Huntington Taps Ameriprise in $28B Wealth Management Overhaul

COLUMBUS, Ohio & MINNEAPOLIS, MN – February 04, 2026 – In a landmark move signaling a significant strategic shift in the regional banking sector, Huntington National Bank announced today it has selected Ameriprise Financial as its new retail investment program provider. The partnership will see Huntington transition its retail brokerage, investment advisory, and insurance services—currently managed in-house by Huntington Financial Advisors®—to the robust platform of the Ameriprise Financial Institutions Group (AFIG).

The agreement affects approximately 260 financial advisors and nearly $28 billion in combined advisory, brokerage, and insurance assets. This decision places Huntington among the largest banks to outsource its broker-dealer operations, a move that underscores a growing industry trend aimed at leveraging specialized expertise to drive growth and enhance technological capabilities.

A Strategic Shift in Wealth Management

Huntington's decision to partner with Ameriprise is not happening in a vacuum. It reflects a broader strategic pivot within the financial services industry, where regional banks are increasingly looking to external partners to modernize their wealth management offerings. Faced with mounting pressure from nimble fintech competitors, rising operational costs, and the relentless pace of technological change, banks are re-evaluating the traditional in-house model.

By outsourcing its retail investment infrastructure, Huntington aims to plug directly into Ameriprise's established, best-in-class platform. This provides immediate access to integrated technology and a wider array of investment solutions without the immense capital expenditure and time required to build comparable systems from scratch. As stated by Jay McAnelly, Group Vice President of the Ameriprise Financial Institutions Group, the relationship with Huntington is a “clear signal that our platform is resonating in the marketplace.”

The competitive landscape for institutional partnerships is heating up. Firms like LPL Financial and Osaic are also actively courting banks and credit unions. Osaic’s recent acquisition of Atria Wealth Solutions and its deal with Navy Federal Investment Services highlight the intense competition to become the go-to provider for financial institutions seeking to scale their wealth services. For Ameriprise, which already has a significant partnership with Comerica, securing the Huntington deal is a major victory that solidifies its position as a premier player in this space.

“As we look to the future, we are focused on driving sustainable growth, and this is the next bold step on our journey,” said Melissa Holding, Director of Wealth Management at Huntington. “This strategic relationship with Ameriprise positions us for continued success and reinforces our unwavering commitment to our people, customers and culture.”

Empowering Advisors with a New Arsenal

At the heart of this transition are the 260 financial advisors who form the core of Huntington Financial Advisors. According to the agreement, these advisors will remain affiliated with Huntington Bank but will now operate on the Ameriprise platform. This hybrid approach allows Huntington to retain its client-facing talent and brand identity while supercharging its advisors' capabilities.

The partnership promises to equip these advisors with what Huntington’s Melissa Holding calls “cutting-edge technology, digital tools and premium solutions.” For advisors, this means access to Ameriprise’s integrated technology suite, sophisticated financial planning software, and a broader shelf of investment products. The goal is to enable them to work more efficiently, deepen client relationships, and deliver more comprehensive advice.

Ameriprise has a well-documented history of managing such transitions. The company touts a “proven, customizable transition process” that includes dedicated support teams to assist with everything from transferring FINRA registrations to migrating client accounts. While the firms have declined to provide a specific timeline for the full integration, the process for a transition of this scale is inherently complex. It involves meticulous data migration, extensive training on the new platform, and a carefully orchestrated communication strategy to ensure both advisors and their clients are fully supported.

“We look forward to supporting Huntington’s advisors and customers with our advanced technology, robust financial planning capabilities and scalable solutions,” noted Pat O’Connell, Executive Vice President at Ameriprise. This focus on advisor support is critical for retaining top talent and ensuring a seamless experience during a period of significant change.

The Client Experience in an Evolving Market

Ultimately, the success of this partnership will be measured by its impact on Huntington’s wealth management clients. The stated objective is to enhance the client experience by providing more personalized and sophisticated financial advice. By freeing advisors from potential technological or administrative constraints, the bank hopes they will have more time to focus on what matters most: understanding and serving their clients' needs.

Clients will gain indirect access to Ameriprise’s extensive resources, including its global asset management capabilities and diverse investment solutions. This could mean a broader range of options for their portfolios and more advanced tools for tracking their financial progress. However, any large-scale platform migration carries inherent risks of disruption. The process of transferring nearly $28 billion in assets involves immense logistical and technical challenges, from ensuring data integrity to re-papering accounts where necessary.

Clear and consistent communication will be paramount to maintaining client trust. The transition will require careful management to ensure that clients understand the changes, feel their assets are secure, and continue to receive the high level of service they expect. The long-term success of the partnership hinges on delivering a demonstrably better and more comprehensive wealth management experience that justifies the operational upheaval.

Navigating the Financial and Regulatory Landscape

For Ameriprise, the deal is a significant financial and strategic win. The announcement comes on the heels of strong performance, with the company’s stock seeing a notable uptick following impressive Q4 2025 earnings that surpassed analyst expectations. The addition of Huntington’s $28 billion in assets significantly expands AFIG’s footprint and provides a powerful endorsement of its institutional strategy.

Huntington, meanwhile, is making a calculated bet that outsourcing will drive future growth and profitability in its wealth division. While specific financial terms of the revenue-sharing agreement were not disclosed, the move aligns with a broader strategy to optimize operations. Analysts have maintained a positive outlook on Huntington, citing its strong franchise growth and potential for margin expansion.

The transaction is not without its complexities. The press release itself contains forward-looking statements acknowledging that the deal must satisfy closing conditions, including potential review by governmental entities. The transition will be subject to oversight from multiple regulatory bodies, including FINRA for the brokerage operations, the SEC for investment advisory services, and various state insurance departments. Navigating this intricate regulatory web will be a critical part of the integration process, requiring meticulous planning and execution to ensure full compliance.

As the integration gets underway, the financial industry will be watching closely. This high-profile partnership between a major regional bank and a wealth management powerhouse could set a new precedent, providing a compelling model for how financial institutions can adapt, compete, and thrive in an increasingly complex market.