Company Overview
Highlights
Created in American Express spinoff to shareholders in 2005.
Amex pumped more than $1 billion into Ameriprise by to get it off the ground.
American Express’s former business segment specializes in insurance, mutual funds, college savings plans, personal trust services, and retail brokerage. Ameriprise’s bread and butter is wealthier clients (those with at least $100,000 in assets), and the company tends to mushroom in geographic areas where those clients are concentrated. In 2006 the company came out with Ameriprise Bank, a federally chartered thrift with operations in New York, Minneapolis, and Phoenix. Ameriprise financial advisors market the bank’s services, which include mortgage lending and other banking products that were previously provided by American Express Bank.