Overview
Ameriprise Financial, Inc., based in Minneapolis, is a diversified financial services company with a 130-year history of helping clients achieve their financial objectives. Its business spans financial planning and advice, full-service brokerage, cash management and banking products, investment management, and retirement and protection offerings for individual and institutional clients. The company states that its strategy is centered on helping clients confidently achieve their goals through holistic advice and by managing and protecting their assets and income.[1][2][3][4]
Ameriprise operates through advice and wealth management, asset management, and retirement and protection solutions. Its wealth management franchise is built around a network of more than 10,000 financial advisors serving primarily retail clients, while its Columbia Threadneedle Investments brand provides asset management products and advice to individual, institutional, and high-net-worth investors globally. Its retirement and protection business includes variable annuities, payout annuities, life insurance, and disability income insurance. As broad indicators of scale, Ameriprise had $1.5 trillion in assets under management, administration, and advisement at December 31, 2024, approximately 13,600 employees and about 8,200 affiliated non-employee advisors, and total net revenues of $17.264 billion in 2024.[5][6][7][8][9][10][11] [1][2][3][4][5][6][7][8][9][10][11]
Products & services
Ameriprise’s product set is centered on adviser-delivered wealth and brokerage offerings. Through its Advice & Wealth Management business, the company provides financial planning and advice, discretionary and non-discretionary investment advisory accounts, full-service brokerage, and cash management and banking products such as sweep programs, cash management accounts, savings accounts, mortgage loans, credit cards, margin loans, and pledged asset lines of credit.[12][13][14][15] Its brokerage platform includes Columbia funds and roughly 130 unaffiliated fund families, representing about 2,125 mutual funds, and advisers can also distribute RiverSource and selected third-party insurance and annuity products.[16][17]
In asset management, Ameriprise operates through Columbia Threadneedle Investments, which offers investment management, advice, and products to retail, high-net-worth, and institutional clients globally.[18] Its product lineup includes U.S. registered funds such as retail mutual funds, ETFs, closed-end funds, and variable insurance trust funds; non-U.S. retail vehicles including UCITS/SICAVs, OEICs, and listed investment trusts; European pooled pension and insurance funds including liability-driven investment solutions; institutional and retail separately managed accounts; model-delivery assets under advisement; private funds; CLO management; collective funds; and sub-advised accounts.[19][20][21][22][23][24][25][26][27]
Ameriprise’s retirement and protection products are sold primarily under the RiverSource brand and include annuities, life insurance, and disability income insurance designed for accumulation, retirement income, protection, and legacy planning.[28][29] Specific RiverSource products include variable annuities, structured variable annuities (registered index-linked annuities), variable universal life, universal life, term life, and disability income insurance; the company also notes that new RiverSource annuity products are distributed only through its adviser network.[30][31][32][33][34][35][29] By 2024 adjusted operating net revenues, Advice & Wealth Management represented 62.4% of total net revenues, Asset Management 20.4%, and Retirement & Protection Solutions 21.9%, before intersegment eliminations.[36] [12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36]
Geographic presence
Ameriprise Financial is predominantly U.S.-based. In its geographic disclosure, the company reports pretax income from continuing operations of $4.221 billion in the United States and $46 million outside the United States in 2024, implying that about 98.9% of pretax income came from the U.S. and about 1.1% from foreign markets; the mix was similarly U.S.-weighted in 2023 and 2022. Within asset management, Columbia Management primarily serves the U.S., while Threadneedle primarily serves international markets, and the investment management business has a presence in 16 key global markets including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S.[37][38][39][40]
Its main corporate footprint is in Minneapolis, Minnesota, where it operates from two principal locations: the leased Ameriprise Financial Center and the owned Ameriprise Financial Headquarters. It also leases executive offices in New York City and maintains branch offices for employee advisors throughout the United States. Other significant office locations include Boston; London and other U.K. locations such as Swindon, Dorking and Edinburgh; Las Vegas; Charlotte; and support centers in Gurugram and Noida, India.[41][42][43][44] [37][38][39][40][41][42][43][44]
Business segments
Ameriprise Financial reports four business segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.[45] Advice & Wealth Management covers retail financial planning and advice, full-service brokerage, and related banking, lending, and cash-management activities, with results largely tied to client asset levels.[46][47] Asset Management consists of investment management, advice and products for retail, high-net-worth and institutional clients, primarily through Columbia Threadneedle, with revenues mainly based on managed asset balances.[17][48] Retirement & Protection Solutions includes variable annuities, payout annuities, life insurance and disability income insurance, generating revenue from fees, premiums and investment income on supporting assets.[49][8] Corporate & Other contains corporate-level assets and excess capital, unallocated corporate expenses, and closed blocks of long-term care, fixed annuity and fixed indexed annuity business.[50][51]
Using 2024 adjusted operating net revenues after the company’s intersegment revenue elimination, the approximate segment mix was 58% from Advice & Wealth Management, 19% from Asset Management, 20% from Retirement & Protection Solutions, and 3% from Corporate & Other.[36][52] On adjusted operating earnings, the mix was more concentrated in Advice & Wealth Management at about 73% of segment earnings, with Asset Management contributing about 21%, Retirement & Protection Solutions about 16%, and Corporate & Other reducing total earnings by about 10%.[53] [45][46][47][17][48][49][8][50][51][36][52][53]
Company history
Ameriprise Financial traces its origins to Investors Syndicate, which was founded in 1894 to provide face-amount certificates to consumers.[54][55] In 1983, American Express acquired IDS Financial Services from Alleghany Corporation, and the business was renamed American Express Financial Corporation; in 1994 it began marketing its products and services under the American Express brand.[54][56]
The company became independent in 2005, when American Express distributed its Ameriprise shares and the business was spun off as Ameriprise Financial, Inc.[56][57] James M. Cracchiolo has served as chairman and chief executive officer since 2005, providing continuity through the separation and the company’s next stage of growth.[58][59] After the spin-off, Ameriprise expanded its asset-management business through acquisitions, including the completion of the Columbia Management acquisition in May 2010; company materials also identify Threadneedle Asset Management as a significant acquisition in its longer-term development.[60][61] [54][56][58][60][55][57][59][61]
Sources
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