Ameriprise FAs, Without American Express, Gain New Assets, Improve Average Production by Double Digits

Published Thursday, July 27, 2006

So far, Ameriprise seems to be doing just fine without the backing of its former parent company, American Express. The firm had a good second quarter, meeting analyst consensus expectations, enjoying strong asset flows, improving advisor productivity and increasing its mass affluent client base. The firm, which was spun off from American Express in the third quarter of last year, reported net income of $141 million for the second quarter of 2006, ended June 30; that’s down from income before discontinued operations of $149 million in the year-ago second quarter, but generally in line with analyst consensus expectations.

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