I Want To Leave Ameriprise

[mikecart1]

Mikecart1, according to the "Client Disclosure Brochure" you should have, here is copy from page 14:
"If you decide not to continue with AFPS you may cancel the service at any time. To cancel you can simply stop paying the annual fee or complete the form described below. You will be eligible for a refund of the fees you have paid during the current engagement period as described above".
I say just mail it in and call the number that is listed and let them know that the form is coming and that you want a refund.
It should work. (Don't ask me how I know.)

I actually faxed it today. If I don't hear back they will get an angry call from me. Anyways, thanks guys. Will keep you all updated.

-Had my bank cancel future automatic funds from Ameriprise
-Transferred my IRA to Vanguard today

Ameriprise has no idea of what hit them. I didn't even tell my advisor LOL.

I lost a lot of money in this and my goal will be to educate others before they make the same mistake.

For older people that have been with them for decades, I feel deeply sorry for their unawareness of what is REALLY going on.

For those math guys, in 18 months I have been with Ameriprise, I have spent almost $1500 in fees of which I hope to get $500 back in refund.

Do not use Ameriprise. I feel like the father in Boiler Room that got screwed by Seth of his life savings.

"I used to sell a service that people wanted (poker room), now I force a service to people that never asked for it" - Boiler Room, Seth

 

[FIREd]

-Had my bank cancel future automatic funds from Ameriprise

Does that mean that you are giving up on the money in the VUL? If you stop making premium payments for the life insurance policy, you are basically forfeiting the money in the VUL at this point (unless they allow you to pay for the premiums from the cash value).

 

[mikecart1]

Does that mean that you are giving up on the money in the VUL? If you stop making premium payments for the life insurance policy, you are basically forfeiting the money in the VUL at this point (unless they allow you to pay for the premiums from the cash value).

Yeah I've decided to cut my losses. I have no need or want of the VUL. I just want to be completely free of Ameriprise. I don't even know what I was thinking at the time anyways when I signed up for it.

 

[FIREd]

Good deal! I went from Ameriprise to Vanguard and I couldn't be happier. After experiencing Ameriprise's fee structure, the low cost culture at Vanguard is a breath of fresh air!

 

[Bestwifeever]

More kudos to you for gittin' it done!

 

[mikecart1]

Thanks for all the help. Learned a lot on here in the past few days. Unlike many forums, this one deals with pretty serious issue - money.

If you guys ever get down, just remember you saved at least one person!

 

[Danny]

Ameriprise has no idea of what hit them. I didn't even tell my advisor LOL.

...my goal will be to educate others before they make the same mistake...
Do not use Ameriprise....

Mike you have started to make your impact.
Ameriprise today announced it was laying off 300 people at hdqtrs here in Minneapolis..."The financial planning and insurance company announced that 300 employees in its Minneapolis headquarters will be out of a job by week's end. An undisclosed number of workers in its field leadership and branch offices also are being let go - it said its revenue from deceptive financial products have fallen dramatically this week. They place the blame on an irate ex-customer named Mike Cartone" Minneapolis Star-Tribune story

 

[dessert]

Yeah I've decided to cut my losses. I have no need or want of the VUL. I just want to be completely free of Ameriprise. I don't even know what I was thinking at the time anyways when I signed up for it.

Ok, I admit that I was in your position once myself. I felt the same way that you do now. I also jumped ship on my own just as you did. Beware that this will cost you even more as Am****ise takes its final fees from you for the priviledge of closing your account.
You will be amazed at the gall and the description of the fees that they will steal from you to close it all out. Well, let's hope it doesn't happen to you but they probably haven't changed. You did right to get out as soon as you could.

 

[mikecart1]

Update

I faxed in the form yesterday and called today to get the $500 fees back and they should be credited to my credit card tomorrow. So that is some money saved. Then right after I get off the phone with Ameriprise at the main office, I get a call from another number that was unknown on my phone and guess who it is... finally my advisor comes to service - only when it is time to save his own a**.

He obviously sounded different/shocked. I hung up on him and he then called back again and I didn't answer.

Also the bank blocked their automatic transactions just in time earlier this week by crediting back the fees for the VUL for the month. So basically I made a quick $600 this week or should I say - GOT BACK WHAT WAS MINE.

You guys here rule!

 

[Bestwifeever]

Yay--glad it worked out for you.

 

[amerijunk]

mikecart1, unfortunately, this is how Ameriprise operates. I'd pull your money out of there and then leave the VUL. I'm surprised they didn't send you a notice to pony up the 157 dollars since they want to make sure that they can get the full surrender charge out of you in the event you cancel the VUL. I'd just let the VUL run dry on it's own as they'll more than likely just close the account since the value is below the surrender charge.

I know this doesn't really help but luckily you're on the young side and you'll have time to make up your losses. I was a bit older than you when I got involved with then American Express and ended up in the same boat as you. Once I did DIY, I saved a bunch of fees and made money instead of dumping my money into a rat hole like a VUL or annuity. It's a bad feeling though when you realize you've just been hosed by a large company. When I was involved with them, there wasn't the wealth of information on the net like this forum and amexsux.com so I just figured "bad luck" and took my lumps. Taking your lumps and moving on is what Ameriprise hopes you do.

 

[Htown Harry]

For older people that have been with them for decades, I feel deeply sorry for their unawareness of what is REALLY going on.

Me too, especially after reading this article today:

Bloomberg.com: Bloomberg Markets Magazine

"Working out of an Ameriprise Financial Services Inc. branch in Orlando, Florida, Christopher Coulther offered his clients a deal that was hard to resist. Promising a 100 percent return on Costa Rican real estate, he enticed 98 people to invest almost $12 million.

His alleged sin, marketing an investment his company hadn't authorized, is known as "selling away."

Among large financial firms including Citigroup Inc.'s Citigroup Global Markets, Bank of America Corp.'s Merrill Lynch & Co., Morgan Stanley and UBS AG, only Ameriprise Financial Inc.'s Ameriprise Financial Services and brokerage unit Securities America Inc. have been disciplined for selling-away violations, unapproved private securities transactions or outside business activities, according to records of the Financial Industry Regulatory Authority, the securities industry watchdog.

Among other large financial planning companies with extensive branch and independent franchise operations similar to Ameriprise, the Finra records turn up selling- away violations at only one firm."
​

 

[mikecart1]

Update

I almost smashed my computer today as I looked at my bank account where Ameriprise automatically takes funds out to fund those POS accounts. Well today it was for the IRA that is currently in process to being switched to VG. Boy was I mad.

I tried to call my bank which was unsucessful for some reason for 3-4 times. I then checked back with my computer and saw that the block that I have on Ameriprise was just delayed by a day (transaction took place yesterday and I got refunded today). So that was a relief.

I checked on Ameriprise website and saw that my ex-advisor is still collecting commission fees on the IRA. What should I do? Will the refund I got back today from the bank blocking Ameriprise just eliminate that whole transaction so my ex-advisor doesn't collect his $25 for doing s***?

I also got a letter from that VUL company asking why my bank reversed their auto transaction last month. Should I call them and say it is over or just ignore it for now? Surrender charges are at -$200. I am not paying that BS either.