AMERIPRISE FINANCIAL INC AMP

Removed from 2025

• Pay for Performance Highlights
• ​ What to look for: ​ ​ ​ Where to find it: ​ ​ Compensation program objectives ​ ​ ​ “Our Executive Compensation Structure and Pay Mix is Aligned with Stakeholders’ Interests” on page 47.
• ​ ​ NEO Pay determinations based on performance criteria that use weighted, pre-set objectives ​ ​ ​ “We Have a Disciplined, Quantitative and Objective Approach to Determining Compensation Awards” on page 48.
• ​ ​ Financial performance is the highest weighted input for assessments ​ ​ ​ “2024 Financial Performance and Business and Strategic Assessments” on pages 49 to 51.
• ​ ​ Disclosure of actual performance of historical incentive awards ​ ​ ​ “2024 Financial Performance Assessment” on page 49 and “2022-2024 PSU Award Earnout (Granted Jan.
• 2022)” on page 60.
• 2024 Financial and Metric Performance
• TABLE OF CONTENTS​
• Ameriprise is led by a highly capable, collaborative, experienced management team that has delivered sustained outperformance and strong results for clients, shareholders, financial advisors and employees.
• Our thoughtful compensation approach takes into account:
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• blacklining:none; Experience, impact and capability of each executive
• blacklining:none; Tenure, Experience & Consistency of Executive Leadership Team — 40% of our current executive leadership team have led the Company’s success together as members of the executive leadership team since spin-off.
• blacklining:none; Extraordinary Results — Ameriprise has consistently delivered strong results for our clients, shareholders, financial advisors and employees across market cycles.
• ​ ​ ​ ​ ​ ​ ​ James M.
• Cracchiolo Chairman and Chief Executive Officer ​ ​ Joseph E.
• Truscott Chief Executive Officer, Global Asset Management ​ ​ ​ ​
• The Compensation and Benefits Committee (the “Committee”), along with its independent executive compensation consultant, Semler Brossy, conducts an annual review of our external peer group.
• For 2024, the Committee removed Lincoln Financial from our peer group as it no longer represented an appropriate match due to the differences in the size, scale and scope of the Ameriprise business.
• ​ Peer Group ​ ​ Asset Management ​ ​ Advice & Wealth Management ​ ​ Retirement & Protection Solutions ​ ​ BlackRock The Carlyle Group Jefferies Financial Group Invesco T.
• Rowe Price ​ ​ Bank of New York Mellon Charles Schwab Morgan Stanley Raymond James State Street U.S. Bancorp ​ ​ Aflac Principal Financial Prudential Financial ​
• Annually, Semler Brossy provides a comprehensive analysis and expert advice on our compensation strategy.
• The long-term incentive award target range has increased from $12 – $16 million to $14 – $19 million (not subject to leverage).
• In 2024, executive and senior leaders, including, in certain cases, our Presiding Director, met with or heard from shareholders representing approximately one-third of outstanding shares to discuss governance and compensation-related matters.
• Our Executive Compensation Structure and Pay Mix is Aligned with Stakeholders’ Interests Our executive pay structure is aligned to our performance and our shareholders’ and clients’ interests with a significant portion of pay for all executives in variable or “at risk” compensation.
• Further, the majority of our incentive pay is delivered in long-term incentives, half of which are delivered in PSUs, which are further deferred and payouts contingent upon 3-year adjusted return on equity, adjusted earnings per share and total shareholder return achievement.
• The vesting schedule for our long-term incentive programs is three years, which is market aligned.
• The goals for 2024 continue to provide for a 100% earnout for meeting the annual business plan, with upside and downside based on actual performance relative to plan.
• For the 2024 performance period, the Committee adjusted for equity market performance above the pre-established ranges as well as severance and severance program related expenses associated with the Company’s business transformation initiatives to improve operational efficiency and effectiveness, which is reflected in the 2024 targets below.
• ​ Ameriprise Financial 2025 Proxy Statement | 49
• ​ Drive continued profitable growth in Advice & Wealth Management ​ ​ • blacklining:none; Continued to successfully deliver our exceptional and differentiated client experience centered on goal-based advice; consistently earning 4.9/5 in overall client satisfaction ​ • blacklining:none; Delivered strong growth in client assets to a record $1,029 billion, up 14% ​ • blacklining:none; Generated strong and profitable growth with total client flows of $35 billion; grew wrap business to $574 billion, and generated a 37% increase in investment advisory wrap net flows ​ • blacklining:none; Continued to evolve our Wealth Management product solution set to meet client needs, including within our fee-based investment advisory platform, the expansion of our active exchange-traded fund (“ETF”) program and brokered certificates.
• Generated strong transactional activity, up 18% with growth across all product areas ​ • blacklining:none; Grew Ameriprise Bank and expanded our cash and banking products; FSB total assets grew to more than $23.6 billion at year end ​ • blacklining:none; Generated record advisor productivity of $1.0 million in adjusted operating net revenue per advisor, up 13% ​ • blacklining:none; Continued to invest in and develop leading technology capabilities within our integrated advisor technology suite to help advisors grow their practices and support the Ameriprise client experience ​ • blacklining:none; Grew advisor base through continued high advisor satisfaction, continued experienced advisor recruiting, novice hiring and expansion of our financial institutions channel.
• Earned J.D.
• Power certification for providing an “outstanding customer service experience” for clients (first time recognized in this category) and for advisors (sixth consecutive year) ​ ​
• ​ Navigate industry headwinds to drive growth and profitability in Global Asset Management ​ ​ • blacklining:none; Successfully navigated industry challenges for active managers while effectively serving clients; grew assets under management and advisement (“AUM-A”) to $681 billion, improved strong margin and grew segment earnings by 28% ​ • blacklining:none; Generated strong investment performance across asset classes and time frames with nearly 70% of Columbia and Threadneedle funds delivering above median performance for 1- and 3-year time periods, and 80% or more above median for 5- and 10-years.
• Ended the year with 108 4- and 5-star Morningstar-rated funds globally, reflecting the breadth and strength of investment capabilities across equity, fixed income and asset allocation strategies ​ • blacklining:none; Grew gross sales in North America and EMEA and generated net flows rates that were largely consistent with active peers ​ • blacklining:none; Successfully completed two years of significant global transformation to simplify and right size the business and re-engineer processes to better meet client needs, reduce costs, increase operating efficiency and support longer-term growth priorities ​ • blacklining:none; Established the foundation for growth of the global business by focusing and further strengthening our alternative capabilities and expanding choice of investment vehicles clients can use to access investment capabilities to complement legacy mutual fund business ​ ​
• ​ Prudently grow and manage profitability of Retirement & Protection Solutions ​ ​ • blacklining:none; Strong growth in Wealth Management led to increased sales for the business, with variable annuity cash sales increasing 26% driven by strong growth in our structured annuity, and variable universal life insurance sales increasing 22% ​ • blacklining:none; Successfully engaged Ameriprise advisors via our Four Core Solution framework and increased engagement with more investment-focused advisors ​ • blacklining:none; Continued to deliver strong financial returns and free cash flow with a differentiated risk profile ​ • blacklining:none; Continued to develop advanced analytics and other tools to increase efficiency, including our successful accelerated underwriting model ​ • blacklining:none; Modernized, simplified and automated processes to improve service experience for clients and advisors ​ ​
• ​ Invest for growth and re-engineer ​ ​ • blacklining:none; Continued to invest significantly to meet client needs and grow the business, including more than $300 million to support strategic priorities such as the development of new investment solutions, enhanced operations and infrastructure (example cloud infrastructure), compliance and cybersecurity ​ • blacklining:none; Continued to re-engineer and enhance operating models to drive greater efficiency and fund growth investments, including achieving more than $210 million in re-engineering expense savings — including process redesign, optimizing offshoring and outsourcing, increasing use of intelligent automation ​ • blacklining:none; Continued to adapt appropriately to evolving global regulatory landscape ​ ​
• ​ Attract, engage, retain and develop talent ​ ​ • blacklining:none; Employee engagement remained strong at 84% favorable in our annual survey, with 88% favorable for leadership excellence; Ameriprise continued to outperform our financial services and general industry benchmarks ​ • blacklining:none; Continued to achieve excellent retention of high-performing employees at 95% ​ • blacklining:none; Continued to manage our business responsibly and remained focused on the interests of all stakeholders — recognized as among Forbes’ America’s Best Companies for 2025, earned recognition as a Best Place to work on the 2024 Disability Equality Index and as a military-friendly employer, and continued to earn an MSCI A rating ​ • blacklining:none; Executed our philanthropic priorities and supported our communities across the globe through giving, volunteerism and non-profit engagement.
• Contributed more than $18 million in corporate donations, individual giving and gift matching and engaged employees and advisors in local volunteer opportunities.
• Our support extends to nonprofits that support meeting basic needs, cultural enrichment and community vitality.
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• ​ ​ ​ ​ ​ Overall Business and Strategic Assessment​ ​ ​ 4.2 Exceeded Expectations ​
• ​ Time Period ​ ​ Ameriprise ​ ​ S&P 500 Financials Index ​ ​ S&P 500 Index ​ ​ 1 – Year ​ ​ 42% ​ ​ 31% ​ ​ 25% ​ ​ 3 – Year ​ ​ 85% ​ ​ 31% ​ ​ 29% ​ ​ 5 – Year ​ ​ 250% ​ ​ 73% ​ ​ 97% ​ ​ Since Spin-off ​ ​ 2,089% ​ ​ 202% ​ ​ 597% ​
• Mr. Cracchiolo’s target LTIA opportunity has increased compared to his 2023 performance year opportunity.
• Following the 2024 assessment of the competitiveness of Mr. Cracchiolo’s target pay, the Compensation and Benefits Committee determined that an increase to his LTIA target (and range) was both warranted and appropriate.
• His long-term incentive award target range has increased from $12 – $16 million to $14 – $19 million (not subject to leverage).
• The actual LTIA Award is determined on both the formulaic assessment results and Mr. Cracchiolo’s demonstrated leadership impact on the Company’s business and financial results each year.
• This decision reflects the Committee’s commitment to ensuring his target pay appropriately reflects Mr. Cracchiolo’s longstanding, exemplary leadership, consistently outstanding results compared to peers, commitment to the firm and shareholders, and our desire for his continued leadership in the coming years.
• ​ James M.
• Cracchiolo Chairman and Chief Executive Officer ​ ​ ​ 2024 Compensation Decisions ($ in thousands)​ ​ ​ ​ Responsibilities: ​ ​ Base Salary ​ ​ $1,250 ​ ​ ​ Mr. Cracchiolo is the Chairman and CEO of Ameriprise Financial.
• He sets the vision and strategy for the Company and ensures strong execution across our global organization to generate shareholder value.
• He is also responsible for fostering effective board governance and defining and reinforcing our culture, talent, and organizational effectiveness.
• ​ ​ Annual Cash Incentive ​ ​ $8,500 ​ ​ ​ Long-Term Incentive Award ​ ​ $19,000 ​ ​ ​ Total Direct Compensation ​ ​ $28,750 ​ ​
• ​ Summary of 2024 Key Achievements and Compensation-Related Considerations ​ ​ Mr. Cracchiolo provided exemplary and essential leadership and continued to grow and evolve the business and deliver strong results again in 2024.
• Through his vision and oversight of the Company’s strategy and execution, Ameriprise continued to generate superior shareholder value with significant financial and strong metric results, while expertly navigating a fluid operating environment.
• Under Mr. Cracchiolo’s leadership, the Company remained focused on its strategy, made significant investments for future growth, served clients extremely well, and continued to improve organizational efficiency and effectiveness.
• In addition, he continued to reinforce the Company’s culture and values, maintain strong employee engagement and organizational effectiveness while ensuring effective risk management.
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• ​ Financial Performance ​ ​ • blacklining:none; Set new highs for adjusted operating net revenues, earnings and earnings per diluted share, as well as best-in-class return on equity, building off a record 2023 and reflecting successful navigation in a rapidly evolving market and regulatory environment ​ ​ ​ • blacklining:none; Significantly outperformed the total shareholder return of peers and market indices in 2024 — far outpacing the S&P 500 Financials Index ​ ​ ​ • blacklining:none; Strong outperformance in 2024 was consistent with outperformance over many years and helped Ameriprise reinforce its position as delivering the No. 1 total shareholder return within the S&P 500 Financials Index since our spin-off in 2005 through December 31, 2024 ​ ​ ​ ​ ​ Note: Figures exclude annual unlocking.
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• ​ Business and Strategic Performance ​ ​ Led Company strategy and orchestrated execution to deliver strong results against our annual plan while advancing our long-term growth objectives: • blacklining:none; Drove continued profitable growth and performance in Advice & Wealth Management (“AWM”) by investing in and delivering our Ameriprise client experience to drive client engagement and goal-based advice.
• Drove AWM client assets to $1 trillion (up 14%), $35 billion in client net flows and $33 billion in wrap net flows ​ • blacklining:none; Generated record advisor productivity of $1.0 million in adjusted operating net revenue per advisor, up 13% ​ • blacklining:none; Continued to invest in and develop leading technology capabilities within our integrated advisor technology suite to help advisors grow their practices and support the Ameriprise client experience ​ • blacklining:none; Continued to evolve our Wealth Management product solution set to meet client needs, including within our fee-based investment advisory platform, the expansion of our active ETF program and brokered certificates, and growth of our cash and banking products through Ameriprise Bank, FSB ​ • blacklining:none; Served more clients’ needs and continued to enhance flagship products and introduce operational efficiencies to deliver best-in-class service experience for clients and advisors ​ • blacklining:none; Continued to grow the Retirement & Protection Solutions business, while managing risk well and generating significant free cash flow ​ • blacklining:none; In Asset Management, profitably grew the business with 28% growth in earnings while effectively serving clients and navigating industry headwinds.
• Complemented legacy mutual fund business by expanding ETFs and separately managed accounts (“SMAs”) while strategically adjusting Alternatives capabilities ​ • blacklining:none; Delivered strong short- and longer-term investment performance.
• Recognized with 108 four- and five-star Morningstar rated funds globally ​ • blacklining:none; Continued to invest significantly to meet client needs and grow the business, including more than $300 million to support strategic priorities such as the development of new investment solutions, enhanced operations and infrastructure (i.e. cloud infrastructure), compliance and cybersecurity ​ • blacklining:none; Drove global transformation efforts, resulting in $210M in cost savings, further simplified the business, increased automation and better utilization of our geographic footprint to improve efficiency and set a strong foundation for future business growth ​ • blacklining:none; Demonstrated excellent balance sheet fundamentals, including differentiated capital return, strong liquidity and excess capital, effective hedging in a dynamic market environment, and a high-quality, AA-rated investment portfolio ​ ​ ​ ​ ​ ​ Fostered innovation, executional excellence and organizational effectiveness through a performance-driven culture focused on care, collaboration and inclusion: • blacklining:none; Excellent employee engagement of 84% — consistently outperforming industry peers and benchmarks ​ • blacklining:none; Strong high-performer retention rate of 95% and a comprehensive peer-based recognition program ​ • blacklining:none; Recognized as an employer of choice: 2024 Military Friendly Employer (11th consecutive year), 2024 Disability Equality Index (4th consecutive year) and 2024 “The Great Place to Work” India ​ • blacklining:none; Advanced our Corporate Social Responsibility reporting with a continued focus on governance and controls to meet the Company’s regulatory obligations and maintain strong shareholder engagement.
• Earned competitive sustainability ratings and rankings from third-party research firms and other organizations, including MSCI and ISS ​ • blacklining:none; Sustained our legacy in community giving, volunteerism and nonprofit engagement.
• Together with our people, Ameriprise contributed more than $18 million in corporate donations, individual giving and gift matching, and 50,000 volunteer hours in support of more than 7,800 nonprofits ​ ​
• ​ ​ ​ ​ Demonstrated longstanding dedication and commitment as a leader of Ameriprise Financial: • blacklining:none; Consistency and continuity of leadership, leading our firm for 25 years as chief executive officer ​ • blacklining:none; Provided differentiated leadership by fostering a culture of critical thinking, collaboration, innovation and organizational effectiveness to ensure the Company continues to evolve and adjust to meet and exceed client needs and differentiate among competitors ​ • blacklining:none; Assembled and motivated experienced and long-tenured management team to navigate global complexities and drive results and share accountability through trusted relationships ​ ​ ​ ​ ​ ​ Achieved excellent recognition for our strong performance in serving clients, shareholders and employees: • blacklining:none; Named one of the World’s Best Companies 2024 by TIME ​ • blacklining:none; Recognized as one of America’s Most Responsible Companies 2025 by Newsweek ​ • blacklining:none; Named one of America’s Best Companies 2025 by Forbes ​ • blacklining:none; Recognized by J.D.
• Power for providing “an outstanding customer service experience” for phone support for advisors (6th consecutive year) and for clients (1st time recognized in this category) ​ • blacklining:none; Client Satisfaction ratings of 4.9 / 5.0 ​ ​
• ​ Walter S.
• Berman​ Executive Vice President, Chief Financial Officer ​ ​ ​ 2024 Compensation Decisions ($ in thousands)​ ​ ​ ​ Responsibilities: ​ ​ Base Salary ​ ​ $675 ​ ​ ​ Mr. Berman is responsible for shareholder value creation by generating sustainable financial growth and effective and proactive management and oversite of the balance sheet and ERM process.
• He provides the financial community with a thorough understanding of the Company’s value proposition and ensures the integrity of our data and reporting.
• ​ ​ Annual Cash Incentive ​ ​ $3,325 ​ ​ ​ Long-Term Incentive Award ​ ​ $5,000 ​ ​ ​ Total Direct Compensation ​ ​ $9,000 ​ ​
• ​ Summary of 2024 Key Achievements and Compensation-Related Considerations ​ ​ Provided outstanding leadership and financial stewardship as CFO and continued to fortify the Company’s excellent foundation, which contributed to Ameriprise exceeding all financial objectives.
• Achieved record metric, operating and balance sheet performance, which contributed to generation of strong TSR growth of 42% in 2024, substantially higher than our proxy peers.
• ​ ​ Business and Strategic Performance ​ ​ • blacklining:none; Maintained the Company’s focus on profitable growth, leading to Ameriprise delivering record operating performance in net revenues, earnings, earnings per share and operating margin along with strong balance sheet liquidity and capital fundamentals ​ • blacklining:none; In conjunction with business leaders, executed on strategic actions, which enhanced the Company’s business mix ​ – blacklining:none; Delivered strong growth and performance of Advice & Wealth Management across segment financials, including $35 billion in client flows, 13% increase in advisor productivity and growth of Bank to $23.6 billion in assets ​ – blacklining:none; Achieved growth in Retirement & Protection Solutions by delivering key product enhancements, partnering closely with Advice & Wealth Management while managing risk and generating strong free cash flow ​ – blacklining:none; Profitably grew Global Asset Management during a year of industry headwinds, while simplifying the business model and managing expenses to position the segment for future growth ​ • blacklining:none; Integrally involved in the Company’s investment of more than $300 million to support strategic business growth that advanced our capabilities and elevated our value proposition to meet the needs of clients and shareholders in a rapidly evolving regulatory environment ​ • blacklining:none; Led re-engineering and operational efficiency efforts across the firm to evolve business processes and prudently manage expenses, delivering results of $210 million in expense savings ​ • blacklining:none; Proactively managed core balance sheet and Enterprise Risk Management fundamentals ​ • blacklining:none; Improved operating capital position with excess capital at $2 billion and returned to shareholders $2.8 billion or approximately 80% of 2024 adjusted operating earnings ​ • blacklining:none; Successfully managed significant regulatory, rating agency and accounting changes ​ • blacklining:none; Partnered with all business units and staff functions to set targets and build strong plans with comprehensive measurement to ensure organic growth and expense discipline ​ • blacklining:none; Drove efforts across the firm to further leverage and expand our complementary and integrated business model ​ ​
• ​ William F.
• Truscott Chief Executive Officer, Global Asset Management ​ ​ ​ 2024 Compensation Decisions ($ in thousands) ​ ​ ​ Responsibilities: ​ ​ Base Salary ​ ​ $675 ​ ​ ​ Mr. Truscott is the CEO for Global Asset Management — leading our global asset management business that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.
• ​ ​ Annual Cash Incentive ​ ​ $3,040 ​ ​ ​ Long-Term Incentive Award ​ ​ $4,300 ​ ​ ​ Total Direct Compensation ​ ​ $8,015 ​ ​