Ameriprise Financial

Ameriprise Financial Reviews

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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.

Pros & Cons

Pros
  • Personalized service
  • Online account management
  • Variety of investment products
  • Advisors across the U.S.
Cons
  • Unclear advisor fees
  • Advisors aren’t all fiduciaries

Featured Reviews

Verified
Huntington, New York

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...

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Verified
Los Osos, CA

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...

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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

Stars Rating

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  • 78%

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    How do I know I can trust these reviews about Ameriprise?
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    Staff

    Reviewed June 7, 2024

    From dealing with the Tampa office-Simon ** and his assistant Tyler to the Minneapolis office, this company is terrible. They are jerking me around for weeks now with $13,000 that they cannot account for that is missing from my account. Allison ** in the Minneapolis office refuses to help me because my mom passed and she has to protect my mom's privacy. They have made mistake after mistake from the first advisor to all the cast of characters I now have to deal with. PLEASE STAY AWAY FROM AMERIPRISE, THEY ARE ABHORRENT.

    Staff

    Reviewed June 4, 2024

    John ** is my advisor. He's the most trustworthy person and that's why I would not go anywhere else. He contacts me often to go over my investments. I'm retired and when you can trust someone with your money, stay with them. My mom had John til she passed. My brother lives in VA and still has John as his advisor. Highly Highly recommend him.

    Cheryl **

    Mattoon Illinois

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      Reviewed April 17, 2024

      Only with this group for one month. Yes I needed to consolidate stocks to one brokerage which they did. Told them my intent to gift to children. Never informed me that if account fell under $500000 all of us would be hit with fees. They demoted this but it’s in their documentation. I transfer to children and I fall under $500000. Transfer to 3 children and each would be under $500000. High fees. This financial service is high fee oriented and not geared toward best advice for client. They tried to talk me into muni bond fund for $500000 at high expense ratio… Ameriprise makes out but client might save some on taxes. Declined as not comfortable. Told me we could do individual muni bonds but would be high fees. Once I decided to cancel advisory account the rep offered I consider a ILIT life insurance survivorship policy which requires an attorney as it sets up an irrevocable trust. No!

      Last thing I want or need is an insurance policy and certainly not an irrevocable trust. So much bad advice as I’ve already met with attorney to set up revocable trust. How many ways did I need to say my intent was to start gifting kids (and I have 3) and 2 grandkids now. Got better advice from attorney setting up trusts. Moved all stocks to Fidelity as no brokerage fees. Children set up their account and I can begin transferring stock shares. On top of everything, Ameriprise charged me a $125 termination fee. Would definitely not recommend Ameriprise for either brokerage or financial advice!

      Price

      Reviewed April 16, 2024

      These guys are absolute garbage. In 3 years they charged me $10K in fees only to lose money. Never made a SINGLE dollar of gains - just losses. They’re full of excuse, apathy, and terrible predictions.

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      Staff

      Reviewed Dec. 13, 2023

      My parents unfortunately chose Ameriprise many years ago. They were sold an annuity that returned 2% annually for 20 years. This money has obviously lost value as it did not keep up with inflation. They used high pressure tactics to convince my parents they were acting on their behalf. When the children including myself tried to step in manage the money for better returns, we were shunned. Our advisor informed us that was not what the parents wanted. The advisors belittled us and convinced the parents Ameriprise knows best. Ameriprise lied to the parents telling them that any investment that isn't an annuity could lose money. Then Ameriprise sold them (both in the 80's) another annuity. Ameriprise has caused a rift between the parents and all children. So to summarize, high fees, family splitting, low returns and lying about their products. All of this could your be yours with Ameriprise!

      CoverageStaff

      Reviewed Oct. 23, 2023

      Ameriprise advisors - especially my most recent - continually told me they were fiduciaries meaning they were working in my best interest and totally transparent. They had my money for over 20 years - yes, that's right, 20 years and they made way more off my investments than I did. In fact, over the 20 years, I lost money. I understand that can happen with investments. But if my fiduciary advisor had been upfront and honest with me and not out and out lied - I would never have invested in the most recent VUL policy. She out and out lied about 1 facet of the plan and then never disclosed 2 other things - because if she had, she knew I would never have bought the policy.

      I've lost over 20K in a little over 2 years (that's half my investment). She not only made substantial commissions (big loads that are never discussed with the client) during that 2.5 years, but she also made $2500 per year for her expert advice. DO NOT do business with Ameriprise and definitely not with their branch, Opus Advice First in Oxford, CT.

      Customer ServiceStaff

      Reviewed April 3, 2023

      I originally started with a financial advisor from another company but was under Ameriprise for at least 3-4 years. I never knew a lot coming into this but always received genuine guidance and honest feedback. I worked with a Dmitry B. and Tony G. my time with Ameriprise and really appreciated them not pressuring me to make decisions with my own money. Every so often I would get calls regarding updates to my accounts or suggestions to make based on the current market but always felt my decisions were respected and heard. Thanks again to those gentlemen and helping me reach my financial goals!

      Reviewed Jan. 18, 2023

      I bought into a number of "alternative investments" in 2015 after explaining to my advisor that I was looking to offset the volatility of the public stock exchanges with growth investments that were less volatile. I communicated I was willing to trade return rate for stability but wanted to do better than fixed income returns. She recommended a number of these private equity vehicles, most paying a periodic dividend until fund closing at which time the shares are liquidated and paid out - obviously at a rate intended to be higher than when purchased.

      While most investments have suffered through the Covid experience, I just had one of these funds liquidate at 25% below what I invested in it 6 years ago. Unlike the public exchanges, I had no option to hold the shares longer to get more recovery. The majority of shares voted to cash in so I was dealt my loss. Expensive lesson learned on volatility. Would have fared much better keeping this money in the public exchanges. Make sure you consider all the rules of the game with these private funds.

      Staff

      Reviewed Oct. 28, 2022

      They are in business to make themselves $$. Ameriprise claims that most clients belIeve their advisors cares about them. Advisors are well trained to act like they care. What they really care about is extracting enormous fees for their pretense. Stay away from all financial management services.

      Customer ServiceCoverageStaff

      Reviewed Oct. 22, 2022

      Under a previous advisor, who retired, I was under an annity plan that I had no issues with until his replacement said it was no longer supported so I had to select another; that was technically not true as I later found out it was just a rider to the plan that was retired. Nevertheless, under the impression a plan I liked was gone, I sought something similar as a replacement and the advisor selected a plan which I assumed met that criteria. It did not; it actually increased payout to Ameriprise and put a cap on my gains. I found out only after a superior called, as part of a routine call, to confirm my selection and my questions soon unearthed the duplicity of the advisor including that there were other plans that better mirrored my needs that was never mentioned.

      Long story short, I did my own research and selected another plan and signed the paperwork. It was not executed by the advisor; I found out about this failure 3 months later on a review of a statement - which meant 3 months of losses for funds that had not been moved to the new plan I selected, due to willful negligence or failure.

      Another superior deftly intervenes and claims that they will make things right and cover any losses to me due to their failures and offers another expert to better explain the plan I selected; said expert's agenda was not to better explain but to trigger a non-existent change so Ameriprise can send me a "new" application and reset the clock, as if I made my request 3 months later instead of 3 months prior, with said expert informing the Ameriprise department that will review my "new" application will likely reject it, which begs the question why I was being asked to do all this 3 months after the plan should have been executed! You guessed it - so Ameriprise can get themselves out of the consequences of their failure by pinning it on a non-factor after-the-fact.

      I was willing to work through the miss but the unethical maneuverings and attempt to escape instead of rectify the losses that they caused finally broke the camel's back. If a financial institution is engaging in such unethical practices and advisors look out for their interests not their customers, then best to look elsewhere. I am loyal to a fault but such practices cannot be tolerated anyway, especially with a financial institution entrusted with people's funds.

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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