Ameriprise Financial Downgraded by BofA Securities Amid Advisor Departures
BofA Securities downgraded Ameriprase Financial (AMP) to Underperform from Buy, citing a recent acceleration in the departure of financial advisors. The firm noted that AMP has lost several large teams recently, including Rise, Fathom, StackStone, Hughes, and City Square, with three of these moving to Schwab (SCHW). Analysts Craig Siegenthaler, Kareem Seif, Eli Abboud, and Ivory Gao highlighted the impact on near-term performance due to this trend. The downgrade reflects concerns about AMP's ability to retain key personnel amid a competitive landscape in wealth management. The move signals potential challenges for Ameriprise Financial as it faces increased pressure from rival firms like Schwab attracting top talent and client assets, which could affect its market position and earnings outlook.
Topics: advisor departures Ameriprise Financial stock downgrade