Company Reports

We believe that Ameriprise Financial’s strategy is appropriate. The firm is prioritizing its wealth management business, making judicious investments in its technology platform, product assortment, and brand, and tightening its relationship with clients by investing behind Ameriprise Bank. We believe these are the key levers that the firm can pull to attract and retain financial advisors and wealth management clients in a competitive environment.

Ameriprise Financial reported solid second-quarter results, as $4.94 billion in net revenue grew 13% from the year-ago period and $11.07 in adjusted operating income per share reflected healthy 22% growth. Shares were basically unmoved after the July 23 release.

We believe that Ameriprise Financial’s strategy is appropriate. The firm is prioritizing its wealth management business, making judicious investments in its technology platform, product assortment, and brand, and tightening its relationship with clients by investing behind Ameriprise Bank. We believe these are the key levers that the firm can pull to attract and retain financial advisors and wealth management clients in a competitive environment.

Ameriprise Financial reported solid first-quarter earnings, with 12% growth in assets under management, administration, and advisement to $1.7 trillion, underpinned by solid 11% net revenue growth and 19% growth in adjusted diluted EPS.

We believe that Ameriprise Financials’ strategy is appropriate, with the firm prioritizing its wealth management business, making judicious investments in its technology platform, product assortment, and brand, and tightening its relationship with clients by investing behind Ameriprise Bank. As we see it, those are the key levers that the firm can pull to attract and retain both financial advisors and wealth management clients in a competitive environment.

Shares in many public wealth management firms fell significantly during Feb. 10 trading as fears regarding AI disruption continue to spread, pushing beyond software and financial data companies into areas like wealth management, where disruptive risk remains significantly less clear.

Ameriprise Financial reported fourth-quarter 2025 earnings, with shares trading up 5%-6% as the market digested a strong turnaround in wealth management organic asset inflows, to $13 billion (4.7% annualized), an acceleration of 340 basis points sequentially.

We believe that Ameriprise Financials’ strategy is appropriate, with the firm prioritizing its wealth management business, making judicious investments in its technology platform, product assortment, and brand, and tightening its relationship with clients by investing behind Ameriprise Bank. As we see it, those are the key levers that the firm can pull to attract and retain both financial advisors and wealth management clients in a competitive environment.

Ameriprise Financial reported solid third-quarter 2025 earnings results, with both reported sales and adjusted EPS topping FactSet consensus estimates. Shares still fell 4% to 5% during Oct. 30 intraday trading as investor concern builds regarding weak wealth management inflows.

We believe that Ameriprise Financials’ strategy is appropriate, with the firm prioritizing its wealth management business, making judicious investments in its technology platform, product assortment, and brand, and tightening its relationship with clients by investing behind Ameriprise Bank. As we see it, those are the key levers that the firm can pull to attract and retain both financial advisors and wealth management clients in a competitive environment.

We're transferring coverage of Ameriprise Financial, a diversified financial services provider with $1.58 trillion in assets under management, administration, and advisement, to a new analyst.

We believe that Ameriprise Financials’ strategy is appropriate, with the firm prioritizing its wealth management business, making judicious investments in its technology platform, product assortment, and brand, and tightening its relationship with clients by investing behind Ameriprise Bank. As we see it, those are the key levers that the firm can pull to attract and retain both financial advisors and wealth management clients in a competitive environment.

Ameriprise Financial reported pro forma operating earnings per share of $9.11, up 7% from the previous year. Shares were trading down around 5% July 24 after the earnings release.

Ameriprise Financial reported net income to common shareholders of $583 million, or $5.83 per diluted share, on $4.4 billion of net revenue for the first quarter. On a company-provided adjusted operating basis, which excludes the effects of changes in interest rates on some of its products, Ameriprise reported pro forma operating earnings per share of $9.50, up 13% from the previous year. Net revenue increased 5% from a year ago and decreased 3% sequentially, driven by slower equity market appreciations and continued impact from lower interest rates since September. Ameriprise increased its quarterly dividend by 8% to $1.60, and total capital return to shareholders was 81% of adjusted operating earnings. We don’t anticipate making a material change to our $504 fair value estimate for narrow-moat Ameriprise. Shares are fairly valued at the current price.

Ameriprise Financial has transformed itself into an investment management powerhouse, with about $1.5 trillion in total assets under management and advisement and around 10,500 financial advisors at the end of 2024. The firm shifted away from insurance and emphasized asset and wealth management operations more. Columbia Threadneedle Investments, the firm's global asset-management business, turned Ameriprise into a contender in the global asset-management industry with around $600 billion of assets under management, or AUM. About 80% of revenue comes from the company's wealth and asset management segments which should help the company generate operating margins consistently in the mid-20s compared with midteens to low-20s historically.

Ameriprise Financial has transformed itself into an investment management powerhouse, with about $1.5 trillion in total assets under management and advisement and around 10,500 financial advisors at the end of 2024. The firm shifted away from insurance and emphasized asset and wealth management operations more. Columbia Threadneedle Investments, the firm's global asset-management business, turned Ameriprise into a contender in the global asset-management industry with around $600 billion of assets under management, or AUM. About 80% of revenue comes from the company's wealth and asset management segments which should help the company generate operating margins consistently in the mid-20s compared with midteens to low-20s historically.

Ameriprise Financial’s results continue to benefit from gains in stock prices. The company reported net income to common shareholders of $10.7 billion, or $10.58 per diluted share, on $4.5 billion of net revenue for the fourth quarter. On a company-provided adjusted operating basis that excludes the effect of changes in actuarial assumptions on some of its insurance products and some other adjustments, the company reported pro forma operating earnings per share of $9.36, up 23% from the previous year. Net revenue increased 13% from a year ago and 2% sequentially, with most of the revenue increases from wealth- and asset-management fees. We don’t anticipate making a significant change to our $487 fair value estimate for narrow-moat-rated Ameriprise. We assess the shares as somewhat overvalued after the runup in price since October.

We believe the election of Donald Trump as president and Republican control of the US Senate and House will be largely positive for capital markets and investment-services firms. We will adjust our valuation models as government policies solidify, but with a rally of over 10% for multiple capital markets companies after the election, we believe potential tailwinds have largely been incorporated into share prices. We view most capital markets and investment-services firms as fairly valued to slightly overvalued.

Direct indexing in some form has existed for decades, but advances in technology have recently broadened its availability. With its arguable superiority to existing passive index funds and exchange-traded funds, investment industry leaders are positioning for the opportunities and threats it unleashes. While there have already been hundreds of billions of dollars dedicated to direct indexing offerings, numerous firms such as BlackRock and Morgan Stanley have acquired direct indexing capabilities in anticipation of further rapid growth.

Ameriprise Financial’s results continue to trend positively with asset prices. The company reported net income to common shareholders of $511 million, or $5 per diluted share, on $4.4 billion of net revenue. On a company-provided, adjusted operating basis that excludes the effect of changes in actuarial assumptions on some of its insurance products and severance, the company reported pro forma operating earnings per share of $9.02, up 17% from the previous year. Net revenue increased 12% from a year ago and 4% sequentially, with most of the revenue increases from wealth and asset management fees. We don’t anticipate making a material change to our $487 per share fair value estimate for narrow-moat-rated Ameriprise and assess shares as fairly valued.