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Pat O’Connell, who has led Ameriprise’s advisor group for over 13 years, will be retiring this summer, according to the national broker/dealer.
The longtime Ameriprise executive’s duties will now be handled by Bill Williams, who will also continue in his role as president of the Ameriprise Independent Advisors channel.
O’Connell had joined Ameriprise in 2002 as a financial advisor, climbing the ranks until, in 2013, he was promoted to executive vice president and president of Ameriprise Advisor Group & Ameriprise Financial Institutions Group.
“After 34 years with the firm, Pat O’Connell has decided to retire this summer as part of a thoughtful transition,” a spokesperson for the firm wrote via email. “We wish him all the best in his retirement and thank him for his exceptional service to our clients, advisors, employees, and the firm.”
AdvisorHub first reported the move.
O’Connell had been overseeing Ameriprise’s financial advisor group of more than 2,000 advisors, 800 staff, and 170 Ameriprise branch offices, along with partner offices at other financial institutions. He was also responsible for advisor recruiting at the firm.
Williams will now be teed up to take over those duties. In his current role, he oversees support for Ameriprise’s more than 8,200 affiliate advisors, while also leading the firm’s National Sales Organization and Ameriprise Advisor Center, where more junior financial advisors work with clients over the phone and email.
He also joined Ameriprise as an advisor in 1998, rising through the ranks to take his current role in 2008.
In its fourth-quarter earnings report in January, the Minneapolis-based firm reported one of its strongest quarters for client inflows with $13.3 billion in new client assets, up 18% year-over-year. On that call, CEO Jim Cracchiolo also said the firm had “very good” retention despite the competitive recruiting environment.
The firm also notched a recent gain for its institutional business, winning a transfer of $28 billion in broker/dealer, RIA, and insurance assets from Huntington National Bank. Huntington’s 260 financial advisors remained with the bank but now use Ameriprise for their retail investment operations.
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