Ameriprise to launch public offering Oct. 3

Penney is one of 45 advisers nationwide chosen to represent Ameriprise Financial Services, formerly American Express Financial Advisors, as it rings the New York Stock Exchange opening bell Oct. 3 to introduce the company’s new ticker symbol.

The new stock, to be traded as AMP, is a result of American Express’ decision to spin off Ameriprise as an independent company. American Express changed the name of its financial services division Aug. 1.

“As a part of American Express there were advantages, but American Express is primarily known as a card company and a travel services company,” said David Kanihan, vice president of corporate affairs for Ameriprise. “What we do is something different. Being out there on our own allows us to define our own destiny, make our business decisions based solely on what’s good for our company, our clients and shareholders.”

The company specializes in providing financial services for what it calls the “mass affluent” – investors with between $100,000 and $1 million in assets for investment.

Stock of the new company will be handed out as a dividend to American Express stockholders; one share of Ameriprise will be given for every five shares of American Express held on Sept. 30.

Ameriprise CEO Jim Cracchiolo will ring the opening bell to commemorate the new company’s first day of public trading.

Penney said hard work was what got him selected to be a part of the ceremony.

“We were selected based on our success in bringing high-value clients into the organization,” Penney said. “Out of 10,800 people, they selected 45. I was just excited to be selected among them.”

Penney has been a financial adviser for American Express for 22 years. For the last seven years, he and partner Seth Murray have been franchise owners, running Penney, Murray & Associates, which has more than $200 million in assets. Penney also is ranked 18th among all Ameriprise advisers.

His is one of three Ameriprise offices in Springfield, comprising 22 financial advisers.

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