(Bloomberg) -- Ameriprise Financial Inc. Chief Executive Officer Jim Cracchiolo is looking for chances to add financial advisers as new government regulation on retirement products pressures smaller rivals.
“During this period of disruption, we see potential opportunities,” Cracchiolo said Thursday during a conference call discussing first-quarter results. “The regulatory environment will likely lead to consolidation within the industry, which we already see. Independent advisers or independent broker-dealers may lack the resources or the scale to navigate the changes required, and seek a strong partner like Ameriprise.”
The Department of Labor announced new rules on April 6 that are designed to protect savers from conflicted investment advice.
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