Ameriprise wealth unit’s growth offsets equity volatility with ease

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Ameriprise’s wealth manager is building on its steady recruiting last year after its fifth straight quarter adding at least a net 100 financial advisors to its more than 10,000.

The growth of the Minneapolis-based firm’s Advice & Wealth Management unit offset the impact of stock volatility in the first quarter on the strength of its higher headcount and the growth of advisors’ practices, according to the firm’s April 25 earnings statement. After slightly thinning headcounts in 2019 and small increases in 2020, Ameriprise’s recruiting efforts are attracting more experienced advisors and enabling it to retain more of its productive practices.

“Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty. We remain focused on providing an exceptional experience and strong solutions to our clients to help them achieve their goals,” 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.” 

To see the key takeaways from Ameriprise’s earnings statements for financial advisors and other wealth management professionals, scroll down our slideshow. For coverage of the company’s earnings in the prior quarter, click here.