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."
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
