Ameriprise Financial leaned on its wealth management division to help soften the impact of “an unusual tax related item” and “volatile equity markets” that seriously undercut its net income and revenues as the company reported that net income fell from $319 million in the second quarter of 2011 to $224 million, and net revenues dropped 3% to $2.5 billion.

“These market-driven impacts were partially offset by growth in fee-based revenues driven by Ameriprise advisor client inflows,” Minneapolis-based Ameriprise said in its report.

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