Ameriprise Financial Inc. said Tuesday morning that it had recruited 80 experienced financial advisers in the three months ending in March, on target for what the financial services company looks to hire each quarter.
Ameriprise reported 10,149 advisers at the end of last month, a net increase of 33, or less than 1%, from the end of December. For the year, the company reported a net increase of 188 financial advisers, up 1.8%.
Firms like Ameriprise see an ebb and flow each quarter as advisers retire or leave to work at other firms. So the number of advisers recruited and hired and the net increase in adviser head count do not match.
Adjusted operating net revenue per adviser on a trailing 12-month basis was $810,000, up 18%, the company reported. Assets under management and administration increased 17% to $1.3 trillion in the quarter, with the wealth management group seeing net inflows of more than $10 billion.
"Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty," chairman and CEO Jim Cracchiolo said in a statement. "As I look ahead, we are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S."
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