Ameriprise Financial has signed an agreement to acquire Investment Professionals Inc., an independent broker-dealer based in San Antonio, Texas specializing in investment programs for financial institutions, including banks and credit unions.
Investment Professionals Inc. was established in 1992 by Scott Barnes, and has approximately 200 financial advisors operating out of more than 140 financial institutions in 29 states. The company had assets totaling more than $8 billion in 2016.
IPI advisors and employees joining Ameriprise will continue to serve clients within established banking relationships and operate as a new Ameriprise advisor channel focused on serving financial institutions.
“We extend a warm welcome to IPI advisors and employees, and their bank partners,” said Pat O’Connell, executive vice president, Ameriprise Advisor Group. “We have a talented team and resources in place to make this a seamless transition, and we are confident our new colleagues will enjoy the many benefits of working with Ameriprise.”
Barnes will serve in an advisory role with Ameriprise to help integrate and grow the business. In addition, Jay McAnelly, president and CEO of IPI, will join Ameriprise and will report to O’Connell.
The transaction is subject to customary conditions and regulatory review, and is expected to close in the third quarter of 2017.
Ameriprise Financial oversees a nationwide network of approximately 10,000 financial advisors and has $818 billion in assets under management, as of the first quarter of 2017.