Pat O’Connell to Retire After Leading 2,000-Advisor Group; Channels Consolidated Under Bill Williams
Longtime Ameriprise executive Pat O’Connell will retire this summer after leading the advisor group of 2,000 advisors and 170 branches, with Bill Williams to succeed him and unify employee and franchisee advisor channels. In Q4 Ameriprise recorded $13.3 billion inflows, up 18%, $28 billion asset transfer from Huntington.
1. O’Connell Retirement and Succession
Pat O’Connell, who joined Ameriprise in 2002 and rose to EVP and president of the Advisor Group in 2013, will retire this summer after 34 years with the firm. His duties overseeing 2,000 advisors and 170 branches will transfer to Bill Williams, who will also integrate employee and franchisee advisor channels under one leader.
2. Bill Williams’s Expanded Responsibilities
Bill Williams, an Ameriprise advisor since 1998 and current president of the Independent Advisors channel since 2008, will retain oversight of more than 8,200 affiliate advisors, the National Sales Organization and the Advisor Center while assuming the Advisor Group leadership role.
3. Q4 Client Asset Inflows
In its January earnings report Ameriprise posted $13.3 billion in new client assets for Q4, an 18% year-over-year increase, marking one of its strongest quarters for inflows and supporting management’s positive retention outlook.
4. Huntington National Bank Asset Transfer
Ameriprise also won a $28 billion transfer of broker/dealer, RIA and insurance assets from Huntington National Bank, with Huntington’s 260 advisors remaining at the bank while using Ameriprise for retail investment operations.