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Ameriprise Financial eliminating mutual fund marketing fees from advisory platform, says CEO
SNL.com; Wednesday, July 27, 2016 1:01 PM ET
Ameriprise Financial Inc. will make some adjustments in its business model and cost structure to offset the potential impact of the removal of mutual fund 12b-1 fees from its advisory platform, according to Chairman and CEO Jim Cracchiolo.
The CEO said during an earnings call [that] Ameriprise is changing the account structure of its advisory platform to institutional share classes in the first part of 2017. The shift comes in the wake of the Department of Labor's Conflict of Interest Rule, which disallows marketing commissions paid to distributors and salespeople, or the 12b-1 fees.