Financial Data and Key Metrics Changes - Ameriprise reported adjusted operating EPS excluding unlocking increased by 12% to $9.92, with a strong margin of 27% across the firm [18] - Adjusted operating net revenues excluding unlocking increased by 6% to $4.6 billion, driven by asset growth [18] - Assets under management, administration, and advisement reached a record high of $1.7 trillion, up 8% year-over-year [8][19] Business Line Data and Key Metrics Changes - Wealth Management adjusted operating net revenues increased by 9% to $3 billion, with strong fee-based and transactional revenues [22] - Retirement and Protection Solutions pre-tax adjusted operating earnings were $200 million, reflecting strong interest earnings and higher equity markets [26] - Asset Management total assets under management and advisement increased to $714 billion, with net outflows improving to $3.4 billion [25] Market Data and Key Metrics Changes - The firm experienced strong AWM client asset growth, up 11%, and wrap assets increased by 14% year-over-year [9] - Cash sweep balances remained stable at $27.1 billion compared to $27.4 billion in the prior quarter [21] - The firm reported a best-in-class return on equity of nearly 53% [8][19] Company Strategy and Development Direction - Ameriprise is focused on sustainable, profitable growth and enhancing its value proposition through investments in technology and capabilities [10][15] - The company launched new advertising to reinforce its premium brand and is investing in advanced capabilities to deepen client relationships [10] - The firm is expanding its banking products, including HELOCs and checking accounts, to enhance client experience and deepen relationships [11] Management's Comments on Operating Environment and Future Outlook - Management noted a fluid operating environment with elevated inflation and interest rates, but emphasized the firm's resilience and relevance [6][7] - The company is well-positioned for future challenges due to its diversified revenue streams and effective expense management [8] - Management expressed confidence in Ameriprise's long-term value and ability to navigate market changes [17] Other Important Information - Ameriprise returned $3.1 billion of capital to shareholders over the last 12 months, maintaining a strong capital return strategy [29] - The firm achieved a client satisfaction score of 4.9/5 and received multiple industry recognitions for its service and innovation [15][16] Q&A Session Summary Question: Can you comment on the Comerica relationship? - Management expressed confidence in the relationship with Comerica, noting strong reviews from their executives and advisors [32][34] Question: Can you unpack what happened with the two large advisor teams that left? - Management indicated that the departures were one-off events and emphasized strong recruiting efforts with 90 new advisors joining [36] Question: Is the lower flow activity this year an indicator of market conditions? - Management suggested it is a combination of market conditions and client engagement, with high cash balances indicating potential future activity [40] Question: Do you see opportunities from over-leveraged advisor roll-up operations? - Management affirmed that downturns present opportunities, emphasizing their strong fundamentals and client satisfaction [42] Question: Can you discuss the expense actions taken in asset management? - Management highlighted a comprehensive review leading to streamlined operations and improved expense management [51] Question: What is the outlook for cash revenues as rates decline? - Management indicated that they will adjust rates in line with market conditions, maintaining profitability through strategic investments [70][72] Question: How is the Signature Wealth rollout progressing? - Management reported positive early results from the Signature Wealth platform, with strong advisor engagement and asset conversion [104]