Ameriprise Financial Reviews

While most financial advisors charge 1%, Divisha charges her clients 1.5% coupled with a $200 per month “administrative fee.” Her certifications are focused on insurance so trust me, you will be sold expensive Universal Life Insurance policies where Divisha enjoys the benefits of giant up front advisor commissions, and you are left holding the bag paying on these policies for years to avoid the costly surrender charges. She has two complaints against her to the FINRA which include “client claims rep did not disclose surrender charges on annuities” and “the Variable Life Insurance Policy sold was unsuitable and consisted of large surrender charges.”

In addition, unbeknownst to you, your money will be put into all types of products sold by RiverSource, a subsidiary of Ameriprise Financial. These companies scratch each other’s backs to the detriment of their clients. RiverSource puts more commissions in Divisha’s pocket, and clients are strapped with more unbearable surrender charges. To make matters worse, there is no honest representation of the client when the advisor makes a mistake. I learned this lesson the hard way. Divisha admittedly made a mistake on a life insurance policy form signing me up for automatic renewal unbeknownst to me. RiverSource took thousands of dollars out of my account without so much as a renewal notification letter, or a statement that the funds were withdrawn.

Upon launching an “investigation,” Divisha did not have the integrity to take accountability to RiverSource as she did with me over the phone. RiverSource treated me poorly throughout this process and it became clear they never had any intension of making it right for the client. Simply put, they know where their bread is buttered. Once it was clear I could no longer trust RiverSource or Divisha’s integrity, there was nothing left.

In addition, Team Divisha consists of a revolving door of unqualified and underwhelming staff. I can’t tell you how many quarterly meetings I came to where they were unprepared. I was told I owed money for taxes but was actually I was entitled to a return. I started having to change the subject line in my emails….third attempt.…fourth attempt. It took over 8 weeks to get the answer from Divisha and Andrew ** on my request for transparency on how much I had paid Ameriprise in fees. I was astonished to finally learn how much money was padding into their pockets.

Every year I get a notification stating Divisha has been named “Forbes Best-in-State Women Wealth Advisors.” Yet I had been a client for years and never receive a single survey from anyone soliciting her actual customer’s feedback. This is likely a pay to play accolade designed with the intended purpose of giving clients a false sense of confidence. This coupled with the clip art 5-star review image on the Ameriprise website is a manipulation and is why I felt compelled to write a real Google review.

In the end, I decided Divisha’s financial advice and ethics did not align with my moral compass. I decided to absorb tens of thousands of dollars in penalties to avoid the consequences of spending another day under her thumb. I shopped around new firms, all of which charged 1%, and all of which independently agreed my portfolio was mismanaged. I am with a new firm now and could not be happier with the level of customer service, transparency and growth my portfolio has experienced. If you are considering Divisha **, reading this review might be the smartest financial decision you will ever make….

The REAL issue came when I tried to complete my transaction. I needed a check issued to a contractor. They had me fill out a 7-page fax and send it in to get the check issued (because my advisor had not opened and connected a bank account to my investment account like she had promised). So I sent the ridiculously long fax in. After a couple of days I started to suspect the check had not been issued. It had not. I called again. They said I was missing info. I supplied it, sent the fax back. Still nothing. I called again. They said I was missing more info. I supplied it, sent it back.

I think you get the drift now. Despite the fact that I have begged and pleaded and demanded that they call me and let me know if I'm missing info (even though I feel like this should be done regardless), they just don't. Getting anything done with them is a NIGHTMARE. It is INFURIATING. JUST. STAY. AWAY. GO ANYWHERE OTHER THAN THIS HORRIBLE, INFURIATING "INSTITUTION".

The Riversource "Base Benefit" to determine your Annuity payout gained 5.3% per year. Note that it is short of the 6% minimum guarantee rate (and what happened to Market Rate gains?). It would have taken 18 years just to get my Principal back by going the Annuity payout route AND the money would still be locked up! The Surrender value over the 10yr period netted a gain of 1.76%. I have learned my lesson and never again with Ameriprise - personal friend or not! Sad story.

I spoke with them and challenged on all accounts. They said the "higher ups" would review and decide on an exception so I could qualify. Exception was rejected (no surprise). I did get my investment back with nothing more than a "sorry"!!!! This company is a joke. There are so many options out there so my strong advice is stay away and save yourself a ton of aggravation. "Shame on you" Ameriprise. You lost a possible long term customer over $500!! Based on the cost of acquiring a new customer your decision makers are MORONS!! Date of experience: September 16, 2024.

After about 6 years with this plan my advisor, claiming he was going to be semi-retired now, pushed me off onto one of his co-workers in another office. At that point I cancelled my “financial fee payment” since I had no idea of who this new person was. Now another year goes by and my husband turned 70, at that time we found out that once you turn 70 (the law is now changed to 73) the government makes you withdraw money from your annuity. So here’s the problem. With this annuity we each had an account, Ameriprise was giving us 6% a year and it was costing us 1 & 1/4 % to have this plan. They were taking the 1 &1/4% out of our savings every month. Now the 6% was never put in our account, it was accrued and would be given to us if we stayed in the plan 10 years. At the time it sounded good.

Now we find out that because my husband turned 70 (that was the age then that the IRS said he had to take money out) that we no longer get the 6% credit and they will continue to take their 1 & 1/4% out of our money. NONE of this was every explained to us! No where in their brochure that we were given in the beginning ever said anything about this. Who on earth would ever agree to this!! When my new financial guy asked the clown that sold me this plan, he apologized saying he forgot to tell me?? So I wrote a letter explaining all of this to the Compliance group at Ameriprise. My new advisor did try to help us but they ignored him too. Needless to say they wrote me back and basically said “you signed the contract, too bad for you, we will do nothing! HaHa!”. They also wrote a lot of convoluted nonsense trying to explain why they grabbed our money.

So I would advise anyone thinking of getting an annuity to ask a lot of questions, especially about how your age may affect the annuity payouts. And would also ask them to write it out on paper how much this annuity will really cost you since - remember at a certain age the IRS makes you take withdrawals. I’m sure there are a lot of good reputable advisors out there working for many investment companies, unfortunately I didn’t have one. Because of this weasel retirement is not going to be the same as we planned for. Unfortunately I don’t know what our options are now.