is the latest big broker-dealer to catch fund rationalization fever, and it appears they're trimming their investment lineup by more than 40 percent. The move comes as the DoL rule (i.e. the fiduciary reg) starts taking effect
at the end of this week, with some caveats
On Monday the Minneapolis-based, publicly traded firm gave its financial advisors a list of more than 1,500 funds that will no longer be available through its platform, Bruce Kelly of InvestmentNews reports
. The trimmed funds reportedly include ETNs and closed end funds, as well as ETFs and traditional ETFs, and Ameriprise will continue to offer more than 2,000 other funds.
"We are further enhancing our robust due diligence standards to ensure our clients and advisers continue to have access to a broad, quality investment portfolio to achieve their goals," Ameriprise spokeswoman Kathleen McClung tells the trade publication. "We continue to offer thousands of funds from hundreds of firms."
Neil Anderson, Managing Editor
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