Ameriprise attracts 88 advisers in third quarter

Its adviser count is now at 9,890, including the IPI acquisition

Oct 25, 2017 @ 12:01 pm

By InvestmentNews

Eighty-eight advisers joined Ameriprise Financial Inc. from other firms in the third quarter, in addition to 215 who joined the firm as part of the acquisition of Investment Professionals Inc., Ameriprise said in announcing its third-quarter results.

The company said that total adviser head count now stands at 9,890, and retail client assets are at a record $539 billion.

In a release, Ameriprise said that its overall strong performance in the third quarter was driven by strong revenue and reduced costs in its advice and wealth management business. Pretax operating earnings in that segment increased 29% to $298 million, driven by asset growth, higher earnings on cash balances and expense cuts. This resulted in a pretax operating margin of 21.5%, up from 18.2% a year ago.

Operating net revenue in its retail business of $1.4 billion was up 14%, reflecting net inflows into wrap accounts, higher earnings on cash balances, and market appreciation. Ameriprise said client asset growth remains strong, with growth in fee-based wrap accounts outpacing growth in brokerage account balances.

(For more: In a turnaround, Wells Fargo Advisors sees slight bump in headcount)

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

When can advisers expect an SEC fiduciary rule proposal and other regs this year?

Managing editor Christina Nelson and senior reporter Mark Schoeff Jr. discuss regulations of consequence to financial advisers in 2018, and their likely timing.

Recommended Video

Path to growth

Latest news & opinion

Cutting through the red tape of adviser regulation is tricky

Don't expect a simple rollback of rules under the Trump administration in 2018 — instead, regulators are on pace to bolster financial adviser oversight.

Bond investors have more to worry about than a government shutdown

Inflation worries, international rates pushing Treasuries yields higher.

State measures to prevent elder financial abuse gaining steam

A growing number of states are looking to pass rules preventing exploitation of seniors.

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

Legislation would make it harder for investors to sue mutual funds over high fees

A plaintiff would have to state in their initial complaint why fiduciary duty was breached, and then prove the violation with 'clear and convincing evidence.'

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