000.
AXA S.A.'s offering could bring in about $800 million.
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