Ameriprise Financial has rolled out a training program designed to advance the development of a new generation of advisors, while at the same time driving growth for their practices, the company announced.
The six-month Associate Financial Advisor Business Development Program sets up licensed Ameriprise associate financial advisors (AFAs) for long-term success in the industry by teaching them to consistently deliver a goal-based, premium client experience, the company said.
Upon completion, the AFAs will develop client acquisition skills, deepen existing client relationships, and increase assets under management for their practices, the company said.
Ameriprise said the skills will enable the AFAs to take on more responsibilities, freeing up time for their supporting advisors to focus on broader strategic priorities, including succession planning.
In announcing the program, Ameriprise cited a 2020 Cerulli report that found more than one-third of financial advisors in the industry are expected to retire within this decade, creating a critical need for new advisors to prevent a talent shortage. The business development program, Ameriprise said, is also aimed at established Ameriprise advisors who are looking to address this challenge by developing talent and broadening the expertise of AFAs on their staff.
“We launched this unique program because we know independent advisors want to develop their teams, but they may not have the time or resources to do it effectively on their own," Bill Williams, executive vice president of Ameriprise Independent Advisors, said in a prepared statement. "Our training can help them accelerate the process, advancing the expertise of their AFAs so they can build an even stronger future for their practices and the clients they serve."
Ameriprise said the 21 participants who graduated from the program’s pilot in 2019 said, based on the session, they felt confident in their ability to “begin building a new relationship and understanding someone else's needs and goals.” Also, participants acquired nearly twice the number of clients and more than quadrupled the revenue of their peers, Ameriprise noted.
The independent learning and development research firm Brandon Hall Group awarded Ameriprise a Gold Medal in late 2020 for the pilot program.
Coursework in the program is conducted virtually. More information is available by emailing [email protected].