Ameriprise Financial, Inc.

Ameriprise reported 2Q adjusted operating EPS of $11.07, up 22% year over year. Revenues increased 13% to $4.9 billion, adjusted operating earnings rose 14% to $1 billion, and pretax adjusted operating margin was 27%; aggregate margins were 29%. AUM/AUA/advisements increased 14% to $1.8 trillion, total client assets rose 15% to $1.2 trillion, and wrap assets grew 19% to $732 billion. On the guidance side, management said 2026 G&A expenses are expected to increase in the mid-single-digit range for Wealth Management and to be flat in Asset Management excluding settlement and other performance-fee compensation. They also said Comerica outflows will finish by the end of 3Q, while Huntington is anticipated in 4Q and should bring about 260 advisers and $28 billion of client assets, with the economics of the full book beginning in 4Q.

Jim Cracchiolo framed the quarter as evidence that Ameriprise’s model is working across a dynamic market backdrop, citing strong advice demand, adviser productivity and technology investment. He emphasized that AI and digital tools are being embedded to help advisers save time, improve client engagement and scale practices, while the firm stays selective on recruiting and keeps a focus on long-term economics rather than chasing volume. His tone was confident and comparative, repeatedly arguing that Ameriprise’s service, technology, culture and operating discipline differentiate it from peers.

Walter Berman highlighted diversified earnings, operating leverage and strong capital generation, noting adjusted operating EPS of $11.07, revenues of $4.9 billion, adjusted operating earnings up 14% and a 27% pretax margin. He said G&A rose 5% to $982 million, including growth investments in bank expansion, AI transformation and automation, and reiterated that Wealth Management G&A should rise in the mid-single-digit range for the full year while Asset Management G&A should be flat excluding certain compensation items. He also pointed to $2.1 billion of excess capital, $2.8 billion of holding-company liquidity, $932 million returned to shareholders in the quarter, and a 91% capital return ratio.

Analysts focused on the size and timing of Comerica-related outflows, recruiting economics, the sustainability of buybacks, margin durability, and how much of Wealth Management earnings come from core versus cash. Management said Comerica outflows accelerated in 2Q and will total about $19 billion by the end of 3Q, but declined to break out client-level amounts; they also said Huntington should more than offset Comerica once fully onboarded. On recruiting, management said the market remains irrational with some paybacks as long as 8 years, but Ameriprise is still attracting advisers because of its service, technology and productivity advantages, and the third-quarter pipeline looks stronger.