RJ and Makay

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Workman Securities Corp., an Eden Prairie Minnesota broker-dealer, told its 100 reps and advisors last Wednesday that the firm would be closing in November. Then the company informed the brokers that they could move, as a group, to Allied Beacon Partners, Inc., a Richmond Virginia based firm. Brokers who agree to switch to Allied Beacon were promised a smooth transition, and the new firm would keep Workman’s payout schedule for two years, an anonymous rep said.

Ameriprise Financial is looking to sell its troubled independent broker/dealer Securities America. As it seeks to find “an appropriate buyer,” Ameriprise said that the potential sale would not impact its recent $150 million settlement with investors suing the company over defunct private placement investments.

In a statement accompanying its earnings report, Ameriprise said that a sale would allow Securities America to “focus on growth opportunities in the independent channel, and would allow Ameriprise to devote its resources to the Ameriprise branded adviser business.”