Complain about a product or service

Ameriprise

Ameriprise • New Hampshire Charges Ameriprise with Fraud • Ameriprise Hit with $9 Million Penalty • Ameriprise Settles With Regulators Over Laptop Theft • Ameriprise Loses Customer Data --- • Consumer Complaints

Once upon a time, this company was known as American Express Financial Advisors. But in 2005, Amex decided, for what were called "strategic" reasons, to spin it off. Thus was created Ameriprise, the nation's largest mutual fund advisory firm in terms of assets managd.

But just how well those assets are being managed is the source of at least a few complaints by clients and regulators.

Aleta of Los Angeles CA (07/03/08)
Five months ago my friend passed away and left her finace and myself beneficiaries to her accounts with Ameriprise Financial. This was not a life insurance policy. They refuse to hand over the accounts. They want the death certificate to read it was not a homicide. The autopsy report wasn't sufficient nor was the amended death certificate. The doctors have said this wasn't a homicide, but the actual cause of death is undetermined.

The woman I speak to hangs up on me, or puts me on hold without saying so. Very rude. When I ask to speak to their legal department I never get an answer. I have a suspicious feeling I will never see this money, and if I do they may give me some answer like it depreciated or something.

This has actually caused me a lot of my time and distress. I just want to be over with this. The longer I have to work on this the more upset it makes me that my friend has passed away.

Sarah of Haltom City, TX May 6, 2008

Sarah of Haltom City TX (05/06/08)
Ameriprise is all over asking for ANYONE with a pulse to come be a financial planner, using the pitch No experience necessary. Last year, they even tried to recruit my friend who has a degree in AGRICULTURE! She knows NOTHING about finance! I was young and stupid and out of college and got several harrassing calls from Amy Limas-Hanson, finally agreeing to come in. I bought their BS hook, line and sinker.

I now have a depreciating life insurance policy that is the worst plan for a person of my age and lifestyle. My advisor had no financial experience other than the sales training Ameriprise had given her, which is focused more on making HER money than securing my fiancial future. I'm embarassed for being so stupid. They must love people like me who also have no financial background and aren't aware of savings options, etc. They will do whatever is best for them, not you.

In fact, that was the main complaint of the multi-millon dollar Class Action Law Suit that was filed against them about 6 months ago, stating their advisors acted in the interest of selling something for commission, wasting tens of thousands of dollars of their client's money on financial products that will not benefit them. YOU MUST DEMAND that your financial planner has a degreed background in fiance. I personally would only let someone with at least a masters degree or several financial planner certifications and a track record of success manage my account. Please be careful and stay away from the uneducated planners of Ameriprise!

Kevin of Tucker, GA March 26, 2008

Kevin of Tucker, GA (03/26/08)
In November 2006 my wife (8 months pregnant), my 73 year old mother-in-law and myself were in a automobile accident and suffered some serious injuries. I had purchased the medical rider for my policy covering up to 50k of medical bills. Only my wife has needed extended treatment (2x month physical therapy) and have only used about 9k of the total coverage.

Ameriprise is refusing to cover the last two treatments as they stated their independent medical examiner does think she requires further treatment even though our Doctor, Chiropractor and Physical Therapist have disagreed. When I asked about an appeals process I was told to go get a lawyer. I re-iterated that I was willing to sign off on closing this case as long as they approved the final treatments, but they refused.

I have reported them to our Insurance Commissioner.

Ann of Largo, FL March 10, 2008

Ann of Largo FL (03/10/08)
I received a post card in the mail for a free no obligation financial planning pamphlet. I sent it back but said that I did not want to be contacted by Ameriprise Financial (I am on the do not call list). I received repeated harassing phone calls and finally agreed to meet with the financial adviser who was aggressive and unyielding. I ended up investing my 401K's in an annuity with them. He did not explain the terms of the annuity including any surrender charges and refused to managed my investments according to my express wishes. He was argumentative and even though he eventually agreed to move my funds and requested blatantly to put them where he wanted them. I filed a formal complaint with their compliance department (they are bound by their industry regulations) and they made excuses, didn't address the issue and refused to rectify the situation. I will pursue additional recourse as this company seems to endorses unethical practices.

Between the money that the investor lost and the surrender charges, I have lost 17,000. I have moved my money into a money market type of account to stop the hemorrhaging. After I have exhausted my options I will get my money into the hands of a reputable firm. I refuse to deal with this company again.

Ward of Los Alamitos, CA February 11, 2008

Ward of Los Alamitos CA (02/11/08)
We filed a bill for medical services for injuries to a patient. She sent it to her carrier, ameriprise auto & home ins. They sent a bill review back, disallowing about 25% of the charges, using explanations such as the procedure code billed is an invalid code for the date of service entered. When we contacted them, I was told the system did not recognized the code. It was a standard billing code used nationwide. they repriced the billing amounts with this explanation; the procedure code referenced by the provider was used more than what is normally expected within the scope of a provider per claim. The code they refer to was used ONCE for a final exam. This is very customary in an injury case. As you can see, the explanations are gibberish and unsupported. the adjuster claimed that their bill review was used on thousands of bills. Our bills are based on worker's compensation fee schedules, so they are among the lowest fees used. Evidently, that isn't low enough, as far as the PAYOR is concerned. We have filed medical malpractice complaints against them, as it is illegal to change billing codes to reduce fees or refuse payment for arbitrary reasons.

Failure to pay billed procedures, loss of 1001.33.

Melinda of Mansfield, OH January 21, 2008

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