Ameriprise Financial (NYSE: AMP) disclosed that it spends approximately $1 billion annually on technology, including artificial intelligence capabilities, platform enhancements, and supporting infrastructure, according to a press release from the Minneapolis-based firm.

The company said it is integrating AI into financial advisor workflows across several areas, including practice growth, operational efficiency, and client personalization. Ameriprise said advisors using its AI-powered insights capabilities recorded a increase in net flows, based on internal benchmarking data comparing 2024 users versus non-users.

The firm said its AI deployments extend to service resolution, virtual assistance, fraud prevention, and voice authentication. Ameriprise also said it selectively incorporates tools from third-party technology companies and AI model providers alongside its proprietary systems.

"We're embedding AI across the advisor experience to help advisors reduce friction, scale their practices and deliver more personalized advice while keeping relationships at the center of everything we do," said Gerard Smyth, executive vice president and head of technology and service delivery at Ameriprise.

Chairman and CEO Jim Cracchiolo, speaking on the firm's second quarter earnings call, said the company had "anticipated these shifts and invested accordingly, building an interconnected technology ecosystem that brings together data, systems and automation."

Ameriprise operates a network of more than 10,000 financial advisors nationwide.