April 24 (Reuters) - Ameriprise Financial AMP.N reported an 8% rise in first-quarter profit on Thursday, buoyed by the strength in its wealth management business.

With more baby boomers transitioning into retirement and younger people accumulating wealth, the demand for financial advice has risen.

Minneapolis, Minnesota-based Ameriprise's adjusted operating revenue from its advice and wealth management arm rose 9% to $2.78 billion in the quarter ended March 31, chiefly due to higher client assets and increased transactional activity.

The wealth management division, Ameriprise's core business and primary growth driver, mainly targets households with $500,000 to $5,000,000 in investable assets.

"We're navigating the operating environment with the strength of our client relationships and advice-based value proposition," CEO Jim Cracchiolo said.

Analysts expect continued strength in Ameriprise's advice and wealth management business, given the 130-year-old company's initiatives to increase client engagement and sustained net flows over time.

Ameriprise also stands to benefit from industry trends toward fee-based advisory accounts, analysts added.

Its assets under management, administration and advisement grew 3% to $1.5 trillion in the first quarter.

Adjusted quarterly operating earnings came in at $950 million, or $9.50 per share, compared with $878 million, or $8.39 per share, a year earlier.

The company's shares have fallen 11.4% this year, compared with the 8.6% decline in the benchmark S&P 500 index .SPX.

Ameriprise also announced a new $4.5 billion share repurchase program through June 30, 2027.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)

((ArasuKannagi.Basil@thomsonreuters.com;))