Operating net revenue per financial advisor increased 25 percent compared to a year ago, primarily driven by the gradual improvement in client activity and market appreciation on assets.
Total advisors declined 5 percent year-over-year to 11,837, primarily due to the continuing departure of low-producing advisors. Franchise advisor retention rates remain strong. The company continued to recruit experienced advisors, although at a slower rate than in 2009.
Total owned, managed and administered assets were $463 billion at March 31, 2010, up 31 percent from a year ago, primarily due to market appreciation and strong wrap net inflows.
Total managed assets reached $332 billion, an increase of 31 percent from a year ago, driven by market appreciation and solid asset flows.
First quarter 2010 wrap net inflows were $2.5 billion, up 93 percent from a year ago.
Net inflows and market appreciation increased total wrap assets to approximately $100 billion at March 31, 2010, an alltime high.
Total domestic asset management net outflows were $0.9 billion in the quarter as a result of $1.1 billion inretail net outflows.
Hedge fund net inflows remained strong, and institutional net inflows of $0.1 billionincluded negative synergies of $0.6 billion in expected outflows from the Columbia Management acquisition, offset by new institutional mandates.
Total international asset management retail net inflows of $1.3 billion in the quarter were largely offset by $1.3 billion in institutional net outflows, driven by $1.5 billion in Zurich-related net outflows.
Threadneedle continues to shift AUM toward higher fee asset classes.
Variable annuity ending balances increased 37 percent to $57 billion at quarter end driven by market appreciation on assets. Slower sales in the quarter resulted in net inflows of $98 million.
Fixed annuity balances were $14.6 billion, up 6 percent from a year ago reflecting strong sales growth in the first two quarters of 2009. Fixed annuity net outflows of $166 million in the first quarter of 2010 were primarily due to the company’s decision to lower crediting rates on new contracts, which lowered sales.
Variable universal life / universal life (VUL/UL) ending policyholder account balances were up 23 percent to $9 billion compared to a year ago.
「ファイナンシャル・アドバイザーのネット事業収益」を「ファイナンシャル・アドバイザー一人あたりの純収入」に訂正いたします。