04.23.24

Advisor Recruiting Getting ‘Irrational,’ Says Ameriprise CEO

by: Bruce Kelly

Advisor recruiting is becoming more expensive and less rational, said James Cracchiolo, CEO of Ameriprise Financial Inc., during a Tuesday conference call with analysts to discuss first quarter earnings. Last year with the broad stock market booming, Ameriprise had a net gain of 68 financial advisors, a little more than one-third the amount just two years earlier. Many executives this year have pointed to the strong stock market as an incentive to keeping financial advisors in place. When asked about the financial advisor recruiting market at the moment, Cracchiolo said, “I do believe that the market is very competitive and some of the competitors are actually, I think, being a little more irrational in that regard. So, we’re much more focused on quality people that really think about where they need to associate.”

Read the full article on InvestmentNews