Ameriprise Financial

Ameriprise’s moat is primarily switching costs and brand/trust embedded in advisor‑client relationships, reinforced by a scaled, tech‑enabled advice platform and integrated product shelf (banking, annuities, active funds).

The firm’s 10,000+ advisor network and rising wrap penetration create persistency and cross‑sell that are hard for smaller RIAs to replicate at similar unit economics. Efficient scale in U.S. mass‑affluent advice, plus recognized service quality (J.D. Power certifications), underpin durability.

Offsets: fee compression from low‑cost platforms, advisor recruiting competition, and secular challenges in active asset management (periodic outflows). Net, we view an above‑average but not impregnable moat, with the advice franchise strengthening over time via technology and data.