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Ameriprise Financial saw total client net asset inflows in its wealth and advice division decline year over year in 2026 and said it expects advisor attrition to continue into the second and third quarters.
In first-quarter earnings released after market close Thursday, Minneapolis-based Ameriprise reported that total client net inflows in its wealth and advice division were $4.2 billion, a drop of 59% compared to the same quarter in 2025. Total client assets grew overall 12% to $1.1 trillion, and wrap assets grew by 16% to $664 billion, driven by “organic growth and advisor productivity in a higher but more volatile market environment,” the firm wrote.
In its asset management division, net outflows improved to $5.9 billion, compared with $18.3 billion in the same quarter last year, across retail, model delivery and institutional asset flows.
Firm executives said a chunk of the asset declines stemmed from Comerica shifting client assets to Fifth Third Bank as part of a merger announced last year. Ameriprise had been Comerica’s investment program provider and broker/dealer since late 2023, overseeing about $18 billion in assets for Comerica’s roughly 100 advisors.
“We anticipate the higher pace of outflows related to Comerica will continue in the second and third quarters, culminating with the conversion occurring near the end of the third quarter,” Chief Financial Officer Walter Berman said on an earnings call.
The Comerica deal didn’t result solely in outflows for Ameriprise, as the firm received a $25 million one-time “make-whole payment” in connection with the transaction.
Ameriprise also highlighted a deal it signed in February with Huntington Bank, under which Ameriprise will oversee $28 billion in client assets for about 260 Huntington advisors. Executives reported that the move is expected to be realized in the fourth quarter, with CEO Jim Cracchiolo saying, “There will be more opportunity for us” for such partnerships.
Berman also noted, however, that “higher advisor departures” were also partly due to the “aggressive recruiting environment.”
Ameriprise, like most of its publicly listed peers, no longer breaks out quarterly advisor headcount. But the firm does seem to be ceding ground to firms like Raymond James, which this week reported increased spending on recruiting and retention, and LPL Financial, which announced yet another acquisition deal this month to further bolster its ranks.
On the call, Berman argued that Ameriprise’s strategy will pay off in the long run, with the firm’s organic growth creating a more sustainable runway.
“When you evaluate growth coming from new assets via aggressive packages, and you look at the differential on payback, you almost have to be twice as much to get marginally close to what we are doing organically,” he said. “Turnover in the industry shows when someone leaves for a big check, they most likely leave again. If they leave for a better environment, culture, support that they and their clients relate to, they usually stay.”
Cracchiolo also noted that 61 advisors joined Ameriprise in Q1, with more expected to join in Q2.
Berman also suggested that Ameriprise would be “further enhancing” its succession strategies for internal and external advisors, “including expanding and leveraging Ameriprise’s Personal Wealth Group, our centralized advisor group, as a potential succession option.”
Overall, Ameriprise’s earnings beat Wall Street estimates by $75.4 million, to $4.77 billion, and its earnings per share beat estimates by $1.05, to $11.26, according to Seeking Alpha.
Net revenue for just the firm’s advice and wealth management division was also up 14% year-over-year to $3.18 billion. Those results came even as operating expenses rose 12% to $2.2 billion, largely coming from advisor compensation.
“We believe that Ameriprise Financial’s strategy is appropriate, with the firm prioritizing its wealth management business, making judicious investments in its technology platform, product assortment and brand, and tightening its relationship with clients by investing behind Ameriprise Bank,” Sean Dunlop, Morningstar’s director and financial services analyst, wrote in an analyst’s note. “As we see it, those are the key levers that the firm can pull to attract and retain both financial advisors and wealth management clients in a competitive environment.”
Piper Sandler analyst Crispin Love maintained a neutral rating on the firm’s stock after the earnings beat and improved pretax operating margins, while noting some downside risks, including continued losses from the Comerica move.
“Asset management margins increased 43.8% from 40.4% and were above our 42.2% estimate as the segment benefited from expense initiatives with margins well above targeted levels,” he wrote. “However, Retirement & Protection Solutions margins decreased slightly to 20% from 20.2% and were below our 22.7% estimate.”
The firm’s stock was up in trading on Friday.
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