Ameriprise’s fourth-quarter earnings hit record growth

After four straight quarters with its wealth manager adding roughly double in advisory assets from two years ago, Ameriprise CEO Jim Cracchiolo is almost ready to call it the new normal.

In a call after the Minneapolis-based company disclosed its fourth-quarter results on Jan. 27, an analyst noted that record advisory flows were well above the normal pre-pandemic $4-5 billion range. The analyst asked Cracchiolo if the company would be able to sustain this level of organic growth, and the company’s CEO replied “yes”, with the caveat that stock volatility could make it difficult to to expect. “The business base of the company is much stronger than it was two years ago and three years ago because of what we have done” on technology for advisory clients, l expanding existing relationships and the potential customer base, he said.

“That translated into the flows you see,” Cracchiolo said, according to to a transcript by the Seeking Alpha website. “Our customer acquisition has increased significantly this year, including in the segment that we really wanted to develop, the $500,000 to $5 million category. We’re starting to work to move up even higher end to a higher net worth. We are also focusing on some of the younger generation as we bring in the remote and digital capabilities that we have invested in.

To see the main revenue takeaways announcement and call, scroll through our slideshow. For coverage of Ameriprise’s previous quarterly results, Click here.