Ameriprise Financial: High-ROE Wealth Manager Trading at a Discount Despite Record Results

Ameriprise Financial (AMP) closed at roughly $487 on February 26, 2026, after reporting record Q4 2025 results with adjusted EPS of $10.83—beating consensus estimates—and assets under management, administration, and advisement reaching a record $1.7 trillion. Since then, the stock has slid into the low $440s amid broader market weakness. Despite strong fundamentals, AMP trades at an undemanding valuation that fails to reflect the quality of its wealth management franchise and capital return machine.

The Wealth Management Engine

Ameriprise's Advice & Wealth Management segment delivered record pretax adjusted operating earnings of $926 million in Q4, up 13% year-over-year with a 29.3% margin. This isn't a one-quarter blip—it represents the culmination of a decade-long transformation into a wealth management-led powerhouse.

The numbers tell a productivity story. Total client assets increased 13%...