Ameriprise Financial (AMP 1.04%), a leading wealth management and asset management firm, released its second quarter 2025 results on July 24, 2025. The company reported adjusted operating earnings per share (Non-GAAP) of $9.11 for Q2 2025, exceeding analyst expectations of $9.00 (non-GAAP). However, revenue (non-GAAP) came in at $4.30 billion for Q2 2025, just below the consensus non-GAAP estimate. The company’s overall performance signaled continued strength in profitability and capital management, despite mixed momentum in core growth segments. Management described the quarter as one that demonstrated positive execution in advisor productivity, new platforms, and shareholder returns, while also noting that certain asset flows showed signs of pressure.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | $9.11 | $9.00 | $8.53 | 6.8% |
| Revenue (Non-GAAP) | $4.34 billion | $4.34 billion | $4.17 billion | 4.0% |
| Net Income (GAAP) | $1,060 million | $829 million | 27.9% | |
| Pretax Adjusted Operating Margin (%) | 26.5% | 26.8% | (0.3) pp | |
| Total Assets Under Management, Administration and Advisement | $1.58 trillion | $1.46 trillion | 8.6% |
Source: Analyst estimates for the quarter provided by FactSet.
Ameriprise operates primarily through three business lines: wealth management, asset management, and retirement and protection solutions. It is known for a nationwide network of financial advisors, large asset base, and its Columbia Threadneedle Investments asset management arm.
The wealth management business remains Ameriprise’s main growth driver. It targets clients across a broad range of investable assets and leverages technology and advisor expertise. Recent strategic focus areas include raising advisor productivity, expanding managed account solutions, and enhancing digital platforms. The asset management segment centers on investment performance and serves institutional clients globally. Across all business lines, the company invests heavily in compliance and operational resilience, both to address regulatory requirements and to support long-term growth.
In the wealth management segment, Total client assets reached a record $1.08 trillion for Q2 2025, up 11% compared to the prior year. Advisor productivity increased 11%, reaching $1.07 million in trailing twelve-month adjusted operating net revenue per advisor. However, net client flows for Q2 2025 slowed to $4.3 billion, a 35% decline from the previous year. Net flows into wrap accounts, which allow for a mix of investment strategies in a single account, also fell by 28% to $5.4 billion. Management pointed to factors like market volatility and tax-related withdrawals as drivers for the drop in flows.
Ameriprise launched the Signature Wealth Program, a new unified managed account (UMA) platform during the quarter, aiming to simplify and expand investment solutions for clients and advisors. The number of experienced advisors joining the firm increased by 73, underscoring its ongoing recruitment strength. Despite these advances, Adjusted operating margin for wealth management slipped to 28.9%, down from 31.1% in Q2 2024. Adjusted operating net revenue for the Advice & Wealth Management segment increased 6% year over year, driven by rising assets and advisor productivity.
Asset management, represented mainly by Columbia Threadneedle Investments, reported assets under management and advisement of $690 billion as of Q2 2025, up 2% year over year as of June 30, 2025. Net outflows persisted at $8.7 billion. This is a smaller outflow compared to the $11.1 billion in Q2 2024. Retail net outflows were $3.1 billion, while Institutional net outflows stood at $4.8 billion, including $1.6 billion tied to the exit from Lionstone. Despite these outflows, the pretax adjusted operating margin improved to 39.0%, up from 37.6% in Q2 2024, aided by tight expense control. Management highlighted stable fee rates and the launch of new products, such as active exchange-traded funds (ETFs) and model portfolios. The segment’s investment performance remained at competitive levels, with more than half of equity fund assets in top-rated categories for three-year returns.
The retirement and protection solutions segment, which includes structured variable annuities and life insurance, saw pretax adjusted operating earnings rise 9% to $214 million on an adjusted operating (non-GAAP) basis. Adjusted operating net revenues increased 1% to $936 million. Sales of structured variable annuities climbed, bolstering the segment’s reliable performance. This segment continued to support free cash flow generation and delivered consistent risk-adjusted returns.
At the corporate level, Ameriprise maintained a strong capital return strategy. It distributed $158 million in dividends and repurchased $573 million in shares, for a combined return of $731 million—about 81% of adjusted operating earnings. Return on equity, excluding accumulated other comprehensive income, was 45.8% for the trailing twelve months ended Q2 2025. The balance sheet as of June 30, 2025, showed $7.96 billion in cash and a debt-to-capital ratio of 33.6%, down from 40.5% a year earlier.
Ameriprise has also prioritized ongoing investments in compliance, digital client service, and operational transformation as part of its long-term strategy. External recognition from financial publications and client satisfaction rankings further supported its market position. Advisor retention and experienced advisor recruitment continued at a steady pace, according to management statements. The company noted that costs related to advisor productivity have been the main driver of expense increases, rather than headcount growth.
Dividend payments continued without change in the quarter. Notably, Ameriprise stopped disclosing total advisor headcount, in line with broader industry practice, though Management emphasized that advisor headcount was up and retention remained strong.
The period saw Ameriprise introduce the Signature Wealth unified managed account platform, targeting investors looking for comprehensive and flexible investment management in a single account. The platform aims to allow advisors and clients to combine various managed strategies in one streamlined system—helpful for both household and institutional-level planning. Structured variable annuities, a product offering principal protection alongside investment gains, remained a core growth driver in retirement and protection solutions.
Ameriprise continued incremental digital upgrades across the firm, which management identified as a factor in maintaining client engagement and advisor satisfaction. The bank division grew its offerings, including new certificates of deposit and upcoming home equity line of credit (HELOC) and checking account products. These additions contribute to both diversified earnings and deeper client relationships.
Management did not provide explicit full-year earnings or revenue guidance for the remainder of fiscal 2025. However, it did share that general and administrative expenses in wealth management are expected to increase by low to mid-single digits for the full year. The expected adjusted operating tax rate is between 20% and 22%. Leadership expressed confidence that capital return to shareholders will remain a priority, supported by investments in technology and growth platforms.
Going forward, investors may want to watch for net client flow trends in wealth management, as this metric slowed during the quarter. The asset management segment's net outflows improved but remain negative—a continued risk given broader industry challenges. The company cited ongoing market volatility and growing expenses tied to business volume and advisor productivity as areas to monitor. Management emphasized capital flexibility and a strong balance sheet, leaving the door open for opportunistic investments or acquisitions if the right opportunity arises.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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