Today American Express Financial Advisors officially changed its name to Ameriprise. I say bravo!
Good brand stewardship means being completely realistic about what a brand really is, what it can do, and what it can’t do for you. Granted, it is a big step to launch a new brand. Lots and lots of work. And it’s not cheap. But if you ask yourself, can a network of mutual fund salespeople reach its fullest potential when branded as “American Express,” I think the answer has to be, “No!”
American Express is a travel and transaction brand. Charge cards. Travelers checks. Travel agencies. It’s not inherently an investment or relationship brand. This is a case where the mutual fund people don’t really build the travel brand. And the travel people don’t really help the investment brand.
Ameriprise today is the best vertically-integrated network of advice-giving investment professionals in the US. Its strength comes from deep grass-roots penetration in our smaller cities and towns, where small business and free enterprise thrive. It is Norman Rockwell’s America – a piece of brand equity that the company may be trying to keep. So not only is it a good idea to change the brand, the new brand name makes sense. It says grass-roots America (“Ameri-“) and the rewards of free enterprise (“prise.”) Pretty good for this investment brand.
I say three cheers to American Express for letting go. I say three cheers for Ameriprise for going. Let’s wish them well and see what happens!
