Ameriprise Financial (NYSE:AMP) Q3 2025 Earnings Call October 30, 2025 09:00 AM ET Company ParticipantsRyan Krueger - Managing DirectorDavid Giunta - Equity Research AssociateWilma Burdis - DirectorWalter Berman - EVP and CFOStephanie Rabe - SVP of Investor Relations and Mergers and AcquisitionsAlex Blostein - Managing DirectorSteven Chubak - Managing DirectorKarim Assef - Chairman of Global Investment BankingTom Gallagher - Senior Managing DirectorJim Cracchiolo - Chairman and CEOConference Call Participan ...

Financial Data and Key Metrics Changes - Ameriprise Financial reported adjusted operating EPS excluding unlocking increased by 12% to $9.92, with a strong margin of 27% across the firm [16][17] - Assets under management, administration, and advisement reached a record high of $1.7 trillion, up 8% year over year [5][17] - Adjusted operating net revenues excluding unlocking increased by 6% to $4.6 billion, driven by asset growth [16][17] Business Line Data and Key Metrics Changes - In Wealth Management, adjusted operating net revenues increased by 9% to $3 billion, with client assets growing to a record $1.1 trillion [19][20] - Wrap assets increased by 14% to $650 billion, with wrap flows of $30 billion over the past year [18][19] - Retirement and Protection Solutions reported pre-tax adjusted operating earnings of $200 million, reflecting strong interest earnings and higher equity markets [24] Market Data and Key Metrics Changes - Net outflows in asset management improved significantly to $3.4 billion, with retail flows benefiting from higher gross sales [23] - The company experienced solid interest in variable universal life and structured variable annuities, indicating strong demand in the market [9][24] Company Strategy and Development Direction - The company is focused on sustainable, profitable growth and enhancing its value proposition through investments in technology and advisor capabilities [7][12] - Ameriprise Financial is leveraging its bank to minimize the impact of Fed Funds rate reductions on its AWM business [22] - The launch of the Signature Wealth Platform is expected to attract new assets and improve client portfolio management [8][112] Management's Comments on Operating Environment and Future Outlook - Management noted a fluid operating environment with elevated inflation and interest rates, but emphasized the company's resilience and relevance [4][5] - The company is well-positioned for future challenges, supported by a diversified revenue mix and effective expense management [5][12] - Management expressed confidence in the company's ability to navigate market changes and maintain strong client satisfaction [12][15] Other Important Information - Ameriprise Financial returned $3.1 billion of capital to shareholders over the past 12 months, maintaining a strong capital return strategy [26] - The company has a strong balance sheet with excess capital of $2.2 billion and $2.5 billion of available liquidity [25][26] Q&A Session Summary Question: Can you comment on the Comerica relationship given the recent M&A? - Management expressed confidence in the relationship with Comerica, highlighting strong reviews from their executives and advisors [32][34] Question: Can you unpack what happened with the two large advisor teams that left? - Management indicated that the departures were one-off events and emphasized strong recruiting efforts, bringing in 90 new advisors [36][38] Question: Is the lower flow activity this year an indicator of market conditions? - Management suggested that the market is hot, but client engagement and transaction activity remain strong [40][41] Question: Do you see opportunities arising from potential over-leveraging in the market? - Management affirmed that downturns present opportunities, emphasizing the company's strong fundamentals and client satisfaction [43] Question: Can you provide an update on the Signature Wealth Platform rollout? - Management reported that the rollout is going well, with positive feedback from advisors and early success in attracting new assets [110][112]