According to Investment News, Raymond James's advisors in its private client group recorded net new asset growth of $104 billion, or 11 percent, over the 12 months ending in December.
Additionally, Raymond James reported a series of new highs for the three months ending in December, including records for client assets under administration of $1.26 trillion and cash sweep balances of $73.5 billion.
Ameriprise Financial Inc. announced record client inflows in the fourth quarter, which propelled assets at the financial services company to an all-time high of $1.4 trillion. Ameriprise's CEO stated the surge in assets was primarily due to Ameriprise's acquisition of BMO Financial Group Inc.
According to Ameriprise, as for wealth management, growth across the advisor network reflected new client acquisitions and deeper relationships with existing clients and recruiting experienced advisors.
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