(Bloomberg) -- Ameriprise Financial Inc. Chief Executive OfficerJim Cracchiolo is looking for chances to add financial advisers asnew government regulation on retirementproducts pressures smaller rivals.
“During this period of disruption, we see potentialopportunities,” Cracchiolo said Thursday during a conference calldiscussing first-quarter results. “The regulatory environment willlikely lead to consolidation within the industry, which we alreadysee. Independent advisers or independent broker-dealers may lackthe resources or the scale to navigate the changes required, andseek a strong partner like Ameriprise.”
The Department of Labor announced newrules on April 6 that are designed to protect savers fromconflicted investment advice.
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