Ameriprise Adds $165M Rep From LPL

"Overall, our advisor force is strong, and our retention as well as satisfaction rates remain very high," said Ameriprise Chairman and CEO Jim Cracchiolo on an earnings call with analysts posted Wednesday by Seeking Alpha. "In terms of recruiting experienced advisors, we brought in another 81 in the quarter. The productivity of the advisors we're attracting continues to grow, and our recruiting pipeline so far in the fourth quarter looks quite good."

Ameriprise says its advisors have 12-month fees and commissions that average $483,000, while LPL Financial, which has about 13,900 affiliated reps, says its FAs' average yearly production is $248,000.

"Our priority is to bring in new clients and assets to Ameriprise and to deepen relationships so we can continue to increase retail client flows," Cracchiolo explained. "In September, we were back on the air with a new commercial from our 'Real Questions, Real Answers' advertising campaign featuring our confident retirement approach."

Advisors using this approach, he adds, "have had meaningful increase in net flows. We're also investing in and helping our advisors take advantage of our technology, marketing, and social media capabilities to increase their productivity, gain new clients and deepen current relationships."

— Check out LPL Q3 Earnings Meet Lowered Estimates as Profits Fall 12% on ThinkAdvisor.