Ameriprise Financial Inc (NYSE:AMP) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Ameriprise Financial Inc (NYSE:AMP) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the Second Quarter 2020 Earnings Call. My name is Sylvia, and I will be your operator for today's call. [Operator Instruction].

I will now turn the call over to Alicia Charity. Alicia, you may begin.

Alicia A. Charity

Thank you, Sylvia, and good morning. Welcome to Ameriprise Financial's Second Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'll be happy to take your questions. Turning to our earnings presentation materials that are available on our website. On slide two, you will see a discussion of forward-looking statements. Specifically, during the call, you will hear references to various non-GAAP financial measures, which we believe provide insights into the company's operations. Due to unprecedented external events in the second quarter, we believe GAAP results are not comparable to the prior year period. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials. Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date, and involve a number of risks and uncertainties.

A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our second quarter 2020 earnings release and our 2019 annual report to shareholders, and these may be supplemented in our second quarter 2020 10-Q report. We make no obligation to update publicly or revise these forward-looking statements. On slide three, you see our GAAP financial results at the top of the page for the second quarter. Below that, you'll see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

And with that, I'll turn it over to Jim.

James M. Cracchiolo

Good morning, and thanks for joining us. Ameriprise delivered another good quarter given the market headwinds and the challenging operating environment. The strength and stability of our diversified business continues to help us serve clients exceptionally well. I'm very proud of our team, how well we're operating during this time and the results we're generating. Clearly, the Fed decision to lower interest rates in March and the volatility in the equity markets affected our business in the second quarter. Markets will continue to experience a level of volatility based on the shape of the recovery. But we are well positioned to manage through this uncertainty. Today, I'll provide an update on our second quarter results and how the business is performing. Importantly, I will discuss these results in the context of the key themes and long-term priorities that we spoke to you about at our Investor Day presentation in November.

First, further strengthening our position as a leading wealth manager with a great