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Ameriprise Financial

Ameriprise Financial

 3.9/5 (363 ratings)
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About Ameriprise Financial

Ameriprise offers a wide variety of financial products, including investment, retirement, insurance and banking options. The company operates nationwide, with local agents available to take your call and offer financial guidance on more than just investments. Ameriprise also provides educational resources on its website, like market insights and financial calculators.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Personalized service
  • Online account management
  • Variety of investment products
  • Advisors across the U.S.

Cons

  • Unclear advisor fees
  • Advisors aren’t all fiduciaries

Bottom Line

Ameriprise Financial is an established company that offers banking, cash management, insurance and investments. However, some may be leery due to its its non-fiduciary staff and negative news coverage.

Top Ameriprise Financial Reviews

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Rated with 5 stars
Verified

My advisor, Gerard **, took over my older brother's accounts years ago at my suggestion and improved his position enough to ensure my brother would be financial secure for the res...

Read full review
Rated with 5 stars
Verified

They are an amazing company who make you feel welcome, taken care of and comfortable. They are also always polite, know their products and get information to you quickly and accur...

Read full review

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What is Ameriprise?

Ameriprise is a global financial services firm offering financial planning, insurance and investments. It has advisors across the country who give personalized financial and investment advice. Ameriprise can help with a number of financial goals, including:

  • Retirement
  • Investing
  • Planning for education
  • Personal finance
  • Insurance and annuities

You can get in-depth financial advice for almost all aspects of your life, including specific advice for achieving a particular goal. You also get to choose whether you’re involved in managing your account or whether it’s entirely managed for you.

Ameriprise’s advisors offer:

  • Investment strategies, including stocks, bonds, mutual funds and other structured products
  • Insurance policies, including life, disability, income, auto and home insurance
  • Banking and cash management, including Ameriprise certificates, trusts and other lending solutions
  • Retirement accounts, including IRAs, Roth IRAs, SIMPLE IRAs, SEP IRA, 401(k)s and 403(b)s

How does Ameriprise work?

With Ameriprise Financial, you get a dedicated financial advisor to help you meet your financial goals. The firm uses many types of investment strategies and offers various programs and products so that you can decide how to invest your money.

In addition to Ameriprise’s investment guidance and solutions for brokerage accounts, insurance and annuities, you can receive financial advice for:

  • Budgeting and cash flow
  • Education savings
  • Tax strategies
  • Retirement savings
  • Small business planning strategies
  • Estate planning strategies

Advisors provide personalized recommendations for investments, asset allocation and other portfolio advice. They also track the progress of your goals and meet with you regularly to keep you up to date. As you progress, you and your advisor can readjust your goals.

You can also monitor your financial situation by tracking investments, accessing accounts, tracking goal progress and sharing information with your advisor. Ameriprise provides offline methods of contact as well, including over-the-phone and in-person services.

Ameriprise fees

With Ameriprise Financial, your initial consultation with a financial advisor is free. Fees for follow-up consultations aren’t listed online because services are tailored to your needs and chosen options.

The fees Ameriprise lists on its website include:

  • Annual account maintenance and custodial fees between $10 and $100
  • A $39.95 fee per no-load mutual fund
  • Legal transfer fees of $30

Ameriprise may waive account maintenance and custodial fees if certain conditions are met.

Ameriprise FAQ

Does Ameriprise Financial have local agents?
Yes. You can find local advisors on the company’s website by searching for your ZIP code or city.
Where is Ameriprise Financial available?
Ameriprise Financial is available across the United States and internationally. The company’s digital tools allow you to access your accounts from almost anywhere, and there is also a nationwide network of advisors. The company’s headquarters are located in Minneapolis, but it also has offices in Boston, New York, India and London.
Are Ameriprise’s fees high?
Ameriprise doesn’t disclose all of its fees online, so it’s hard to say. We’ve included some of its listed fees in the above section, but it’s still important to check with your advisor to know what specific costs to expect.
Is Ameriprise a pyramid scheme?
Ameriprise is a legitimate company that does not appear to operate as a pyramid scheme at the time of publishing. The company has received news coverage related to multiple Ponzi schemes within the company, but these incidents do not appear to be ongoing or inherent to Ameriprise’s business model.

Is Ameriprise good?

In general, Ameriprise Financial is a good company. It offers a variety of services, including banking and investing. You have a say in how involved your advisors are, and you can handle your accounts both online and offline. Ameriprise’s controversial past and shortage of fiduciaries make it hard to recommend the company as a first choice, though.

Ameriprise Financial Reviews

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How do I know I can trust these reviews about Ameriprise Financial?
How do I know I can trust these reviews about Ameriprise?
  • 3,480,622 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: Aug. 13, 2021

I used to have a healthy stock portfolio. Starting out I wasn’t reinvesting my dividends; therefore I wasn’t growing as much either. When I joined Ameriprise Financial and turned over my portfolio to them; they reinvested my dividends- which in turn bought me more stock so that when I needed money to buy my car it was there. The people at Ameriprise are very nice, professional, willing to answer any and all questions that you may have. I look forward to handing over my SIP and 401k over to them to see how they can assist me once again.

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Rated with 1 star
Verified Reviewer
Original review: Aug. 9, 2021

Their back office is filled with thieves and scammers. Avoid this platform if you don't want to be stolen from. Choose Fidelity, Schwab, or any of the other options. These people have carefully crafted strategies where they look at their clients' accounts and quite literally search for ways to take large amounts of money from them by trading in the opposite direction. Top tier scumbags in the back office. Run away. Save your money.

6 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: July 30, 2021

    My Ameriprise Financial Advisor is knowledgeable and insightful. She is always responsive to my inquiries. Equally important, she listens to my concerns and discusses my goals then then offers advice. I've worked with her for 13+ years and would recommend her.

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: July 29, 2021

    Ameriprise is an average financial advising/wealth creation agency. They were hiring just about anyone when they first started and because I utilized their services and it wasn't a great experience, it doomed my impression of them right away. They have had some good, well-informed employees who take it seriously and are very engaged and helpful. But overall, I don't have a good impression of their services or staff.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 6, 2021

    Through my school district, I signed up for a 403b through Ameriprise. When I went to another school district they used a different company. With the help of that agent while on the phone with an Ameriprise agent, we filled out paperwork to roll the funds from Ameriprise over to the other 403b. When the paperwork was faxed Ameriprise refused to release the funds. We tried again while on the phone with Ameriprise. Again Ameriprise refused to release funds. Every appt with an agent to invest the money deposited was cancelled by Ameriprise. For five years they held onto my money without investing and refusing to release the funds.

    15 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 22, 2021

    We were with Ameriprise Financial for over 5+ years and decided to change financial advisors and institutions. I just received my last Portfolio statement from Ameriprise and had a $125 "termination fee" listed. And if that wasn't bad enough... Reading through my statement, I find that they hit me with this $125 fee PER ACCOUNT. We had 5 accounts. They charged us $600 in total as a "termination fee". Funny...I don't recall RECEIVING $600 as a "joining bonus", so I find this fee preposterous and unprofessional.

    You would think that after a 5+ year relationship; and advisor fees to match; they might waive the fee, no? Nope. If our new advisor that we just moved to doesn't work out, at least I know who we WON'T be going back to. Ever. I plan to let all family and friends know of this preposterous fee and to stay away from Ameriprise. I'm sure I will get a response back from them here on this site; something to the extent of "these are industry standard fees", or "we align with all other institutions on our fees", etc, etc, etc, but come on. Be a LEADER, not a follower. Remove the termination fees. Watch other institutions follow your lead. Then, get more customers, and get more POSITIVE word of mouth feedback.

    33 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: Dec. 4, 2020

    We recently moved our investments from Merrill Lynch and we couldn't be happier. The attention to detail and concern about each account no matter how large or small is exceptional. It was a big decision to move our portfolio to this company, but given the recent election and unstable economy, I thing we are much better off with Ameriprise.

    13 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 21, 2020

    My advisor, Gerard **, took over my older brother's accounts years ago at my suggestion and improved his position enough to ensure my brother would be financial secure for the rest of his life. My assets were extremely small, but Gerard graciously agreed to handle them for me and today, I also am without worry.

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 20, 2020

    I have been with Ameriprise for almost 10 years. I have easy contact with my advisor whenever I have a question or I need to make a change in my portfolio. I have an advisory account where it is managed for a few and a brokerage account that has my individual holdings.

    2 people found this review helpful
    Rated with 3 stars
    profile pic of the author
    Verified Reviewer
    Original review: Nov. 19, 2020

    Very customer friendly. Take the time to sit down with an uninformed consumer to explain the pit falls on investing. Along with the customer devise a plan the will avoid the most risk with the best return.

    3 people found this review helpful
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    Ameriprise Financial Company Information

    Company Name:
    Ameriprise
    Year Founded:
    1894
    Address:
    3500 Packerland Drive
    City:
    De Pere
    State/Province:
    WI
    Postal Code:
    54115-9070
    Website:
    www.ameriprise.com