Ameriprise Financial (AMP) says it is buying independent broker-dealer Investment Professionals Inc., which focuses on investment and insurance programs for banks and credit unions. The San Antonio, Texas-based group has some $8 billion in assets and some 200 advisors, who are based in more than 140 financial institutions in nearly 30 states.

The company announced the deal ahead of its first-quarter earnings results, which beat analysts’ estimates late Monday. It reported net income of $403 million, up 11% from last year, and revenues of $2.91 billion, which were up 3% from the year-ago period.

Ameriprise says the investment firm’s “experience and expertise in serving the financial institutions market will complement Ameriprise’s successful growth strategy in Advice and Wealth Management. The group will become part of a new institutions channel.

“We have a talented team and resources in place to make this a seamless transition, and we are confident our new colleagues will enjoy the many benefits of working with Ameriprise,” said Pat O’Connell, head of the Ameriprise Advisor Group, in a statement.

Other Wealth Results

In its earnings announcement, Ameriprise said it has 9,668 advisors with average trailing 12-month fees and commissions of $529,000.

The firm is down about 100 reps from a year ago and seven from the prior quarter.

The wealth and advisor unit boosted assets to $500 billion from $450 billion a year ago. It also raised total revenue to roughly $1.3 billion from $1.2 billion.

The group’s pretax operating margin was 19.2% in the most recent period vs. 17.1% in Q1’16. Total pretax profits were up 21% year over year to $248 million. 

— Check out Consumers Rate Most Trustworthy Financial Firms: Hearts & Wallets on ThinkAdvisor.