Ameriprise Financial is the toast of Wall Street, and should be toasting right back. The surging stock market gets some of the credit for its upbeat second quarter earnings report.
The Star Tribune reports the Minneapolis investment services company saw operating profits leap by 38.6 percent during the time period and posted operating earnings of $352 million. The strong second quarter was driven by a 37 percent jump in pretax operating earnings in the company’s advice and wealth management segment, which got a boost from stock market gains.
An analyst who follows Ameriprise said that the upswing reflects baby boomer investors who are returning to the market.
Ameriprise has almost 10,000 financial advisers, mostly certified financial planners, who help investors with financial and retirement planning.