At a glance
- Bank of America's Craig Siegenthaler cut Ameriprise stock from Buy to Underperform on Oct. 19, ten days before the call, citing five team departures and $12.75 billion in lost assets, RIABiz said.
- For RIA principals recruiting Ameriprise teams, the open question is whether a breakaway pitch would have to compete with cash already in hand.
- Cracchiolo blamed bad journalism and said there was no "program," though RIABiz said he seemed to stop short of denying payments are made.
Three analysts pressed Ameriprise CEO Cracchiolo on the Oct. 29 quarterly call about whether the firm pays preemptive bonuses to keep top advisors from leaving, RIABiz reported on Nov. 5.
Bank of America's Craig Siegenthaler cut Ameriprise stock from Buy to Underperform on Oct. 19, ten days before the call, citing five team departures and $12.75 billion in lost assets, RIABiz said. He also cited a 25% surge in transition loans and set a price target of $445, down from $570. The shares fell 4.07% to $480.41, one of the worst S&P 500 performances that day.
For RIA principals recruiting Ameriprise teams, the open question is whether a breakaway pitch would have to compete with cash already in hand. RIABiz counts at least four Ameriprise teams breaking away to the RIA channel in 2026.
Cracchiolo blamed bad journalism and said there was no "program," though RIABiz said he seemed to stop short of denying payments are made. Jefferies' Kamath, BMO Capital's Hawken and Evercore's Gallagher asked the questions.
RIABiz traced the bonus question to a Citywire story based largely on one anonymous recruiter.
As Private Wealth Daily previously reported, Ameriprise's forgivable transition notes rose 29% to $2 billion over a year, and Cracchiolo told analysts the firm has no broad retention program.
Five team exits and $12.75B in lost assets preceded the downgrade
Figures cited in the Oct. 19 downgrade and a year of transition-note growth
Reported by the RIA desk from RIABiz and Private Wealth Daily's Moves Wire. Published . Corrections