Last week’s surprise announcement by Ameriprise Financial that they would find a buyer for Securities America sent their 1,800 financial advisors and industry recruiters buzzing about where to find new positions at other firms.
Since the announcement was just made last Tuesday, it is unclear as to whether the advisors will be sold wholesale to a single buyer or be dispersed to different firms. Adding fuel to the fire are some ill feelings held by some of the advisors who feel betrayed that they had to find out about the plan in a public announcement.
Speculation as to the type of firms that will attract them is also under discussion. Bill Willis, President and CEO of Willis Consulting Inc., spoke with Donna Mitchell of OnWallSteet:
“The Securities America advisors could end up at as many as 30 or 40 firms. Traditionally, Securities America has been a highly independent, a fiercely independent group,” said Willis. “They are pretty inventive folks who would go someplace that would serve them well, but where they would also be left alone. They’ll probably want to stay away from those independents that are self-clearers.”
As to a wholesale buyout, who knows who might step forward? Watching with interest, but it’s inevitable these advisors are going to be moving as soon as possible.