Ameriprise Financial chosen as new name for American Express Financial Advisors
Insurance and Asset Management Businesses to be Rebranded RiverSource
The American Express Financial Advisors (AEFA) unit of American Express Company (NYSE: AXP) today announced that as part of its spin–off from American Express it will adopt the new name Ameriprise Financial. The company’s insurance, annuity, asset management and outside distribution businesses will operate under the new brand name RiverSource.
As previously announced, American Express is pursuing a spin–off to shareholders of the AEFA unit to form an independent, publicly traded financial planning and financial services business that offers asset accumulation, income management, insurance and retirement products and services to individuals, businesses and institutions. The transaction is expected to be completed in the third quarter of 2005, subject to certain conditions. The company will begin operating under the Ameriprise Financial brand on Aug. 1, 2005.
“The name Ameriprise reflects both our history and our strengths as one of the leading financial services firms in the United States,” said Jim Cracchiolo, chairman and CEO of AEFA. “The name represents our American roots and the vastness of our nationwide network of over 10,500 financial advisors. It also embodies the enterprising culture our people bring to bear in helping provide our clients the peace of mind that comes with planning for a secure financial future. We help people achieve the “prize” of the American dream.”
The new Ameriprise Financial logo is based on a compass, symbolizing how the company provides direction and helps its clients navigate their financial futures.
“We conducted extensive research – with our financial advisors, our employees and consumers – to create a name that resonates with our heritage, our brand image and our values,” said Kim Sharan, AEFA chief marketing officer.
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Source:
Ameriprise - Newsrelease
