Ameriprise surprise: Firm to open platform to outside annuity providers

In a bid to lure more independent reps, the B-D soon will allow advisers to sell VAs created by Axa, Lincoln National and MetLife

Breaking with its longtime strategy, Ameriprise Financial Inc. soon will open its brokerage platform to allow its 12,000 representatives and advisers to sell variable annuities from outside providers. Until now, Ameriprise has confined its reps to selling the firm's own proprietary VA investments.

While no timetable for the expansion has been set, a number of sources familiar with the plan said it's likely to occur by the end of the second quarter. Most Ameriprise advisers now are limited to selling variable annuities created by RiverSource Investments LLC, the company's proprietary mutual funds, annuities and other investment products...

Investment News: Ameriprise surprise: Firm to open platform to outside annuity providers