MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial (NYSE: AMP) announces that it has signed a definitive agreement to acquire Investment Professionals, Inc., (IPI), a San Antonio, Texas-based independent brokerage firm specializing in the on-site delivery of investment services for financial institutions, including banks and credit unions. IPI’s experience and expertise serving the financial institutions market will complement Ameriprise’s successful growth strategy in advisory and wealth management.
Founded in 1992 by Chairman and Founder Scott Barnes, IPI has grown to become a market leader with approximately 200 financial advisors operating from more than 140 financial institutions in 29 states. The company had assets totaling over $8 billion at the end of 2016.
IPI advisors and employees joining Ameriprise will continue to serve clients within established banking relationships and operate as a new channel of Ameriprise advisors focused on serving financial institutions. With the size, strength and stability of Ameriprise, they will be well placed to meet all of the needs of customers in alliance with their banking partners.
“We welcome IPI advisors and employees, and their banking partners,” said Pat O’Connell, executive vice president, Ameriprise Advisor Group. “We have a talented team and resources in place to make this transition smooth, and we are confident that our new colleagues will appreciate the many benefits of working with Ameriprise.
“Coupling Ameriprise’s resources and product line with IPI’s community banking culture will open the door to many opportunities in the financial institution investment industry,” Barnes said. “We are thrilled to celebrate our 25th anniversary next month as a new member of the Ameriprise family.
Barnes will play an advisory role to Ameriprise to help integrate and grow the business. Additionally, Jay McAnelly, President and CEO of IPI, will join Ameriprise, providing continued leadership and a smooth transition for advisors. He will report to O’Connell.
Under their leadership, IPI advisors will have access to an extensive product platform, marketing support, service capabilities, technology and digital solutions, while maintaining close relationships with clients and the communities they serve.
“I am excited about what the future holds for our partner financial institutions, advisors, employees and customers,” said McAnelly. “IPI’s competitive banking brokerage structure and commitment to community banking, combined with Ameriprise’s depth in financial planning and digital capabilities, will create something truly unique in the market.
The transaction is subject to customary conditions and regulatory review, and is expected to close in the third quarter of 2017.
About Ameriprise Financial
At Ameriprise Financial, we’ve been helping people feel confident in their financial future for over 120 years. With a nationwide network of approximately 10,000 financial advisers and extensive asset management, advisory and insurance capabilities, we have the strength and expertise to meet the full range of financial needs of individual investors. and institutional. For more information, visit ameriprise.com.
About Investment Professionals, Inc.
Investment Professionals, Inc. (IPI) is an independent Texas-based investment brokerage and insurance company specializing in the on-site delivery of investment programs for financial institutions across the United States.
Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
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