Overview
Ameriprise Financial Services, LLC is a leading American diversified financial services company, headquartered in Minneapolis, Minnesota. Established in 1894 by John Tappan, Ameriprise has grown into a prominent entity in the financial planning and advisory services domain. As a public company listed on the NYSE under the ticker AMP and a component of the S&P 500, it ranks among the top financial advisor companies globally, with a dedicated network of over 10,000 advisors worldwide. Ameriprise offers a comprehensive suite of services that includes wealth management, asset management, insurance, annuities, and estate planning.
Financial Performance
In 2024, Ameriprise Financial demonstrated strong financial health with reported revenue of US$17.26 billion, an operating income of US$5.258 billion, and a net income of US$3.401 billion. The company managed assets totaling US$1.171 trillion and had total assets of US$181.4 billion with an equity of US$5.228 billion. A significant portion of the revenue, exceeding 80%, is attributed to its wealth management services.
Subsidiaries and Operations
Ameriprise operates under several notable brands, including Columbia Threadneedle Investments, its asset management arm offering a wide array of investment products and services, and RiverSource Life Insurance Company. The company employs over 13,600 individuals as of 2024 and runs Ameriprise Bank, FSB, providing consumer banking and lending products along with personal trust services.
Leadership
The leadership team is spearheaded by James M. Cracchiolo, Chairman and Chief Executive Officer of Ameriprise Financial. Supporting him are key executives such as Walter S. Berman, Executive Vice President and Chief Financial Officer, and William Davies, Global Chief Investment Officer of Columbia Threadneedle Investments. This team is responsible for setting strategic direction and ensuring the operational effectiveness of the company.
Growth and Acquisitions
Ameriprise has a rich history of strategic expansions and acquisitions. Notably, in 2010, it acquired Columbia Management from Bank of America for US$1 billion. More recently, the company divested its Auto & Home Insurance division to American Family Insurance for US$1.05 billion in 2019. The firm's growth strategy continued with the integration of the Phoenix Wealth Management team, bringing over US$450 million in assets in May 2022.
Industry Standing
Ameriprise is established as a top-tier financial planning company in the United States and is recognized as one of the world's 25 largest asset managers. In the U.S., it ranks as the 9th largest independent broker-dealer by assets under management and the 8th in long-term mutual fund assets. The company consistently earns high ratings in the investment industry for its client-focused approach and award-winning service quality.
Technological Adaptation
Ameriprise has invested significantly in digital tools and platforms to enhance client experiences through innovative solutions and improved service delivery efficiency. This investment supports streamlined interactions and better advisory services.
Organizational Initiatives and Market Position
Ameriprise focuses on expanding its advisory network, enhancing digital capabilities, and maintaining its competitive edge through strategic partnerships and alliances. These initiatives underscore a commitment to growth and innovation, aligning with their long-term strategic goals.
By focusing on its strong market position, outstanding financial results, and strategic growth initiatives, Ameriprise Financial Services, LLC exemplifies robust leadership and an effective service model that consistently meet the needs of affluent clients seeking personalized financial planning and advisory services.
