Ameriprise Financial Inc

Strong quarter delivered; continued top-line and EPS growth - Revenues +13% YoY to ~$4.9B driven by asset growth and client adviser engagement, with a good mix of fee, transaction and spread-based businesses. - Adjusted operating earnings +14% YoY to ~$1.0B; pretax adjusted operating margin ~27%. - Adjusted EPS +22% YoY to $11.07. - ROE remains best-in-class at 55% (up from 51.5% a year ago).

Assets and productivity strong, with record wrap and adviser efficiency (good) - AUA/AUM/AUA+advisement (assets under management & administration & advisement): +$14% to ~$1.8T. - Total client assets +15% YoY to ~$1.2T; wrap assets +19% to ~$732B (new record). - Adviser productivity +12% YoY to ~$1.2M (new record), supported by platform + service + tech. - AI deployment is gaining traction: ~6,000 advisers already using AI insights/capabilities, and management cited time savings (e-meeting automation 10–20 hrs/week, summarization 5–10 hrs/week, copilotpremium ~2.5 hrs/week), supporting improved engagement/productivity.

Cash flow and client flows: robust wrap growth but weaker “total flows” explained (mixed/bad) - In 2Q, total client flows were impacted by: - Comerica adviser transitions (inorganic activity headwind), and - higher seasonal tax payments. - Despite that, management says organic/normalized flows improved sequentially, but remain below historic normal range due to market recruiting intensity and these one-off/transition impacts. - Wrap flows were described as robust, while total flows were softer—investors should focus on the distinction.