Ameriprise Profits Soar, But Advisor Headcount Drops
Andrew Welsch |
The firm's wealth management pretax profits rose to
"Ameriprise delivered another good quarter to complete a strong year, led by our Advice and Wealth Management business," said
While profits were up, advisor headcount was down. The number of employee advisors fell to 2,083 from 2,100 for the prior quarter, and from 2,205 for the year-ago period. The ranks of independent advisors grew year-over year, rising to 7,589 from 7,511. However, that figure was down by seven advisors compared to the prior quarter.
Retention rates were slightly down. For employee advisors, the figure fell to 91.2% for the quarter from 92% for the same period a year ago. For independent advisors, the rate dropped 94.5% from 94.7%.
In a press release, the firm said recruiting remained strong as Ameriprise picked up 73 experienced advisors across both channels during the quarter. Productivity grew 13% year-over-year, rising to
Total client assets for the firm's wealth management unit rose to
Total revenues for wealth management grew 11% year-over-year, rising to
GROWING THE BOTTOM LINE
Wealth management has been contributing more to Ameriprise's bottom line. The
Overall, Ameriprise reported that profits surged 44% year-over-year, rising to
Revenues grew 5%, increasing to
Expenses grew at a slower rate, 3%, climbing to
Earnings per diluted share rose to
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Source: | Source Media, Inc. |
Wordcount: | 412 |
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