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Ameriprise Financial 2008 Annual Report 3
The severe volatility and weakness in financial markets
has vastly increased the demands on our advisors’
expertise and time. By drawing upon the resources
we provided, as well as their own unwavering commit-
ment to their clients, our advisors succeeded at helping
clients comprehend the environment and maintain
their focus on the long term. Our advisors’ efforts
strengthened client relationships despite the tough
market conditions and eroding consumer trust in the
financial system.
Market events required that we take dramatic action
on behalf of our clients in 2008. In September,
following the Lehman Brothers bankruptcy filing,
Reserve Management Co. allowed one of its money
market funds to “break the buck,” or post a net asset
value below $1 per share. The Reserve subsequently
froze redemptions from its funds, affecting millions
of individual investors. Approximately 300,000 of our
clients had invested their cash—funds many clients
used to pay routine expenses—in Reserve money
market funds. We promptly stepped up for clients:
We advanced affected clients approximately $400
million to help meet their immediate cash needs;
we advocated on their behalf with legislators, regulators
and through litigation; and we committed to mitigate
client losses in the impaired fund.
We were driven in these actions, as always, by our
steadfast dedication to our clients and their long-term
financial planning needs. Our approach to planning is
particularly relevant in today’s turbulent environment.
At Ameriprise, we assess not only a client’s financial
situation; we gain a full understanding of our clients’
Key Metrics
• $372 billion in owned, managed
and administered assets
• 12,486 advisors
• Strong client and advisor retention