10.28.24

Ameriprise CEO Says Advisor Recruiting Market Is 'Frothy'; New Products on the Way

by: Allison Bell

Ameriprise Financial wants its asset management team to come up with new products for CEO Jim Cracchiolo. During a call the company held to go over earnings for the third quarter with securities analysts, Cracchiolo said there's an opportunity for Ameriprise's Columbia Threadneedle Investments arm to develop solutions aimed at the wealth advisor business. Speaking of advisor recruitment, he said, "I think it's a bit frothy. I do believe that, with the markets and other things, people are paying a bit more today than maybe is appropriate. As that starts to temper, I think you'll maybe see some adjustment in what people may be doing."

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