Ameriprise Financial (AMP) missed analysts’ expectation in the third quarter, as net income fell 46%, to $215 million, or $1.30 a share, from $397 million, or $2.17 a share, a year ago. Revenues improved 4%, though, to about $3 billion.
“With good inflows in investment advisory accounts, retail client assets grew to a record high,” said Chief Executive Jim Cracchiolo, in a statement. “In a more volatile climate and period of change for the industry, we are managing expenses well.”
Ameriprise has $796 billion of client assets as of Sept. 30. Its 9,747 employee and affiliated advisers account for $476 billion, or about 60% of total assets.
In the third quarter, the company said it spent about $7 million for expenses related to the new Department of Labor fiduciary standard. “The company is dedicating significant internal resources to prepare for the Department of Labor fiduciary rule and maintaining targeted growth investments,” it said in its earnings release.