By Kenneth Corbin

When Comerica announced that Ameriprise Financial would begin supporting the bank's wealth management operation in March 2023, the two firms celebrated it as a win-win. Ameriprise scored a major client, and Comerica's advisors would gain access to Ameriprise's technology, investment menu, and marketing support.

Now that Comerica is in the process of selling itself to Fifth Third Bancorp in the biggest bank merger of the year, that relationship could be imperiled.

Unlike Comerica's partnership with Ameriprise for brokerage services, Fifth Third has an in-house broker. That raises the question of whether the combined bank would move Comerica's advisory assets held with Ameriprise to its internal broker, Fifth Third Securities

"These areas of the business will merge together," A Fifth Third spokeswoman says, "and 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."

A spokeswoman for Comerica declined to comment, noting that the banks are in a quiet period as they seek regulatory approval for the transaction.

An Ameriprise spokeswoman didn't provide a comment by press time.

Comerica reported $193 billion in assets under advisement in its wealth management business as of the end of June, most of which is in its fiduciary services unit, which provides management and administrative services for trusts, estates, business, and charities.

The Comerica Financial Advisors division oversees $24 billion in assets, including $6 billion on the bank's money market platform. The remaining $18 billion in client assets sits on Ameriprise's platform.

Fifth Third Wealth Advisors, the bank's RIA, reported slightly more than $6 billion in assets under management in its most recent Form ADV regulatory filing, submitted in late September. Fifth Third Securities, its broker-dealer that is also registered as investment advisory firm, reported a little more than $9.1 billion in AUM in a late July filing.

The merger with Comerica, which is expected to close in the first quarter of next year, would create the ninth-largest bank in the country. The all-stock deal is valued at $10.9 billion.

Even if the future of Comerica's business with Ameriprise isn't yet clear, Fifth Third says it is aiming to minimize disruption to the two banks' wealth business and the clients they serve.

"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."

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 07, 2025 16:27 ET (20:27 GMT)

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