Ameriprise Begins Offering Financial Services in India

The company has set up offices in Mumbai and Delhi, from which its advisors will offer services to "upwardly mobile Indian consumers."

Ameriprise Financial, Inc., on Thursday announced that it has expanded its financial planning and advisory services to India.

Minneapolis-based Ameriprise said that it has established operations in Mumbai and Delhi, from which its advisors will offer services to “upwardly mobile Indian consumers.”

“With its trillion-dollar economy, India is not only an important market from a business perspective, but also one where our unique approach to planning could truly transform the way Indian consumers manage their finances,” Ameriprise Chairman and CEO James Cracchiolo said in a statement.

The company's launch of financial services in the Indian market coincides with a study that it commissioned, which focused on India residents between the ages of 28 and 45 with an average household income of about $25,000. Among other findings, the study found that affluent Indian consumers are purchasing financial products for reasons contradictory to the products' actual benefits; additionally, more than 80 percent of respondents have a positive view of financial planning, but only a few have paid for professional advice.

Ameriprise has maintained operations in India for about a decade and has an office in Gurgaon, but those operations have been primarily related to client services, spokeswoman Stacy Housman told Twin Cities Business on Thursday. India is now the only country outside of the United States in which Ameriprise offers financial planning services. The company's asset management subsidiary, Threadneedle, is headquartered in the United Kingdom.

Ameriprise is Minnesota's 11th-largest public company based on revenue, which totaled $9.98 billion in 2010. It 2011 financial results will be released February 1.