Ameriprise's wealth management business reported a 2% year-over-year fall in net revenues during the second quarter. At the same time companywide revenues were down 4%. The regional brokerage blamed lower client activity levels and below average equity markets for its poor results. Clients are being cautious over their investment activities, says Jim Cracchiolo, Ameriprise's CEO.

Profits for this segment recorded a slight growth of 0.45% to $221 million. Ameriprise attributes this to higher earnings on cash balances and growth in assets. This, however, was not enough to offset lower client activity levels in the second quarter.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access