Now let’s review our business segment performance. First, advice and wealth management – we generated nice improvements in profitability in the quarter considering the market headwinds. Total retail client assets increased 4% year-over-year to $331 billion aided by strong client net inflows in the quarter. We’re continuing to invest in capabilities that will help our advisors reach more clients and serve existing clients more fully.
One of our largest investments is our new brokerage platform. It’s a multi-year project and its rollout has been successful. All our employee advisors and more than half of our franchisee advisors are working on the new platform with the remaining advisors making the switch later this quarter. While training will continue, the larger investments for this project will wrap up later this year.
We also continue to invest in our brand and have enhanced our web presence and online capabilities. Heardable Score, which measures online brand performance, ranked Ameriprise third in full-service investment brands online, topping many other large firms. Overall, we feel good about our brand positioning and consumer awareness.
With an established brand and strong value proposition, experienced advisor recruiting is going well. During the quarter, 91 experienced advisors with good books of business joined Ameriprise. Approximately 400 advisors have moved their business to Ameriprise over the past year, and we have seen a steady increase in the productivity levels of recruited advisors. I feel very good about the quality of the advisors who are joining Ameriprise and our efforts to bring them onboard. They have strong practices and share our values. In addition to our recruiting success, our long-tenured advisors remain highly satisfied, resulting in very strong retention rates.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV