Ameriprise to Acquire H&R Block Advisor Unit

Ameriprise Financial, the advisor group spun off in 2005 from American Express, announced August 12 that it had signed an agreement to acquire H&R Block Financial Advisors (HRBFA) for $315 million in cash; the deal is expected to close in four to six months, said Ameriprise in making the announcement. There are about 900 advisors employed by HRBFA; according to a release from Ameriprise, they “will become Ameriprise Financial-branded employee advisors and will strengthen the company’s presence in key markets, including Florida, Texas and California.” With those added reps, the newly combined company will count 13,000 total reps; HRBFA will also bring in 376,000 client accounts and $30 billion in client assets, and Ameriprise said “HRBFA advisors will receive attractive retention packages as part of the transaction.”