What Will Life After Ameriprise Mean for Securities America Advisors?
by Donna Mitchell and featured in Financial Planning April, 2011: April is not turning out the way that Securities America's advisors had envisioned. Its parent company, Ameriprise Financial, had just agreed to back a $150 million settlement between the broker-dealer and investors who had lost about $400 million from faulty, and in some cases, fraudulent, private placement investments. On Friday, a federal judge in Dallas is expected to rule on whether to accept the settlement. In March, executives for Securities America argued that the firm’s survival hinged on a $21 million settlement that Securities America had worked out with class-action plaintiffs. But last Monday, Ameriprise Financial announced in its first-quarter earnings release that it would find a buyer for Securities America. “We appreciate the many years Ameriprise has committed to our independent business model. Their...