Fifth Third Bancorp’s plan to merge with Comerica Bank is reshaping the wealth management landscape—and raising pressing questions for Ameriprise Financial.
The proposed $10.9 billion all-stock transaction, announced as the largest bank merger of the year, would create the nation’s ninth-largest bank. But for Ameriprise, which only last year began supporting Comerica’s wealth management division, the deal could threaten a valuable partnership.
When Comerica unveiled its agreement with Ameriprise in March 2023, both institutions called it a strategic milestone. The move gave Ameriprise a prominent new institutional client and extended Comerica’s advisors access to Ameriprise’s technology stack, investment lineup, and marketing resources. The partnership was designed to modernize Comerica’s wealth offering and strengthen its position in serving affluent and high-net-worth clients.
Now, with Comerica set to merge into Fifth Third—a bank that already operates its own in-house brokerage, Fifth Third Securities—the future of that relationship is uncertain. Fifth Third’s wealth business includes its own RIA, Fifth Third Wealth Advisors, and a broker-dealer platform that collectively oversee more than $15 billion in assets. Integrating Comerica’s advisory operations could bring substantial overlap and force decisions about whether to consolidate platforms or maintain dual systems.
“These areas of the business will merge together,” a Fifth Third spokeswoman says. “We are fully committed to supporting our advisors by ensuring they have access to the comprehensive resources, tools, and capabilities they need to deliver exceptional service to their clients.”
Comerica, now under regulatory review for the merger, declined to comment due to the quiet period. Ameriprise also chose not to address the matter directly, citing the “fluidity of this situation.” Reports from AdvisorHub and Bloomberg News have already speculated that Ameriprise could face the loss of Comerica’s advisory assets if Fifth Third opts to bring them in-house.
As of June 30, Comerica reported $193 billion in total assets under advisement in its wealth management division, a broad umbrella that includes fiduciary and investment services for trusts, estates, corporations, and nonprofits. Within that total, the Comerica Financial Advisors division oversees $24 billion in client assets. Roughly $6 billion of that sits on the bank’s money market platform, while the remaining $18 billion resides on Ameriprise’s investment platform. Those assets represent the core of the brokerage relationship that could now be at risk.
Fifth Third Wealth Advisors, the bank’s registered investment advisory arm, reported just over $6 billion in AUM in its latest Form ADV filing at the end of September. Fifth Third Securities—its broker-dealer and dual-registered investment advisory firm—listed an additional $9.1 billion in AUM as of late July. Combined, those figures give Fifth Third a modest but established wealth footprint that would grow substantially once Comerica’s book of business is integrated.
For wealth management observers, the transaction underscores the ongoing consolidation of bank-owned advisory platforms and the competitive dynamics facing independent providers like Ameriprise. Over the past decade, major regional banks have increasingly invested in building their own wealth management capabilities, seeking to deepen client relationships and retain assets in-house. Fifth Third has been among the more aggressive players in that trend, expanding both its RIA and brokerage units to capture a larger share of client wallet across lending, deposits, and investments.
Ameriprise, meanwhile, has leaned on bank partnerships as a source of institutional growth. Comerica was one of its most prominent such arrangements, representing a key step in Ameriprise’s strategy to expand its third-party advisor platform. Losing that relationship would not only cut into those assets but could also send a broader message about the fragility of external partnerships in a consolidating banking environment.
The outcome will hinge on how Fifth Third decides to handle Comerica’s existing infrastructure and advisor teams. If it chooses full integration, advisors currently aligned with Ameriprise could be asked to transition to Fifth Third Securities. That would likely mean technology migrations, new compliance structures, and potential client communication challenges. Conversely, if Fifth Third preserves the Ameriprise relationship for a transition period—or longer—it could smooth the merger’s wealth integration and minimize disruption.
Both banks have publicly emphasized continuity. “Every advisor on the team—and every client—will continue to benefit from the full suite of products and services they enjoy today,” the Fifth Third spokeswoman says. “Our goal is to retain all advisors and empower them to create outstanding client experiences.”
Still, the merger comes at a complex time for both institutions. Comerica has been managing higher regulatory scrutiny following liquidity pressures during the 2023 regional banking turmoil. Fifth Third, for its part, has been balancing growth ambitions with cost discipline as it builds scale in its wealth and commercial divisions. The combined entity will represent a formidable regional banking force, with more than $475 billion in total assets and an expanded national footprint that stretches across the Midwest, South, and parts of the West.
For wealth advisors watching the deal, the integration of two distinct advisory ecosystems presents both opportunities and risks. Fifth Third’s in-house wealth model has long emphasized comprehensive planning and private banking integration, positioning its advisors to cross-sell lending and cash management solutions. Comerica’s model, by contrast, has focused on fiduciary services and external partnerships—such as Ameriprise—to provide investment access and advisor support. Merging those approaches will require careful cultural and operational alignment.
If the banks proceed with full consolidation, Comerica’s advisors could see new workflows, products, and compensation structures. Fifth Third’s platform leans heavily on proprietary systems and centralized compliance protocols, while Ameriprise’s structure offered more autonomy and access to a broader investment menu. How those differences are reconciled will influence advisor retention—a key metric in the success of any wealth business merger.
Industry analysts suggest that retaining top advisory talent and maintaining client relationships will be the top priorities in the near term. “When two banks merge with overlapping wealth platforms, the immediate focus has to be stability—keeping clients confident and advisors focused,” says one banking consultant familiar with past integrations. “Platform decisions can come later, but communication and support are what determine whether assets stay or walk.”
In that sense, Ameriprise’s position mirrors that of other third-party wealth managers navigating bank consolidation. Over the past few years, firms such as Raymond James, LPL Financial, and Envestnet have built extensive partnerships with banks and credit unions seeking to outsource their wealth programs. Those arrangements provide diversification for both sides—but they also expose providers to sudden shifts when banks merge, rebrand, or bring services back in-house.
Ameriprise has weathered similar challenges before. Its institutional division supports a variety of bank and credit union relationships, offering integrated brokerage and advisory solutions for client bases that lack the scale or infrastructure to build their own platforms. Comerica was a marquee name in that mix, and its loss would likely prompt Ameriprise to accelerate new partnerships elsewhere. Still, the company has maintained strong growth in its advisor network, which now includes roughly 10,000 financial professionals across independent and employee channels.
From a client perspective, the transition could be largely seamless—at least initially. Most Comerica clients’ fiduciary accounts are managed through the bank’s trust services unit, which is expected to remain intact under Fifth Third. However, clients with brokerage accounts on the Ameriprise platform could face new account documentation or product lineup changes depending on how the integration unfolds.
The deal is projected to close in the first quarter of next year, pending regulatory and shareholder approvals. Bank mergers of this scale typically take six to twelve months to complete the full integration of wealth and trust systems. During that period, advisors and clients often experience an interim phase where legacy systems coexist. Fifth Third executives have emphasized that their goal is to ensure “a smooth and transparent transition” for both advisors and clients.
For the broader wealth management industry, the transaction reinforces how deeply intertwined banking and advice have become. Regional and super-regional banks increasingly see wealth management not as an ancillary service but as a core growth engine. That trend, accelerated by higher deposit competition and margin pressures, has pushed banks to expand vertically—either by acquiring RIAs or consolidating existing wealth units. Fifth Third’s acquisition of Comerica fits squarely within that strategy, giving it both additional scale and access to an affluent client base concentrated in key markets like Texas, California, and Michigan.
For Ameriprise, the story is more nuanced. The company’s bank partnership business remains profitable and strategically important, but the Comerica development is a reminder that such alliances depend on factors beyond its control. Whether Ameriprise retains a foothold in the merged institution or exits entirely will depend on negotiations in the months ahead—and on whether Fifth Third sees continued value in maintaining dual platforms.
In the meantime, wealth advisors across both organizations face a familiar reality: change is coming, and client communication will be critical. For those operating under Ameriprise, the uncertainty may prompt proactive outreach to reassure clients about continuity and service quality. For Comerica and Fifth Third advisors, the focus will be on integration readiness—understanding new processes, product offerings, and potential shifts in compensation.
As the merger advances toward closing, one thing is clear: the outcome will shape not only the future of Comerica’s wealth management arm but also serve as a bellwether for how major banks handle third-party wealth partnerships in an era of consolidation. For Ameriprise, Fifth Third, and the advisors caught in between, the next few months will determine whether this merger represents disruption—or opportunity.
