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January 28, 2015 at 11:51 AM
Ameriprise Financial (AMP) said late Wednesday that fourth-quarter 2014 net income was $426 million, or $2.23 per share, topping estimates and beating last year’s net income of $298 million, or $1.47 per share.
Operating net revenues grew 5% from last year to $3.0 billion “driven by strong fee-based business growth from client net inflows and market appreciation,” according to the company.
“Ameriprise delivered another good quarter to complete a strong year, led by our Advice and Wealth Management business,” said Chairman and CEO Jim Cracchiolo, in a press release. “We’re bringing in significant client net inflows, growing our assets under management and increasing advisor productivity.”
Companywide assets under management and administration rose 5% year over year to $806 billion, while client assets in Advice & Wealth Management expanded 9% to $444 billion. Wrap-account assets increased 14% to $175 billion, with Q4’14 net inflows of $3.1 billion.
Average yearly fees & commissions per rep shot up 13% to $496,000 from $440,000 in 2013, and net-cash sales of financial plans were $70 million in the quarter — an increase from $60 million in the prior period and $66 million last year. For the full year, net-cash sales of financial plans totalled $251 million vs. $240 million in 2013.
