Ameripise, Raymond James Report Rocky Start to 2025
Both independent broker-dealers reported earnings that missed the mark in some segments.
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You can’t win ‘em all.
Wall Street may have had a stellar first quarter, but not everyone in wealth management was riding high, with two of the most well-known independent broker-dealers reporting a mixed bag. While the earnings period for both Ameriprise and Raymond James ended just before the Trump administration enacted its new tariff policies that have simultaneously rocked equity and bond markets, the anticipation of aggressive trade tactics and the volatility surrounding them were enough to deliver a blow to their earnings.
Win Some, Lose Some
Ameriprise reported that its assets under management grew to $1.5 trillion, its wealth unit brought in $10.3 billion in client net flows, and quarterly adjusted earnings per share hit $9.50 in Q1 — above Wall Street’s expectations of $9.08. However, the company generated $4.35 billion in revenue, nearly $100 million below Wall Street’s expectations, its unadjusted EPS fell 41% year over year, and its asset management unit experienced net outflows of $18.3 billion. Year-to-date, Ameriprise’s share price is down roughly 12%.
Despite a lack of clarity on tariffs, the Fed still figuring out whether it should raise interest rates, and a general sense of economic uncertainty, company CEO Jim Cracchiolo said “Ameriprise remains very well positioned.”
You Can Call Me RayJay. Raymond James didn’t fare much better, reporting EPS of $2.42 in the first quarter, missing analysts’ estimates of $2.45. Revenue generated came in at $3.4 billion — again, slightly below forecasts of $3.42 billion — predominantly driven by lower investment banking revenues brought on by “macroeconomic uncertainty associated with tariff negotiations,” company CEO Paul Shoukry said in a statement.
Big, Happy Family. Despite some earnings hiccups, both companies’ CEOs expressed confidence in their recruitment pipelines, with Cracchiolo saying, “we feel very good about our value proposition, particularly our technology capabilities.” Since, Ameriprise and Raymond James have both stopped reporting advisor headcounts, we’ll have to take them at their word.
