Ameriprise Financial Q2 Earnings Call Highlights

Key Points

• Ameriprise posted strong Q2 2026 results, with revenue up 13% to nearly $5 billion and adjusted operating EPS rising 22% to $11.07. Management highlighted higher assets under management, improved returns on equity, and solid client/advisor engagement.
• Wealth management and asset management assets continued to grow, including record wrap assets of $732 billion and total assets under management/advisement of $1.8 trillion. Advisor productivity also hit a new high, while the asset management segment saw better margins and improving outflows.
• The company kept returning significant capital to shareholders, repurchasing shares and paying dividends that totaled $932 million in the quarter. Ameriprise said it still has substantial excess capital and liquidity, supporting both growth investments and ongoing capital returns.

Ameriprise Financial NYSE: AMP reported higher second-quarter 2026 revenue and earnings, as executives pointed to asset growth, strong client and advisor engagement, and continued capital returns while acknowledging pressure from advisor transitions and an aggressive recruiting environment.

Chairman and CEO Jim Cracchiolo said the company “delivered another great quarter” in a market environment shaped by rates, inflation and geopolitical volatility. Ameriprise reported revenue growth of 13% to nearly $5 billion and adjusted operating earnings of $1 billion, up 14% from a year earlier. Adjusted operating earnings per share rose 22% to $11.07.

The company’s return on equity increased to 55%, compared with 51.5% a year earlier. Total assets under management, administration and advisement grew 14% to $1.8 trillion, while total client assets increased 15% to $1.2 trillion.

Wealth Management Assets and Productivity Rise

Ameriprise’s Advice & Wealth Management business posted adjusted operating net revenue of $3.2 billion, up 16% from the prior year, according to Chief Financial Officer Walter Berman. Pre-tax adjusted operating earnings in the segment also rose 16% to $939 million, while margins remained strong at about 29%.

Wrap assets reached a record $732 billion, up 19%, driven by market appreciation, client engagement and growth in the company’s advice platform. Berman said wrap flows were $6.9 billion in the quarter, while total client flows were $3.1 billion. He said flows were affected by an acceleration of Comerica-related terminations and elevated seasonal tax payments.

Advisor productivity reached a new high of $1.2 million, up 12% year over year. Cracchiolo attributed the increase to client engagement, technology investments and advisor support. He said Ameriprise’s client satisfaction score remained 4.9 out of 5.

The company added 79 experienced advisors during the quarter. Cracchiolo said Ameriprise remains selective in recruiting, noting that some competitors’ recruiting packages imply cash payback periods “as high as eight years,” which he described as “crazy.” He said Ameriprise is attracting advisors who cite its technology, service and responsiveness as differentiators.

Comerica Outflows to End in Third Quarter; Huntington Onboarding Ahead

During the question-and-answer session, Berman said approximately $19 billion related to Comerica is expected to exit by the end of the third quarter. He declined to provide more detail on how much had already left, citing client confidentiality, but said the pace of departures accelerated significantly in the second quarter compared with the first.

Executives said the Comerica impact would be offset by Huntington Bank, which is expected to join the Ameriprise Financial Institutions Group platform in the fourth quarter. Berman said Huntington is anticipated to bring about 260 advisors and $28 billion of client assets onto the platform, with assets moving in the fourth quarter and early 2027. He said Ameriprise expects to benefit from the economics of the full book beginning in the fourth quarter.

AI and Banking Remain Investment Priorities

Cracchiolo said Ameriprise is expanding its use of artificial intelligence to help advisors grow, reduce administrative work and deliver more personalized advice. He said tools such as e-meeting automation, meeting summarization and Copilot Premium can collectively save practices more than 30 hours per week when used together.

In response to an analyst question, Cracchiolo said about 6,000 advisors are already using one of the firm’s technology capabilities tied to client engagement and meetings. He said adoption should continue to support productivity as more advisors incorporate the tools into their practices.

The company also highlighted growth in its bank. Cracchiolo said bank assets exceeded $25 billion, up 6%, while lending grew 61% year over year, driven by pledge lending and mortgages. Ameriprise has also introduced HELOCs and checking accounts. Berman said bank assets totaled $25.5 billion, with total client cash of $84 billion down 2% year over year.

Asset Management Outflows Improve

In asset management, Ameriprise reported total assets under management and advisement of $759 billion, up 10% year over year. Pre-tax adjusted operating earnings increased 23% to $274 million, while revenues rose 14% to $947 million. The segment’s margin reached 43%, above both the prior-year level of 39% and the company’s target range of 35% to 39%.

Cracchiolo said investment performance remained a strength, with 69% of funds above the median for one year, 75% above the median for three- and five-year periods, and 87% above the median over 10 years. He also said 97 Columbia Threadneedle funds globally carried four- or five-star Morningstar ratings.

Total net outflows improved to $6.5 billion, driven by higher gross sales in North America and EMEA. Cracchiolo said the company is gaining traction in active ETFs, separately managed accounts and models, while Seligman strategies contributed to asset growth and flows.

Capital Returns Continue at Elevated Pace

Ameriprise returned $932 million of capital to shareholders in the quarter through share repurchases and dividends, equal to 91% of operating earnings. Berman said the company repurchased 1.7 million shares at an average price of $459 during the quarter.

For the first half of 2026, Ameriprise returned $1.9 billion of capital to shareholders, up 25% from the prior-year period. The company repurchased 3.3 million shares at an average price of $467, compared with 2.3 million shares at an average price of $507 in the first half of 2025.

Berman said Ameriprise ended the quarter with $2.1 billion of excess capital and $2.8 billion of holding company available liquidity. He said the balance sheet and free cash flow generation allow the company to invest for growth while continuing to return capital to shareholders.

About Ameriprise Financial (NYSE:AMP)

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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