Ameriprise Financial Inc. (AMP) is looking at merger-and-acquisition opportunities, which are coming about more and more in the market, said Chief Executive James Cracchiolo at the Sanford C. Bernstein Strategic Decisions conference Friday.

Two areas the brokerage may look to augment are its retail-distribution and asset-management capabilities.

Last November, Ameriprise acquired H&R Block Financial Advisors, adding more than 950 advisers.

Cracchiolo said the brokerage isn't interested in M&A opportunities to beef up its insurance sector.

In terms of divesting businesses, Cracchiolo said now isn't the right time to divest Ameriprise's long-term-care insurance business due to the difficult market environment.

He said the company has been making improvements to the business and there will likely be an opportunity to "divest the business in one fashion or another" in the future.

In recent trading, Ameriprise shares were down 69 cents, or 2.3%, at 28.79.

-By Jessica Papini, Dow Jones Newswires; 201-938-2437; jessica.papini@dowjones.com