Joseph E. Sweeney
President, Advice & Wealth Management Products and Service Delivery at 
AMERIPRISE FINANCIAL
AMERIPRISE FINANCIALExecutive
About Joseph E. Sweeney
Joseph E. Sweeney (63) is President, Advice & Wealth Management (AWM), Products and Service Delivery at Ameriprise Financial, a role he has held since June 2012 following senior leadership roles at Ameriprise and American Express dating back to 2001 . He oversees brokerage and managed products, retail retirement, Ameriprise Bank, cash and certificates, personal trust, credit card and lending, supervision/risk, service delivery and clearing operations, the Advisor Center and India operations . Company performance under the executive team includes record adjusted operating net revenues, earnings and EPS in 2024 and a No. 1 total shareholder return (TSR) within the S&P 500 Financials Index since the 2005 spin-off (e.g., 1yr 42%, 3yr 85%, 5yr 250%) . Sweeney also serves on the boards of the Securities Industry and Financial Markets Association and the American Securities Association, underscoring deep industry engagement .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ameriprise Financial (AEFC pre-spin) | President – Advice & Wealth Management, Products & Services | 2009–2012 | Led product and services platform evolution ahead of current AWM mandate . |
| Ameriprise Financial (AEFC) | President – Financial Planning, Products & Services | 2005–2009 | Integrated planning and product strategy to support advice-led growth . |
| AEFC (Ameriprise predecessor under AmEx) | SVP & GM – Banking, Brokerage & Managed Products | Since Apr 2002 | Scaled core retail investment/managed solutions infrastructure . |
| American Express | SVP & Head – Business Transformation, Global Financial Services | Mar 2001–Apr 2002 | Led transformation initiatives across global financial services . |
External Roles
| Organization | Role |
|---|---|
| Securities Industry and Financial Markets Association (SIFMA) | Director |
| American Securities Association | Director |
Fixed Compensation
Multi-year “Total Direct Compensation” decisions (performance-year basis)
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $600,000 | $600,000 | $644,233 |
| Annual Cash Incentive | $1,950,000 | $2,040,000 | $2,380,000 |
| Long-Term Incentive Awards (grant-date value/PSU target) | $2,500,000 | $2,575,000 | $3,000,000 |
| Total Direct Compensation | $5,050,000 | $5,215,000 | $6,024,233 |
Performance Compensation
- Annual Incentive structure and outcomes (Company-wide framework for NEOs):
- Weightings: Financial Performance 70%; Business & Strategic Performance 30% .
- 2024 results: Overall Score 4.8 “Distinguished”; Executive AIA funding at 170% of target; Business & Strategic assessment 4.2 “Exceeded Expectations.” Sweeney’s award determined within the funded pool based on individual and business unit achievements .
- Long-term incentives:
- Mix/vesting: PSUs (3-year cliff); RSUs and non-qualified stock options vest pro rata over 3 years; options have 10-year terms .
- PSU metrics: 3-year adjusted ROE, adjusted EPS and TSR; half of long-term incentives delivered in PSUs to reinforce long-term alignment .
Performance mechanics summary
| Component | Weighting | Target | Actual/Outcome | Payout factor | Vesting/Term |
|---|---|---|---|---|---|
| Financial Performance (composite) | 70% | Not disclosed | Contributed to Overall 4.8 “Distinguished” | 170% of target funding | N/A |
| Business & Strategic Performance | 30% | Not disclosed | 4.2 “Exceeded Expectations” | Included in 170% funding | N/A |
| PSUs | N/A | 3-yr targets (Adj. ROE, Adj. EPS, TSR) | Not disclosed (rolling cycles) | Not disclosed | 3-year cliff |
| RSUs | N/A | Time-based | N/A | N/A | Pro rata over 3 yrs |
| Stock Options | N/A | Time-based | N/A | N/A | Pro rata over 3 yrs; 10-yr term |
Equity Ownership & Alignment
Beneficial ownership (as of March 3, 2025)
| Item | Amount |
|---|---|
| Shares owned | 4,204 |
| Right to acquire (within 60 days, options) | 40,926 |
| DSUs and RSUs (no voting rights) | 4,442 |
| Total beneficial ownership plus DSUs/RSUs | 49,572 |
| Plan shares in employee plan accounts | 294 |
| Ownership as % of shares outstanding | <1% |
| Hedging/Pledging | Executive officers prohibited from hedging/pledging; none of the shares held by directors or executive officers are subject to any pledge |
| Stock ownership guidelines (executives) | 4x base salary for NEOs (10x for CEO) |
Employment Terms
Vested balances and potential payments (assumes termination on Dec 31, 2024)
- Vested plan balances payable upon termination for any reason: Retirement Plan $983,202; 401(k) $2,477,997; Supplemental Retirement Plan $3,719,084; Deferred Compensation Plan $2,288,729; Total $9,469,012 .
Potential payments by scenario
| Component (USD) | Voluntary/Retirement | For Cause | Involuntary Not for Cause | Involuntary/Good Reason post-CiC | Disability | Death |
|---|---|---|---|---|---|---|
| Severance benefit | — | — | $4,160,000 | $8,320,000 | — | — |
| Annual Cash Incentive payment | $2,380,000 | — | $2,380,000 | $1,995,000 | $2,380,000 | $2,380,000 |
| Accelerated vesting – PSUs | — | — | — | $3,836,158 | $3,836,158 | $3,836,158 |
| Accelerated vesting – Options | — | — | — | $1,952,675 | $1,952,675 | $1,952,675 |
| Accelerated vesting – RSUs | — | — | — | $1,994,483 | $1,994,483 | $1,994,483 |
| Continued SRP contributions | — | — | — | $718,100 | — | — |
| Health & welfare benefits | — | — | $31,316 | $62,632 | — | — |
| Life insurance benefits | — | — | — | — | — | $650,000 |
| Present value of disability benefits | — | — | — | — | $658,446 | — |
| Total | $2,380,000 | — | $6,571,316 | $18,879,048 | $10,821,762 | $10,813,316 |
Policy notes
- Double trigger applies for change-in-control severance and equity acceleration; clawback policies include recovery triggers for material misconduct in addition to restatements .
Performance & Track Record
AWM and enterprise highlights (FY 2024)
- AWM client assets reached $1,029 billion (up 14% YoY); total client flows of $35 billion; wrap business to $574 billion; 37% increase in investment advisory wrap net flows; record adjusted operating net revenue per advisor of $1.0 million (up 13%) . Ameriprise delivered record adjusted operating net revenues, earnings and EPS and best-in-class ROE .
TSR versus indices (to Dec 31, 2024)
| Period | Ameriprise TSR | 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 2005 spin-off | 2,089% | 202% | 597% |
Compensation Governance, Peer Benchmarking, Say-on-Pay
- Peer group used for benchmarking reflects Ameriprise’s diversified model across Asset Management, Advice & Wealth Management, and Retirement & Protection (e.g., BlackRock, Carlyle, Invesco, T. Rowe Price; BNY Mellon, Schwab, Morgan Stanley, Raymond James, State Street, U.S. Bancorp; Aflac, Principal, Prudential) .
- 2024 say-on-pay support ~89%; active shareholder outreach covering ~one-third of shares, with feedback integrated into program design .
Risk Indicators & Alignment
- Hedging and pledging prohibitions for executive officers; none of executives’ shares are pledged .
- Robust clawback and stock ownership guidelines (4x base salary for NEOs) reinforce alignment and risk oversight .
Investment Implications
- Pay-for-performance linkage is strong: 2024 AIA funded at 170% on a 4.8 “Distinguished” overall score, and half of LTI in PSUs tied to 3-year ROE/EPS/TSR with 3-year cliff vesting, promoting durable value creation .
- Retention risk appears contained: double-trigger CiC protection with defined cash multiples and equity acceleration, plus substantial vested plan balances ($9.47m) support continuity; hedging/pledging prohibitions and ownership guidelines enhance alignment .
- Execution track record in AWM is solid (>$1T client assets, rising wrap flows and advisor productivity), and enterprise TSR outperformance vs financials and the S&P 500 suggests incentive structures are effectively motivating results relevant to shareholders .
Note on insider selling pressure: Company policy prohibits hedging/pledging and no pledges are reported; recent Form 4 trading analysis is not included here due to tool limitations .