Ameriprise Financial Completes Acquisition of H&R Block Financial Advisors.Adds More Than 950 Advisors to Nation's Fourth-Largest Retail Distribution Force MINNEAPOLIS -- Ameriprise Financial Ameriprise Financial, Inc. (NYSE: AMP) is a company offering financial advice and products. It is the successor to American Express Financial Advisors (AEFA), which was a subsidiary of the American Express Company. , Inc. (NYSE NYSE See: New York Stock Exchange : AMP) today announced that it has completed its all-cash acquisition of H&R Block Financial Advisors (HRBFA) from H&R Block. The more than 950 advisors of HRBFA work in 135 office locations across the U.S. The advisors will become Ameriprise Financial-branded employee advisors and will strengthen the company's presence in key markets, including Florida, Texas and California. With this acquisition, Ameriprise Financial now has more than 12,000 total advisors across all its platforms. The transaction is also expected to add approximately 365,000 client accounts and $27.5 billion in client assets. The transaction is expected to be accretive to earnings per share and return on equity in early 2010. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains a forward-looking statement concerning the estimated financial accretion of the company's acquisition reported herein. Such statement reflects management's plans, estimates and beliefs, and is subject to risks and uncertainties, which could cause actual results to differ materially from such statement. Readers are cautioned not to place undue reliance on such forward-looking statement, which speaks only as of the date hereof. About Ameriprise Financial Ameriprise Financial, Inc. is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company serving the comprehensive financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against needs of the mass affluent Mass affluent and emerging affluent are marketing terms used to refer to the growing high end of the mass market. It is most commonly used by the financial services industry to refer to individuals with US$100,000 to US$1,000,000 of liquid financial assets,[1] and affluent. For more information, visit ameriprise.com. About H&R Block H&R Block Inc. (NYSE: HRB HRB H&R Block, Inc. HRB Harbin, China (Airport Code) HRB Human Resources Branch (Canada) HRB Haiti International Airline (ICAO code) HRB Human Rights Bureau ) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.4 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut[R] online and software solutions. The company also provides business services through RSM McGladrey and certain consumer financial services. For more information visit our Online Press Center at www.hrblock.com. |
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