Amerprise Financial's Advice & Wealth Management unit had pretax adjusted operating earnings of $826 million in the third quarter, up 13% from last year, while margins for the business remained above 30%, the firm said late Wednesday.
The unit's adjusted operating net revenues grew 14% from last year to $2.74 billion thanks to "growth in client assets, increased transactional activity and 6% growth in net investment income at the bank," according to a statement.
Total client assets grew 26% to $1.02 trillion in the third quarter from a year ago, with wrap assets up 28% to $569 billion.
"With the positive market environment and our planning expertise, clients are investing more broadly," said Chairman and CEO Jim Cracchiolo in a statement. "Flows into fee-based investment advisory accounts increased significantly, transactional activity remained strong and advisor productivity reached another new high."
Net client flows were $8.6 billion in the quarter, down 3% from a year ago, but net flows to wrap accounts jumped 48% to $8 billion — representing a 6% annualized flow rate.
Client cash for the period was $83 billion, up $10.5 billion from a year ago, while client cash sweep balances were $28 billion.
