Strange detail in the unfolding Securities America saga: parent Ameriprise moved relatively decisively to comfort shareholders while advisors are (at least publicly) in limbo.
Only insiders really know what private messages Ameriprise is giving people who work at its independent broker-dealer unit, which is now laboring under the threat of up to $400 million in client claims related to private placements gone bad. Whatever that guidance is, they're not talking to any members of the industry press.
All we know is that way back on Monday, Ameriprise issued a short statement -- on its investor relations site, hidden from its normal news feed -- that it's trying to find a solution that's reasonable "for all constituents."
The statement then repeats the basic point: "As we work to help the parties come to a reasonable resolution, we will balance the best interests of all Ameriprise constituents."
Granted, an investor relations release should consider the investors, but in the absence of any other official communication with the Securities America advisors -- much less their clients -- it seems like a missed opportunity.
In any event, AMP closed at $59.83 before Securities America lost its bid to settle the client claims. It closed at $60.26 last night.