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Ameriprise weighs adding advisers as regulation squeezes rivals

Potential industry consolidation could be caused by the need for compliance with the DOL fiduciary rule. Here's a company poised to take advantage of that.

By Katherine Chiglinsky | Updated on April 29, 2016
Photo: AP

(Bloomberg) — Ameriprise Financial Inc. Chief Executive Officer Jim Cracchiolo is looking for chances to add financial advisers as new government regulation on retirement products pressures smaller rivals.

“During this period of disruption, we see potential opportunities,” Cracchiolo said Thursday during a conference call discussing first-quarter results. “The regulatory environment will likely lead to consolidation within the industry, which we already see. Independent advisers or independent broker-dealers may lack the resources or the scale to navigate the changes required, and seek a strong partner like Ameriprise.”

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