Ameriprise delivers strong 1Q results

Apr 28, 2014 @ 5:49 pm

By Bruce Kelly

+ Zoom

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

Featured video

INTV

Ed Slott: 3 questions to ask before converting to a Roth IRA

To do a Roth conversion, money has to be spent. Here is what financial advisers and their clients should consider before they incur tax costs, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group.

Video Spotlight

A Teacher’s Lesson Plan

Sponsored by Prudential

Latest news & opinion

Will Jeffrey Gundlach's Trump-like approach on Twitter work in financial services?

The DoubleLine CEO's attacks on Wall Street Journal reporters is igniting a discussion on what's fair game on social media.

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

In the case of investor Peter Deutsch, Fidelity doesn't have to pay any compensation, but regulator said firm put its interests ahead of his.

Plaintiffs win in Tibble vs. Edison 401(k) fee case

After a decade of activity around the lawsuit, including a hearing before the U.S. Supreme Court, judge rules a prudent fiduciary would have invested in institutional shares.

Advisers get more breathing room to make Form ADV changes

RIAs can enter '0' in some new parts of the document before their annual filing next year.

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

Despite a trying year, the firm has said it will sweeten signing bonuses for veteran advisers.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print