Ameriprise delivers strong 1Q results

Apr 28, 2014 @ 5:49 pm

By Bruce Kelly

Armed with strong performance from its advisory and asset management businesses, Ameriprise Financial Inc. delivered on the upside for the first quarter.

The company reported first quarter earnings of $2.04 per share. The asset management and financial advice company beat analysts' estimates of $1.88 per share by 16 cents, according to results issued on Monday.

For the quarter that ended last month, the company's pretax operating earnings from Advice & Wealth Management and Asset Management grew 36% to $364 million, the company reported. Total retail client assets increased 12% to $418 billion, driven by client net inflows, the company said.

“Ameriprise delivered another strong quarter,” CEO Jim Cracchiolo said in a statement. “Revenues and earnings were up nicely and our operating return on equity reached a new record of 20.8%.”

“Our advisory and asset management businesses continue to drive our growth,” he said. “Clients committed record flows to fee-based wrap programs and we're steadily driving improvement in advisor productivity.”

Financial adviser productivity continued to improve, the company said. On a trailing 12 month basis, operating net revenue per adviser, excluding results from former banking operations, increased 15% to $454,000.

Adviser recruiting remained solid, with 76 experienced adviser moving their practices to Ameriprise during the quarter and the recruiting pipeline remains good, the company said. In total, Ameriprise has a network of 10,000 registered reps in both an employee channel and an independent contractor model.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

How 401(k) advisers can use 'centers of influence' to grow their business

Leveraging relationships with accounting, benefits, and property and casualty insurance firms can help deliver new business leads for retirement plan advisers.

Latest news & opinion

UBS continues to cut loans to recruits, while increasing compensation to brokers

The wirehouse reduced recruitment loans 20% and increased bonus loans 68% in the first quarter.

Things are looking up: IBDs soared in 2017

With revenue up, interest rates rising and regulation easing, IBDs are soaring.

SEC advice rule may give RIAs leg up over broker-dealers

Experts say advisers will be able to point to their role as fiduciaries as a differentiator in the advice market.

Brokers accept proposed SEC rule on who can call themselves an adviser

Some say the rule will clear up investor confusion, but others say the SEC didn't go far enough.

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print