Jim Cracchiolo
Ameriprise Financial net revenues remain strongPosted by RJ and Makay on Oct 27, 2011 |
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Ameriprise Financial (AMP) announced yesterday that Q3 2011 net income from continuing operations was $271 million, or $1.12 per share, compared to $346 million, or $1.33, in the year ago period. Operating net revenues, however, rose to $2.5 billion from $2.3 billion a year ago, driven by double-digit growth in management and distribution fees, the company said.
Advisor productivity attained a new high at Ameriprise Financial (AMP) in the second quarter, with net revenue at $99,000 per financial advisor (FA), up 14% from a year ago. The increase was attributed to improved client activity and retail client net inflows, the company said in a press release. The firm added a net 10 FAs versus the prior quarter, bringing the total headcount (excluding Securities America reps) to 9,663.
Ameriprise Financial, Inc. reported higher second-quarter profits Wednesday and said the planned sale of its Securities America unit is ”progressing as anticipated.” Ameriprise’s Q2 results excluded Securities America, which it now counts as discontinued operations for that quarter and all prior periods, the firm said.
