stockrowWhat it does
Ameriprise Financial is a financial services company that helps individuals and institutions plan, invest and manage assets. Founded in 1894, it is headquartered in Minneapolis and led by chief executive James Cracchiolo. Ameriprise is a holding company that conducts most of its business through subsidiaries.
Its wealth management business connects clients with financial advisors who provide planning, investment advice and brokerage services. Advisors also offer banking and cash management products, including savings accounts and loans. Clients can choose products supplied by Ameriprise or by other companies. The advisor network includes independent franchisees, employees and advisors based at banks and credit unions.
Its asset management business, Columbia Threadneedle, manages investments for individual, institutional and high-net-worth clients. It offers funds and separately managed accounts across asset classes and sells primarily through third parties, as well as through Ameriprise advisors and its own sales teams.
Through RiverSource, Ameriprise offers annuities, life insurance and disability income insurance. Annuities can help clients accumulate assets or provide income, while insurance products address protection needs. New RiverSource annuities and RiverSource insurance products are distributed through the Ameriprise advisor network.
Ameriprise also holds older insurance and annuity policies that it no longer sells, including long-term care insurance. At December 31, 2025, the company had $1.7 trillion in assets under management, administration and advisement.
How it makes money
Ameriprise reports through Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other. Its products and services for retail clients, and to a lesser extent institutional clients, are the primary source of revenue and net income.
In Advice & Wealth Management, a significant portion of revenue comes from fees linked to client assets. Those balances change with market movements and money moving into or out of accounts. Ameriprise also charges financial planning, transaction and other fees. It earns distribution fees on products supplied by other companies and net investment income on assets held by its bank and certificate company.
Asset Management primarily earns fees based on the balances it manages. Revenue therefore depends on market movements, client flows, asset allocation and product mix. Some investment strategies can also earn performance fees when they meet specified targets. As of December 31, 2025, the segment had $721 billion in managed and advised assets.
RiverSource earns fees on variable annuities based primarily on measures such as contract values or benefit bases. It also earns investment income on assets supporting annuity obligations. Its insurance business earns premiums, fees and charges for taking on insurance risk, as well as investment income on assets supporting reserves and capital.
The asset-based fees and continuing insurance and annuity charges give Ameriprise ongoing revenue while clients retain their accounts or contracts. Corporate & Other includes closed blocks of business, investment income or loss on corporate assets and unallocated expenses. Fees exchanged between Ameriprise segments are eliminated from consolidated results.
Customers and how it sells
Ameriprise provides financial planning, advice and brokerage services to more than 3.5 million retail clients through its advisors. Its primary wealth management target is households with $500,000 to $5,000,000 in investable assets, although it also serves clients outside that range, including higher-net-worth households.
The company reaches wealth clients through several advisor channels. Independent franchisees make up its largest channel; other advisors are employees, work virtually in a centralized team or are based at third-party regional banks and credit unions. Advisors can offer both Ameriprise products and those of outside providers.
Columbia Threadneedle serves retail and high-net-worth investors as well as institutions such as pension funds, endowments, businesses and government clients. Its products are primarily distributed through third parties, but are also available through Ameriprise advisors, direct retail channels and an institutional sales force.
Investment management has a presence in 16 key markets globally, including the U.S., U.K., France, Germany, the Netherlands and Singapore. Ameriprise has expanded its asset management activities beyond its traditional U.S. and U.K. businesses to serve clients and gather assets worldwide.
Suppliers and costs
Ameriprise is a services business rather than a manufacturer. Its advisor network, investment personnel, technology, distribution relationships and insurance counterparties support the delivery of its products and services. Advisor channels offer different levels of support and compensation, and the company invests in technology, training, leadership and marketing programs for advisors.
Columbia Threadneedle relies substantially on unaffiliated third parties to distribute its investment products. These relationships are periodically negotiated, and negotiations can increase distribution costs or reduce the amount of Ameriprise products marketed. The company also provides its advisors with products from outside fund families and insurers.
Ameriprise uses unaffiliated reinsurers to limit losses, reduce exposure to large insurance risks and support continued product offerings. RiverSource remains primarily liable to policyholders for risks it reinsures. The company also incurs costs for hedging annuity guarantees and for complying with financial services regulation. It says compliance costs are significant and increasing, and it continues to invest in supervision and compliance processes.
- Revenue$18.5B
- Selling, general and administrative−$10.6B
- Other operating costs−$2.0B
- Operating income$5.8B
Competitive position
Ameriprise competes with broker-dealers, financial planning firms, registered investment advisers, banks, insurers and asset managers for clients, advisors and investment personnel. Charles Schwab is a rival advisor platform: it was reported on 19 October 2026 that advisor practices had moved from Ameriprise to rival platforms including Charles Schwab.
For wealth management clients, competition includes advice quality, price, reputation, product choice, technology and service. For advisors, compensation, growth opportunities and the support a firm provides also matter. Ameriprise has more than 10,000 advisors and supports them with technology, training and marketing.
Our reading: The advisor network and its client relationships provide a meaningful distribution advantage, but advisors can move and competing firms can use compensation and technology to recruit them.
In asset management, firms compete for assets on investment performance, fees, product offerings and service. Ameriprise distributes Columbia Threadneedle products through third parties as well as its own advisors.
Our reading: Having both third-party distribution and an internal advisor network helps Ameriprise reach clients, but it does not remove dependence on investment performance or protect fees from competitive pressure.
RiverSource competes with stock and mutual insurers on factors including product features, pricing, distribution, financial strength and service. Its new annuities and insurance products are distributed through Ameriprise advisors, who also offer products from unaffiliated insurers.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Charles Schwab | Advisor platforms and recruitment | Medium |
Growth opportunities
Ameriprise’s wealth management strategy centers on financial planning and long-term advisor-client relationships. The company sees demand for advice from people entering retirement and from younger households building wealth and planning for retirement. It seeks to grow through experienced advisor recruiting, practice acquisitions, advisor loans and partnerships with banks and credit unions.
In July 2026, Ameriprise expected Huntington Bank to join its platform in the fourth quarter, bringing approximately 260 advisors and $28 billion of client assets. In October, the company said most of the Comerica business had departed. Ameriprise also said its advisor count was consistent year over year and that it continued to recruit.
In asset management, Ameriprise seeks to gather assets worldwide and develop investment solutions responsive to client demand. It launched active exchange-traded funds in the U.S. and the EMEA region in 2026. The company also invests in advisor tools: in July 2026, it said about 6,000 advisors were using its AI-enabled meeting capability.
RiverSource products are offered within the wealth management relationship, giving advisors annuity and insurance options alongside investment and planning services. Ameriprise also distributes products from other providers through that network.
- $13.4BFY2021
- $14.3BFY2022
- $15.5BFY2023
- $17.3BFY2024
- $18.5BFY2025
Structural risks
- Markets and client flows: Asset-based fees can fall when markets decline or clients withdraw money. Investment management clients can generally terminate relationships at will or on relatively short notice, and clients can shift assets into products with different fee structures.
- Interest rates and guarantees: Rate changes affect banking, insurance and annuity products, investment returns and spreads. Market declines can also increase the cost of guarantees on variable annuities; hedging may not fully offset the impact.
- Competition and talent: Rivals may have greater resources or make larger investments in technology. Difficulty retaining advisors or investment personnel can affect client relationships, assets and costs.
- Distribution and counterparties: Ameriprise depends on third-party distributors for many investment products and faces credit exposure to financial institutions, including reinsurers. RiverSource remains liable to policyholders for reinsured risks.
- Regulation and legacy obligations: The company faces extensive and changing regulation across its businesses. It also retains exposure to closed long-term care and annuity blocks, while reserve estimates depend on assumptions about claims, policyholder behavior and investment income.
Bottom line
Our reading
Ameriprise combines an advisor-led wealth business with asset management and insurance products, using the advisor relationship as a channel for both its own and outside offerings (item1). Its asset-based fees give it ongoing revenue, but also expose it to market declines, client withdrawals and advisor departures; insurance guarantees and older policy blocks add different risks (item1, item1a).