RJ and Makay

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.”