Ameriprise Financial (AMP) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Financials· Apr 23, 2026

Source: earnings call transcript

A disciplined, organic 'built-not-bought' wealth compounder chose profitability over chasing flows: as rivals dangled aggressive recruiting checks, Ameriprise let net flows turn lumpy—amplified by Comerica's exit and cautious clients—while leaning on record adviser productivity, asset-management transformation and a stepped-up buyback. Management downplayed cash as a minor earnings lever and framed the through-cycle model as intact, with recruiting activity reaccelerating into Q2.

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AMP operating KPIs by quarter

AMP operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Assets under management (AUM) Wrap	$574B Wrap assets under management were also up substantially, growing 18% to $574 billion, making ours one of the largest platforms in the industry. Source: earnings call transcript	$573B And total wrap assets grew to $573 billion, up 10%. Source: earnings call transcript	$615B Wrap assets were up 15% to $615 billion, with wrap flows of $33 billion over the past year, representing a 6% annualized flow rate consistent with the prior year. Source: earnings call transcript	$650B Wrap assets were up 14% to $650 billion with Wrap flows at $30 billion over the past year. Source: earnings call transcript	—	$664B Total client assets grew 12% to $1.1 trillion with wrap assets growing 16% to $664 billion. Source: earnings call transcript	$732B Wrap assets reached a new record, up 19% to $732 billion, reflecting market appreciation, strong client engagement and the value of our advice experience. Source: earnings call transcript	+10.2%
Net new assets Client	$11.3B For the quarter, total client inflows were $11.3 billion, further strengthening from the third quarter. Source: earnings call transcript	$10.3B We also had good inflows of $10.3 billion across our platform. Source: earnings call transcript	—	—	$13.3B Total client inflows were $13.3 billion, up 18%, which is one of our best quarters for flows. Source: earnings call transcript	$4.2B Client flows were $4.2 billion and wrap flows were $6 billion in the quarter. Source: earnings call transcript	$3.1B Client flows were $3.1 billion and [ rates ] was $6.9 billion, reflecting a substantial acceleration of [ Comerica terminations ], exacerbated by the elevated tax payments in the quarter. Source: earnings call transcript	-26.2%
Net new assets Wrap	$11.1B Wrap flows were particularly strong in the quarter at $11.1 billion or 8% annualized flow rate. Source: earnings call transcript	$8.7B Flows grew 34% to $8.7 billion, representing a 6% annualized flow rate in the quarter. Source: earnings call transcript	$5.4B Wrap net inflows were $5.4 billion and reflected the higher market uncertainty and seasonal impact of client tax payments and transactional activity was also good. Source: earnings call transcript	—	$12.1B Wrap assets increased 17% to a record high of $670 billion with $12.1 billion of net inflows in the quarter, representing a 7.4% annualized flow rate. Source: earnings call transcript	$6B We ended the quarter with $6 billion of wrap net inflows. Source: earnings call transcript	—	-50.4%
Net new assets Asset Management	$1.3B Regarding flows, we had net inflows of $1.3 billion, a more than $6 billion improvement from a year ago. Source: earnings call transcript	-$18.3B Regarding flows, we had higher outflows of $18.3 billion in the quarter. Source: earnings call transcript	-$8.7B Regarding flows, we had $8.7 billion of outflows in the quarter, largely driven by higher institutional impacts. Source: earnings call transcript	-$3.4B Net outflows significantly improved on a sequential basis to $3.4 billion, with improvement in both retail and institutional. Source: earnings call transcript	—	-$5.9B Importantly, net outflows improved significantly year-over-year to $5.9 billion, reflecting better trends across both retail and institutional channels. Source: earnings call transcript	—	—
Net new assets Retail	$6.1B In retail, we had total net inflows of $6.1 billion, reflecting stronger gross sales in North America and EMEA as well as higher reinvested dividends. Source: earnings call transcript	-$5.8B Retail outflows were $5.8 billion, driven by higher redemptions. Source: earnings call transcript	—	—	—	—	—	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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