Complaint Review: Ameriprise Financial

In a nutshell, my wife and I had been investing through them for about 1 year (ROTHs, mutual funds, stocks etc). In every account any gains we made were completely swallowed up by numerous fees. These fees come from everytime you invest money (which comes out automatically every month), they take somewhere between 5% to 10%.

The main insult however came from when we decided to close all of our accounts (since we were only losing money due to their fees). The full annual custodial fee was charged ($40 per account), termination fee ($50 per account), electronic transfer fee ($75 per account) AND we were hit double with the fees since my wife and I had seperate accounts, even though we signed up together.

I mean it was one thing to rip us off monthly, but devastated us when we tried to leave. I complained but they were adamant about charging us.

In conclusion, after a year of being with them we would have saved more by placing our money under our matress. We are actually down approx $700 after 1 year of investing with them and then closing the accounts.

Typically this company offers fee lunches and then tries to get you to sign up. That is how my wife got suckered in.

BE WARNED. This company is out to make themselves money first, and if there is anything left over, you get that.

Ah_sandiego
San Diego, California
U.S.A.