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Ameriprise Financial

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Ameriprise Financial
 
1.0

(based on 3 reviews)

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1.0

They are in the business of losing your money!

Comments about Ameriprise Financial:

You would be better off putting your money under your mattress. Stay away from Ameriprise. They market goes up I lose money, the market goes down I lose money. Why am I paying them? AND yes, they use high pressure tactics! I lost 6yrs of earnings listening to them, and I can not unring that bell.

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1.0

Avoid Ameriprise, Personally Manage your Own 401K and Pension

By 

from USA

Comments about Ameriprise Financial:

Ameriprise Financial was recommended to me by my colleague at work. The owner franchisee seemed honest and trustworthy and that convinced me to open an account at Ameriprise and transferred my 401K and pension funds which were at that time earning about 30% and 5% respectively at GSK. I opened the Ameriprise account in December 2013 (believing that he can do better) and entrusted him the management of the account indicating to him that my goal was to grow the 401K for my kids. He created 3 subaccounts, annuity/insurance (funded by the pension fund plus about 1/3 of the 401K [why?], with pension deferred for 2 years [why?]) and 2 separate stock portfolios (funded by the balance of the 401K). Then my nightmares started. He was investing in mutual funds with the highest front loads and highest expense ratio; he was buying and selling mutual funds which are intended for long term investment; only 6 out of twelve mutual funds were hardly earning; he invested in depressed Europe stocks all of which were consistently giving negative results. By October 2014, after 10 months with Ameriprise, my account was diving downward loosing significantly in a bullish market that is over 10% high. I did not feel or see that my funds were being managed with my interest in his mind. By November 2014, I decided to close all accounts before the damage become unmanageable. It was a costly account closure with over $30,000 penalty in one sub account alone plus fees and other charges. One more thing, he never highlighted to me the fees being charged on the account, over $500 each month plus the annual fee of $750. It was a very costly experience for me. The lesson here is to avoid Ameriprise financial advisor/broker and perhaps other brokers too as they work for fees and commissions in buying and selling stocks!! Personally manage your portfolio so you can sleep at night!!

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(5 of 5 customers found this review helpful)

 
1.0

Terribly Horrible Bank/Investment Company

By 

from West Grove, PA

Comments about Ameriprise Financial:

Run far, far away! We had a financial advisor with them for YEARS. They treated us like gold when we were putting money in and rolling over 401K's to them. Then we found TONS of hidden fees that they never tell you about up front. We saw the fees piling up and up, so we decided to pull everything from them. You should have seen the fees they charged to close accounts and transfer account to another company (thousands!!). Astronomical!!! We switched everything out anyway, because we were so angry with them.
We also closed our checking account with them. It took 4 MONTHS to close the account. They kept telling us exactly what to do to close the account, but then never closed the account. I closed our account 4 separate times, and it's still not closed because they take 10 days to close accounts and due to multiple other ridiculous reasons. At one point, we were in a negative balance because someone found an old Ameriprise check of ours, cashed it, and Ameriprise HONORED it!!! Even though the account was to be closed 2 months earlier. Un-frigging-believeable. So then we had a deficit accruing interest on an account that was closed.

Really and truly the worst financial institution I've ever experienced. We'll be sticking with Schwab from here on out. Don't waste your time and money on Ameriprise.

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