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Can Fee-Based Businesses Lift Equitable Holdings' Earnings Mix?
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Key Takeaways
Equitable Holdings is growing Wealth Management and Asset Management to expand its fee-based earnings mix.
Wealth Management advisory net inflows reached $2B, while assets under administration rose 27% to $140.6B.
AB adds fee growth potential, with $0.8 billion of net inflows and $91 billion in private-market assets.
Equitable Holdings, Inc. (EQH - Free Report) is gaining momentum across businesses that generate recurring revenues tied to client assets and advisory activity. Wealth Management and Asset Management are contributing alongside the company’s traditional retirement and insurance operations. In the second quarter of 2026, Wealth Management delivered $2 billion of advisory net inflows, while assets under administration climbed 27% year over year to $140.6 billion.
The wealth business also delivered strong operating performance. Advisor productivity increased 13% year over year in the second quarter of 2026, helping adjusted operating earnings rise 20% to $60 million. The increase was supported by higher client assets and advisory fees. As these businesses expand, EQH is building a more fee-oriented earnings profile, with a greater contribution from recurring asset-based revenues.
AllianceBernstein (AB) adds another layer to this strategy. The asset management business reported $0.8 billion of net inflows in the second quarter, while adjusted operating earnings increased as higher base fees supported results. Equitable Holdings has deployed $25 billion to AB’s private-markets platform, which had $91 billion of assets under management at quarter-end. That creates another avenue for fee growth as private-market capabilities expand.
Retirement remains a major part of EQH’s earnings base. However, growth in Wealth Management, Asset Management and private markets is increasing the contribution from fee-based businesses. If these trends persist, Equitable Holdings could develop a more diversified earnings base with less reliance on traditional insurance economics alone.
How Are Competitors Faring?
Some of EQH’s competitors in the insurance space include Prudential Financial, Inc. (PRU - Free Report) and MetLife, Inc. (MET - Free Report) .
Prudential’s fee-based operations are showing stronger momentum. PRU’s PGIM business’ adjusted operating income rose 28.4% year over year to $294 million in the second quarter of 2026, supported by higher asset-management fees, while assets under management increased 4% year over year to $1.5 trillion.
MetLife’s investment-management business is also expanding. MIM’s adjusted earnings increased 6% year over year to $57 million in the second quarter of 2026, reflecting business growth and expense management, while the PineBridge integration has further broadened MET’s asset-management scale.
EQH’s Price Performance, Valuation & Estimates
Over the past year, Equitable Holdings’ shares have risen 5.9% compared with the industry’s growth of 3.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, EQH trades at a forward price-to-earnings ratio of 6.17, below the industry average of 8.71. Equitable Holdings carries a Value Score of B.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EQH’s 2026 earnings implies 15.6% growth from the year-ago period.
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Can Fee-Based Businesses Lift Equitable Holdings' Earnings Mix?
Key Takeaways
Equitable Holdings, Inc. (EQH - Free Report) is gaining momentum across businesses that generate recurring revenues tied to client assets and advisory activity. Wealth Management and Asset Management are contributing alongside the company’s traditional retirement and insurance operations. In the second quarter of 2026, Wealth Management delivered $2 billion of advisory net inflows, while assets under administration climbed 27% year over year to $140.6 billion.
The wealth business also delivered strong operating performance. Advisor productivity increased 13% year over year in the second quarter of 2026, helping adjusted operating earnings rise 20% to $60 million. The increase was supported by higher client assets and advisory fees. As these businesses expand, EQH is building a more fee-oriented earnings profile, with a greater contribution from recurring asset-based revenues.
AllianceBernstein (AB) adds another layer to this strategy. The asset management business reported $0.8 billion of net inflows in the second quarter, while adjusted operating earnings increased as higher base fees supported results. Equitable Holdings has deployed $25 billion to AB’s private-markets platform, which had $91 billion of assets under management at quarter-end. That creates another avenue for fee growth as private-market capabilities expand.
Retirement remains a major part of EQH’s earnings base. However, growth in Wealth Management, Asset Management and private markets is increasing the contribution from fee-based businesses. If these trends persist, Equitable Holdings could develop a more diversified earnings base with less reliance on traditional insurance economics alone.
How Are Competitors Faring?
Some of EQH’s competitors in the insurance space include Prudential Financial, Inc. (PRU - Free Report) and MetLife, Inc. (MET - Free Report) .
Prudential’s fee-based operations are showing stronger momentum. PRU’s PGIM business’ adjusted operating income rose 28.4% year over year to $294 million in the second quarter of 2026, supported by higher asset-management fees, while assets under management increased 4% year over year to $1.5 trillion.
MetLife’s investment-management business is also expanding. MIM’s adjusted earnings increased 6% year over year to $57 million in the second quarter of 2026, reflecting business growth and expense management, while the PineBridge integration has further broadened MET’s asset-management scale.
EQH’s Price Performance, Valuation & Estimates
Over the past year, Equitable Holdings’ shares have risen 5.9% compared with the industry’s growth of 3.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, EQH trades at a forward price-to-earnings ratio of 6.17, below the industry average of 8.71. Equitable Holdings carries a Value Score of B.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EQH’s 2026 earnings implies 15.6% growth from the year-ago period.
Image Source: Zacks Investment Research
Equitable Holdings currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.