Ameriprise Financial Reports 22% Year-Over-Year Increase in AUM, AUA

Ameriprise Financial reported that assets under management and administration reached $1.5 trillion at the end of September 2024, up 22% year-over-year due to strong client inflows and market appreciation, according to the company. During its third-quarter earnings call and affiliated report, Ameriprise also highlighted its adjusted operating net revenue of $4.4 billion, up 11% from 2023, due to organic growth, strong equity markets and higher spread revenues.

According to the company, its earnings per share grew by 17%, excluding severance and expenses. It said it returned $713 million to shareholders in the quarter, “demonstrating its balance sheet strength and strong free cash flow generation.”

“Ameriprise delivered another very good quarter further demonstrating the strength of our client and adviser value propositions, complementary businesses, and strategic focus,” said Jim Cracchiolo, chairman and chief executive officer of Ameriprise.

“We’re generating strong revenue and earnings growth across our business. With the positive market environment and our planning expertise, clients are investing more broadly. Flows into fee-based investment advisory accounts increased significantly, transactional activity remained strong and adviser productivity reached another new high,” added Cracchiolo.

Ameriprise said that clients and advisers remain engaged and focused on positioning portfolios to meet financial planning goals across market cycles. Examples given included:

• Total client assets grew 26% to an all-time high of $1 trillion, with wrap assets up 28% to $569 billion;
• Adjusted operating net revenue per adviser on a trailing 12-month basis was $997,000, up 11% from enhanced productivity, business growth, and market appreciation; and
• Adviser headcount increased to 10,368, which reflected the addition of 71 advisers in the quarter and continued strong adviser retention.

“Across the firm, we continue to drive operating efficiencies while investing for growth. Our financial strength and free cash flow generation remain key differentiators and provide flexibility as we navigate market cycles and consistently generate strong results and return capital to shareholders.”

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