As clients shift their money around given higher interest rates and recent banking issues, Ameriprise Financial is angling to seize a bigger chunk of that business.

Executives at the Minneapolis-based financial services firm told investors Tuesday they added a new savings product in March and will add a new brokered CD offering in May as well as a new high-yield savings account later in the year.

"We see the opportunity to garner more cash from our clients, bringing it in from their banking institutions now that we'll have some of these products," CEO Jim Cracchiolo told analysts on a conference call after the company reported first-quarter results.

He said some clients would feel more comfortable having those funds at Ameriprise. Others might shift their money from regional banks, which have come under increased pressure amid the recent bank failures of Silicon Valley Bank and Signature Bank, he added.

Ameriprise relaunched its bank in 2019. Unlike a retail bank with branches, Ameriprise's bank is only available to its clients, mainly in its wealth-management business.

The bank has grown rapidly, increasing 51% in the last year alone to more than $20 billion. That makes it Minnesota's third largest bank by deposit size.

Some analysts noted deposit costs are rising and Ameriprise's new offering is one of the latest hints of increased competition for deposits. Deposits at many banks have fluctuated and in many cases have decreased amid higher interest rates, inflation and the recent banking turmoil.

Ameriprise's shares declined 7% Tuesday as market volatility weighed down its first-quarter results. It was generally a down day for stocks with shares of struggling First Republic Bank losing about half their value after it reported a bigger outflow of deposits than expected.

Ameriprise's net income dropped 49% to $417 million in the most recent quarter. Its assets under management and administration declined 8%, driven by market depreciation and the impact of foreign exchange translation.

When adjusted to exclude certain items, its earnings per share rose 25% from a year ago to $7.25, due mostly to its wealth-management business. Total client inflows in that part of its business rose 18%.

Cracchiolo emphasized Ameriprise has "no exposure to the recently affected banks" and said its deposit base is extremely stable. He added its investment portfolio is all held as available for sale.

"Ameriprise remains strong and stable," he said, noting its diversified portfolio.

The firm recently announced a new partnership to be Comerica Bank's investment program provider, which will add about 100 financial advisers and $18 billion of assets to Ameriprise.

The company also announced an 8% increase in its quarterly dividend to $1.35 a share.