Ameriprise Financial says its net income rose 12% from last year to $400 million, or $2.46 per share, in the fourth quarter of 2016 — topping analyst estimates. Sales, though, fell 1% to $3.1 billion.
Its Advice & Wealth Management assets grew 7% from the year-ago quarter to $479 billion; net inflows into fee-based investment advisory wrap accounts were $3.3 billion in the quarter — giving the platform about $201 billion in assets, or 42% of total assets.
Ameriprise ended the year with 9,675 advisors, including 77 veteran advisors who joined in the fourth quarter of 2016.
“Ameriprise had a strong fourth quarter and a good year in light of the operating environment,” said Chairman and CEO Jim Cracchiolo, in a statement.