Core Insights - Ameriprise Financial has grown to nearly $23 billion in assets, aiming to deepen client relationships and contribute to stable earnings through new offerings like checking accounts and home equity lines of credit [1] - The company's approach in wealth management is framed as a "stewardship model," focusing on profitability, efficiency, and risk management while maintaining talent [2] - Ameriprise has rebuilt its bank post-2012 to service clients better and create stable earnings, currently at its lowest exposure to short-term interest rates with about $7 billion in off-balance sheet cash [4] Business Model and Strategy - The integrated business model of Ameriprise includes wealth management, asset management, and insurance, designed to work together rather than as standalone units [6] - Advisor growth is a key driver of net new assets, with the company adding 91 advisors in the last quarter and targeting a long-term average growth of about 4% in net new assets [7] - The company is investing in its remote, team-based model for advisor growth and succession planning, focusing on attracting higher-value advisors and affluent clients [9] Financial Performance and Capital Management - Ameriprise has a strong capital and liquidity position, returning 88% of capital to shareholders through dividends and buybacks in 2025, with a target of 85% to 90% returns [16] - The asset management business has about 15% to 17% participation in the wealth network, with ongoing efforts to improve performance and return to positive net flows [14][13] - Insurance, which represented about 80% of profitability in 2005, now accounts for about 15%, but remains strategically important for stable cash flows [15] Product and Service Development - The "Signature Wealth" initiative aims to combine wealth and asset management capabilities for more efficient client management, launching 38 new SMAs [12] - The firm has attracted nearly $45 billion into third-party money market funds and CDs, indicating potential for cash redeployment as rates decline [10] - Ameriprise's asset management platform has launched active ETFs and interval funds, with expectations for growth in discretionary areas through Signature Wealth [13]