Ameriprise Moves Financial Advisers To New Brokerage Platform

Ameriprise Financial Inc. (AMP) is rolling out a new brokerage platform for its 12,500 financial advisers, which will put the legacy Ameriprise brokers on the same system as that of the H&R Block Inc. (HRB) advisers it acquired last year.

The move will essentially amount to an upgrade for the Ameriprise staff, said Don Froude, president of Ameriprise's Personal Advisors.

"There will be somewhat of a learning curve, but they've seen the new platform, and they are excited about the new features and capabilities," Froude said.

The brokerage platform is the technology system that brokers use to complete transactions for clients and provide them with products and information. Firms will occasionally change platforms to upgrade to speedier or more complex systems. Ameriprise's adviser group includes brokers in the employee channel and those in the independent channel.

In addition to acquiring H&R Block's advisory business, Ameriprise has also built up its brokerage force this year by recruiting more than 500 advisers as of the end of August. Many of brokers joined from larger competitors such as Morgan Stanley Smith Barney, which are starting to focus more on a higher net worth population.

-By Annie Gasparro, Dow Jones Newswires; 212-416-2244; [e-mail]