Ameriprise Financial Inc. of Minneapolis, the financial planning firm that American Express Co. spun off Sept. 30, has 1% fewer financial advisers than a year ago, it Ameriprise announced Monday.
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It had 10,480 of them, selling life insurance, annuities, and mutual funds to retail investors, at the end of the quarter, it said. It attributed the drop to the spinoff.
Ameriprise, previously American Express Financial Advisors, began trading as a public company on Oct. 3.
It also said third-quarter profits fell 38% from a year earlier, to $125 million. After-tax earnings totaled 50 cents a share (73 cents excluding costs related to the spinoff), versus 66 cents in last year's third quarter.
