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

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Ameriprise Financial Reviews

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    Page 2 Reviews 10 - 40
    Contract & TermsPriceStaff

    Reviewed Aug. 12, 2024

    At 65 I retired. I had pension & 401k money coming to me from my employer & already had money invested with Ameriprise. I’m not talking about a lot of money! At the time I was dealing with an Ameriprise “Financial Advisor” whom I was PAYING for his services. When I first started out with Ameriprise I was not happy with my first advisor so I looked around and found this advisor who seemed like he was experienced & who I thought I would be able to trust. For quite a few years he seemed ok. Then came retirement. This guy recommended a 10 year annuity that if I kept all my money in it for 10 years it would give me a lifetime monthly payment. So I asked a lot of questions but as I found out later I didn’t ask the right questions. I did ask a number of times “is there anything else I need to know?”. All I ever heard is that this is the best plan for you.

    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.

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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.

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    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!

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    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!

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    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.

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    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!

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    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.

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    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.

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    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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    Customer ServicePriceOnline & App

    Reviewed Sept. 22, 2022

    My employer gave my an option of 3 third party service providers for my 401k. 2 of those options were Ameriprise advisors. I called all 3 options to discuss the fees that I would be charged to use them for my 401k. I ended up selected one of the Ameriprise advisors, specifically The Permanence Group. Dan who I spoke with over the phone told me that I would have a self-directed brokerage account with no asset under management fee, a $100 annual fee, and that I would have to pay $6 per trade. I was told that I would have access to trade essentially anything: stocks, bonds, mutual funds, ETFs, etc. These fees were already a bit high compared to what I am used to paying with Vanguard or Fidelity, but it was the cheapest of the options I had available. My intention was to make recurring automated purchases of low-cost mutual funds or ETFs, so paying $100/year plus $6/month seemed acceptable.

    After my account was funded, via paycheck deduction, I logged into my account to get an automated monthly purchase set up. Ameriprise's website told me that I was not allowed to trade online. I tried to initiate an online chat via their website, but got a message that the chat function was not available for my account type. I called into the number on their website. I was told that I was not allowed to purchase the mutual funds that I was interested in, and only had access to specific mutual fund providers. Fidelity and Vanguard were not on the list. So I tried to buy an ETF. I was told that when buying an ETF I could not just request to have my entire cash balance invested, I had to specify the number of shares I wanted to buy, which would result in some cash still sitting in my account. This seemed odd to me considering that it is 2022 and fractional share purchases are pretty common, but whatever, I just wanted to get my cash invested.

    I was then informed that I would be charged $56 in trading commissions and fees! Not only is this a ridiculous price, but it is almost 10 times the amount I was told I would be paying when I signed up. To summarize: Ameriprise lied to me about their fee structure, would not allow me to trade online, would not allow me to purchase mutual funds from 2 of the largest most reputable fund companies, and would not allow me to purchase fractional shares.

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    Reviewed Aug. 9, 2022

    I gave Ameriprise some money with the intent of getting a small but steady growth and maintain the capital. They said they invested in a safe mutual fund. My advisor moved to a new role and I am not sure who was monitoring my account. After two years, my account is below the initial amount I invested. Ameriprise made money by charging me their quarterly fees though. I would not trust them again.

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    Reviewed Jan. 28, 2022

    In my experience a true fiduciary is better for peace of mind. Please do your homework and seek multiple views before deciding on an advisor. My experience was to give more money to my advisor during 2020 who put me in fund and notes that had higher fees and lower returns while churning/selling off assets I already had, as well ones they had previously purchased (Sold many at a loss to watch them skyrocket later). The end result was poor returns, while their site stated 10-12 percent, I wound up with much lower when looking at what I had given and what I ended up with. In addition, a 1% AUM fee is just the beginning, when you add their fees and and the fund fees it's over 2%. There is enough data out there for self directing assets in a Vanguard et al.. Buyer beware or you may wind up behind as the market dips which has now compounded their (my) errors.

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    Customer ServiceStaff

    Reviewed 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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    Reviewed 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.

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    Staff

    Reviewed 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.

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    Staff

    Reviewed 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.

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    Customer ServiceStaff

    Reviewed 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.

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    Customer ServiceStaff

    Reviewed 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.

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    Reviewed 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.

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    Staff

    Reviewed 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.

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    Staff

    Reviewed 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.

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    Staff

    Reviewed 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.

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    Price

    Reviewed Oct. 9, 2020

    I have this credit card and I think they take advantage of people on balance transfers. I applied for a balance transfer 0%, but I had to pay an upfront fee (percentage). I have been paying it off and also any current charges. They charge me interest each month, even though I pay the bill in full, except for the balance transfer. According to the Presidents minion the small print says that you have to pay the entire balance off to avoid any interest charges, but the interest is only charged on what the new charges are, this makes no sense, but according to the small print it entitles them to charge this extra interest. They need to be clear, bold print, or something, to make the SMALL print clear.

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    Staff

    Reviewed Aug. 28, 2020

    I was very dissatisfied with my financial advisor (Eric **) with Ameriprise. He required yearly reviews of our portfolio performance, but it was all smoke and mirrors. The stocks were not watched and those that should have been sold were not. Money was lost. Brokerage fees were high so he got his money every month (for doing little to maintain a profit). When I retired, I was sold an annuity (Riversource), that had a seven year maturity date. This annuity had 35% fees year after year. It finally matured and I transferred my money out as soon as I could. After retirement, I took more of an interest and have learned about how to invest. I finally transferred my entire IRA and Roth to a Merrill Edge self directed portfolio. Since its inception, I’m up 34%. I have read that Ameriprise sells products that benefit the broker. How true! Beware!

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    Customer Service

    Reviewed Aug. 5, 2020

    The stockbroker sold me a retirement annuity which I put into a S&P 500 fund. The broker did not listen to me in numerous phone calls to keep my money in the index funds. He watched the annuity lose a third of my money before it put me into a money market fund. He let them keep it in the MM while the stock market was recovering. I was probably the only person who lost money in the stock market. The stockbroker only collected his fees and did not look out for my interests.

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    CoverageStaff

    Reviewed Aug. 3, 2020

    Reasonable rates and great coverage. Love the service we get, can always talk to representatives and they are really helpful and know most all answers!!! When you have a claim it is resolved in a timely matter and minimal paperwork!

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    Customer ServiceCoveragePrice

    Reviewed June 18, 2020

    This is probably one of the worst associations for Costco. The service is cheap for a reason because they do not want to pay for anything on a claim. I am currently without half my kitchen and a hole in my ceiling due to a leak from the dishwasher. The insurance company (now called Connect) won't send an adjustor to my home. We as home owners are not kept in the loop on communications between the adjustor and the contractor. We have to constantly call both parties to find out what is approved and what is not approved on our claim. Most recently I found out that I do not have a 'matching clause' on my policy which is why Connect will not restore my kitchen to what it was. This is by far one of the worst companies to work with. Please do not fall prey to their cheap prices unless you want to pay out a premium and get nothing for it.

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    Price

    Reviewed May 19, 2020

    As a Costco member, I've had pleasant experiences obtaining quotes from Ameriprise for replacement policies for auto, homeowners and umbrella. The combined cost of these 2020-21 premium quotes represents a significant savings when compared to my current carrier. However, after reading several dozens of reviews on this site, I am concerned and may not proceed.

    I called Costco's membership services number at their corporate headquarters and expressed my concern about the volume of negative reviews of Ameriprise. I indicated I was a bit hesitant to switch to a Costco-partnered company unless Costco could assure me of two things: 1) there were no immediate plans to sever the relationship with Ameriprise, and 2) Costco would be wiling to get involved in any type of dispute between me and Ameriprise, if the need ever arose. The person with whom I spoke understood my concern and assured me that Costco would very likely have their escalation team get involved after a customer brought a complaint of this nature to the member services department. This was reassuring to hear, and I hope others who have negative experiences with Ameriprise do the same thing. This will be the only way Costco is made aware of the level of service being provided to their customers.

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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