long-term asset management business of Bank of America, for $1 billion. On April 25, 2011, Ameriprise announced that it was trying to find an "appropriate buyer" for Securities America Financial Corporation to allow its registered representatives to focus on growth opportunities. In November 2011, Ameriprise completed the sale of Securities America to Ladenburg Thalmann Financial Services for $150 million in cash and potential future payments. Securities America traced its roots to Financial Dynamics, an insurance marketing organization founded in 1984 by Steve Wild that had between 10,000 and 12,000 affiliated independent insurance agents. In 1993, Financial Dynamics created Securities America, an independent securities broker/dealer, to use its insurance sales force to offer investment management, financial advice and financial planning through a national network of independent financial advisors. In 1998, Securities America was acquired by American Express and was transferred to Ameriprise as part of the corporate spin-off in September 2005. In 2009, Securities America acquired Brecek & Young Advisors, a California-based broker/dealer. Securities America received the inaugural Practitioner Thought Leadership Award from the Retirement Income Industry Association in 2011. In January 2012, the company opened services to individuals in India with US$40,000 equivalent minimum income. Ameriprise also established an insurance brokerage entity in India that was licensed to deal in insurance products by India's Insurance Regulatory and Development Authority (IRDA). Ameriprise India established offices in Delhi, Gurgaon, Greater Noida, Mumbai & Pune. In May 2014, Ameriprise shut down the nascent financial planning division in India, citing poor prospects for fee-based advisory services. In January 2013, the company completed the conversion of its federal savings bank subsidiary, Ameriprise Bank, FSB, to a limited powers national trust bank, which conversion included changing the name of this subsidiary to Ameriprise National Trust Bank. In 2015, Threadneedle rebranded as Columbia Threadneedle. In 2017, the company acquired Investment Professionals, Inc. In 2019, the company sold Ameriprise Auto & Home Insurance to American Family Insurance for $1.05 billion. In May 2022, Ameriprise announced Phoenix- based financial advisory organisation, Phoenix Wealth Management joined Ameriprise financial. The director of Phoenix Wealth Management Christine Gustafson and her team joined the organisation with more than $450 million in client assets, including assets from individuals, family offices and charitable foundations. Criticism and controversy In July 2005, New Hampshire reached a $7.4 million settlement with Ameriprise Financial Advisors, alleging the company had violated the law by rewarding their financial advisers for recommending