Wealth assets hit records while asset management flows wobble
- Ameriprise advice and wealth wrap assets reached a record $732 billion in the second quarter of 2026.
- Advisor productivity grew to a record $1.2 million per advisor.
- Asset Management continues to leak funds, posting $6.5 billion in net outflows during the second quarter.
- The firm expects a $19 billion outflow from a lost Comerica contract by the end of the third quarter.
- A new Huntington Bank partnership will bring $28 billion in client assets late in the year to offset losses.
Advice carries the story through client changes
Ameriprise still looks like a wealth management story first. The company earns most of its money from fees tied to client assets, especially advisory wrap accounts. In the second quarter of 2026, Advice & Wealth Management wrap assets hit a record $732 billion. Advisor productivity also reached a new high of $1.2 million, which shows the core business is working.
However, the company faces near-term hurdles in both of its main segments. Asset Management is not steady yet, recording $6.5 billion of net outflows in the second quarter. Meanwhile, the wealth segment is dealing with the loss of a Comerica contract that will pull $19 billion in assets out the door by the third quarter.
The bull case focuses on the pending Huntington Bank partnership, which will bring 260 advisors and $28 billion in client assets late in the year to offset the Comerica loss. The bear case argues that an aggressive recruiting market will force Ameriprise to spend heavily to attract advisors, and that Asset Management cannot stop its continuous leak of client funds.
Fees rise and fall with assets
Ameriprise makes money by giving financial advice, managing investments, and selling retirement and protection products. A large part of the model is fee-based advice, which means clients pay fees tied to the amount of money Ameriprise advises or manages.
That model can create strong cash flow when markets are healthy and clients keep adding money. Management has cited a 90% free cash flow generation rate across segments, which supports steady dividends and share buybacks.
The weak spot is the same thing that makes the model attractive. When markets fall or clients leave, the asset base shrinks. Institutional client moves and contract changes can cause sudden drops in billable assets, which puts pressure on segment profit margins.
What Ameriprise sells
Financial advice
Advisors help clients plan, invest, and manage money. This is the center of the company because it brings in client assets and recurring fees.
Wrap advisory accounts
Wrap accounts are managed investment accounts where clients pay an advisory fee. These accounts reached a record $732 billion in the second quarter of 2026.
Columbia Threadneedle asset management
This business manages funds and institutional money. It could be a second growth driver, but ongoing outflows show the turnaround remains unproven.
Structured variable annuities
These retirement products give clients market-linked exposure with defined terms. Sales are helping Ameriprise shift away from older products with living benefit guarantees.
Protection and insurance products
Ameriprise offers life insurance and related protection products. This business adds earnings, but also brings reserve, claims, and regulatory risk.
Bank and cash products
Client cash, bank deposits, and certificates add spread income. This is money earned between investment yields and what Ameriprise pays clients.
Wealth is the center
The mix uses Q1 2026 adjusted operating net revenues for the three main operating segments: AWM $3.175 billion, Asset Management $910 million, and RPS $952 million. Corporate & Other is excluded.
What could go wrong
Asset Management keeps leaking assets
High impact · High oddsAsset Management had $6.5 billion of net outflows in the second quarter of 2026. The 2025 filing also cited $31.7 billion of total AUM net outflows for the year. If this continues, Ameriprise loses a major revenue engine.
Advisor retention gets expensive
Medium impact · High oddsManagement noted an extremely aggressive recruiting environment in the second quarter of 2026. A heated market forces Ameriprise to pay more cash to keep or attract top advisors, which cuts into profit margins.
Large institutional client departures
Medium impact · High oddsThe company relies on large institutional partnerships. The ongoing Comerica termination is expected to result in $19 billion in total client outflows by the end of the third quarter of 2026.
Market drops offset client inflows
High impact · Medium oddsAmeriprise earns many fees based on total asset levels, so market prices matter. A broad market decline can pressure fees and client activity even if new clients join the platform.
In one breath
How does Ameriprise make money?
Ameriprise makes money from financial advice fees, asset management fees, distribution fees, investment income, and insurance or retirement products. The biggest growth engine is wealth management, where fees are tied to client assets.
Why are asset flows important for AMP stock?
Flows show whether clients are adding or pulling money. Positive wealth flows help fee revenue, while Asset Management outflows can shrink the base that earns management fees.
Is Ameriprise mainly an insurance company?
No. It still has retirement and protection products, but the main story is financial advice and wealth management. The company is actively trying to reduce risk from older variable annuities.
What is the biggest thing to watch next?
Watch the transition of the Huntington Bank partnership in the fourth quarter and whether Asset Management can finally stop its net outflows.
