American Express Company says it plans to spin off its financial advisors business.[@@]

The company’s board of directors authorized the spinoff of Ameriprise Financial Inc. subsidiary, formerly American Express Financial Corporation.

American Express, New York, will distribute shares of the unit on Sept. 30 to its shareholders. Those shareholders will receive 1 share of Ameriprise common stock for every 5 shares of American Express common stock they hold.

After the distribution, Ameriprise will be an independent, publicly traded company. Its common stock has been authorized for listing on the New York Stock Exchange.