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Thursday, June 12, 2014

Ameriprise sweetens broker signing bonuses in effort to catch up on top recruiting, (NYSE: AMP)

Independent brokerage firm Ameriprise Financial has ramped up efforts to recruit top financial advisers by matching the signing bonuses offered by the biggest brokerage firms in the United States, industry sources said.The strategy, coming as its efforts to recruit high end brokers have lagged competitors, was announced on a call with analysts and recruiters in the last two weeks, sources who were on the call said.Ameriprise failed to comment on the move.The move raises signing bonuses to 150 percent of an adviser's last 12 months of revenue, from 120 percent, for those that produced $830,000 or more. It would also offer signing bonuses of 150 percent for so-called "second quintile" brokers who produced in $585,000 in revenue, the sources said.

Ameriprise Financial, Inc. (Ameriprise Financial) is a holding company primarily engaged in business through its subsidiaries. Shares of AMP fell by 0.82% or $-0.96/share to $115.82. In the past year, the shares have traded as low as $76.77 and as high as $118.65. On average, 1106730 shares of AMP exchange hands on a given day and today's volume is recorded at 563408.