Detailed narrative
Diversified franchise delivers record quarter amid volatility
Ameriprise reported adjusted operating revenues up 11% to $4.8B and record adjusted operating EPS up 19% to $11.26, with ROE above 54% and a consolidated operating margin of 28%. Total AUM/AUA rose 12% to $1.7T on client net inflows and positive markets.
Management framed the results as evidence of an integrated, through-cycle model, noting client satisfaction held at 4.9 out of 5 and a #3 of 23 ranking in the 2026 J.D. Power U.S. Investor Satisfaction Study. Walter Berman highlighted an exceptionally strong balance sheet with $2.3B of both excess capital and holding-company available liquidity.
Wealth Management flows turn lumpy as recruiting competition intensifies
AWM net revenues grew 14% to $3.2B and pretax adjusted operating earnings rose 20% to $951M (17% excluding a Comerica make-whole), with segment margin of 30% up from 28%. Client assets grew 12% to $1.1T and wrap assets 16% to $664B, but client net flows were just $4.2B and wrap net inflows $6B on cautious client behavior and elevated adviser departures.
Management stressed same-store sales stayed strong and that it will not chase aggressive recruiting deals with long cash paybacks and marginal P&L benefit, prioritizing sustained profitability over flow optics. Adviser productivity hit a record $1.2M (+10%) and transactional activity rose 10%.
Comerica exit and Huntington Bank onboarding reshape the AFIG channel
Comerica, acquired by Fifth Third, exercised early termination; the contract is fully settled with a one-time📎 ~$25M make-whole booked, but ~$18B of client assets will continue flowing out, accelerating through Q2 and Q3 and completing by end of September. Offsetting this, Ameriprise signed a multiyear (10-year) agreement to become Huntington Bank's retail investment program provider, expected to add ~260 advisers and ~$28B of assets, with most onboarding in Q4.
Management positioned AFIG as a structurally advantaged opportunity as banks increasingly outsource wealth capabilities rather than invest to build them.
Bank build-out and cash strategy
Bank assets grew 6% to $25.5B with continued strength in pledge lending; management completed the launch of a checking account and now offers a complete suite alongside HELOCs, mortgages and savings programs. The bank portfolio yields 4.6% with a 4-year duration and only 7% floating-rate, and Q1 new purchases of $1.9B came at a 5% yield and 4.1-year duration.
Cash sweep balances edged down to $29.4B (from $29.9B) on seasonal tax patterns, total client cash held flat at $86B, and third-party money-market cash remained elevated near $48B—an opportunity to redeploy when rates decline. Management emphasized cash is only a low-single-digit percent of earnings and average account cash is small (~$6,000).
Asset Management: improving flows and expanding margin
Asset Management operating earnings rose 13% to $273M on revenues up 8% to $910M, with the underlying fee rate stable at ~47bps and margin reaching 44%, above the 35%-39% target range. Total AUM/advisement grew 8% to $706B and net outflows improved markedly to $5.9B on better retail and institutional trends.
Investment performance remained strong (>70% of funds above peer median over 1/3/5 years, 85% over 10 years), with Columbia Threadneedle top-10 in Barron's rankings and four 2026 Lipper Awards for U.S. fixed income. Product expansion continued across ETFs (surpassed $10B AUM), SMAs (top-10 provider) and alternatives, while back-office outsourcing and transformation are expected to support further operating leverage.
Technology and AI embedded across the platform
Management repeatedly framed AI as an extension of a multiyear, integrated technology strategy rather than a standalone tool, embedded across advice, operations and service and supported by a governed data foundation. Capabilities like eMeeting, CRM, advice insights and practice workflows aim to lift adviser productivity and free time for client relationships, with AI agents expected over time⏳ to take on more adviser work.
Management said clear productivity gains are visible where advisers have enabled the tools (e.g., meeting prep saving hours weekly) but has not yet extrapolated firm-wide metrics. Advanced analytics is also being applied within Asset Management, including investment research.
Capital return and balance-sheet strength
Ameriprise returned $936M (88% of operating earnings) to shareholders in Q1, including opportunistic repurchase of 1.6M shares to exploit a decline in its PE multiple, and raised the quarterly dividend 6%. Management reiterated an 85%-90% buyback framework with capacity to go higher.
Over the trailing 12 months revenues grew 8%, adjusted EPS 12%, ROE rose 140bps and $3.6B of capital was returned; over five years the firm compounded revenue 9%, EPS 20%, expanded ROE by over 17 points and returned $14B. Management cited no exposure to middle-market lending directly or via funds/BDCs and limited direct broadly-syndicated-loan exposure in owned assets.
Signature Wealth and product expansion
The Signature Wealth UMA, launched mid-2025, is gaining momentum with a significant portion of inflows representing new money to Ameriprise; management called it one of its quickest wrap launches and is broadening capabilities including newly added SMAs. Retirement & Protection sales were solid across annuities and VUL, with RiverSource again cited as one of the most profitable insurers in the industry.
Management is also enhancing adviser succession strategies, including expanding the centralized Ameriprise personal wealth group as a succession option for internal and external advisers.