Ameriprise Financial announced a significant boost in its adjusted profits for the third quarter, attributing its success to a substantial expansion in client assets and a surge in assets under management.

The company increased total client assets by nearly 15%, to $816 billion, up from $711 billion during the same period the previous year. Ameriprise reported a 12% increase in assets under management and administration, reaching $1.23 trillion at the end of the third quarter, as reported by InvestmentNews. 

Jim Cracchiolo, the CEO of Ameriprise, expressed his satisfaction with the results, emphasizing the wealth management sector's pivotal role in propelling the company's growth. 

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