Ameriprise Financial

Ameriprise benefits from perceived value in holistic planning and advice rather than pure price.

Advice fees and asset‑based economics have held up, evidenced by a 27 percent consolidated adjusted operating margin and 29 percent pretax margin in Advice & Wealth for Q2 2025. Still, headline fee rates face industry pressure from passive/robo options, custodial pricing, and scrutiny of advisor payouts.

Asset Management fee rates (~46 bps) are stable but net flows can fluctuate. We see moderate pricing power sustained by service quality and outcomes, more so than by product scarcity.