Is Ameriprise any good?

[Miss_Lala]

I rolled over a 401k into an IRA with Ameriprise just over two years ago. Since then I've become much more determined in respect to FIRE and I've begun to examine my accounts. I can't find a symbol for my IRA account to check what companies make up the fund, and it doesn't give me a rate of return either. I'm currently contemplating switching to Vanguard to hold this account for me. Does Vanguard show a rate of return? I've browsed through their funds and like their website in general.

I picked Ameriprise because I was following what my parents did. Now that I know more of my parents financial situation, I'm very nervous about the decision I made a few years ago.

Should I switch?

[brewer12345]

Just a guess, but I would imagine you are being milked with fees. I would switch.

[peggy]

We went to an Ameriprise free consultation session some years back. Mind, we already had everything set up and a good asset allocation. Their suggestions all involved putting money into variable annuities.

I've been highly dubious of them ever since, and would not deal with them again.

[Miss_Lala]

Currently I only have $13,200 there and they are taking out $19 a year. So right now the percentage is pretty low, but I have no clue what they base the fees on or when they'll go up.

[brewer12345]

Quote:

Originally Posted by Miss_Lala Currently I only have $13,200 there and they are taking out $19 a year. So right now the percentage is pretty low, but I have no clue what they base the fees on or when they'll go up.

Heh, find out what the expense ratio on the funds is. Bet it is well north of 1% annually.

[bssc]

We have Ameriprise at work for our 401(k). I put everything into ADIEX, their S&P500 index fund which has low expenses, compared to their other fund offerings. Their target fund is something like 2.5%.

Like Brewer said, check to see what you are actually invested in because they offer 100s of funds.

[Miss_Lala]

Quote:

Originally Posted by brewer12345 Heh, find out what the expense ratio on the funds is. Bet it is well north of 1% annually.

I guess that's my problem with them. I can't even get to a screen that shows me the expense ratio.

Thanks for the input so far. It's been some confirmation on what I had already been thinking.

[bdk]

Ameriprise (esp. their "P1" folks) is a joke when it comes to financial planning:
Ameriprise Free Financial Consultation Experience » My Money Blog

From an Ameriprise insider:
The Unofficial American Express and Ameriprise Financial Advisors Consumer Opinion Web Site Message Boards - Working at Ameriprise

[Sarah in SC]

Move. Seriously. Move.
Horrible, just horrible.
Sarah

[maddythebeagle]

Quote:

Originally Posted by bdk Ameriprise (esp. their "P1" folks) is a joke when it comes to financial planning: Ameriprise Free Financial Consultation Experience » My Money Blog From an Ameriprise insider: The Unofficial American Express and Ameriprise Financial Advisors Consumer Opinion Web Site Message Boards - Working at Ameriprise

My Money Blog is great...wonder if he ever got his gift card

[Miss_Lala]

So I just got her to respond to me and I found out that there's a 0.49% expense ratio, so it's slightly better than I was fearing it would be. But then I found out that there's also a 5.75% front load which I never knew about. Then there's the $19 a year that I have no idea what it's for.

I will be firing them ASAP.

[brewer12345]

Quote:

Originally Posted by Miss_Lala But then I found out that there's also a 5.75% front load which I never knew about.

[Achiever51]

5.75% front load! Should be against the law! Before I retired, I talked with my local "friendly" banker, who recommended a Franklin Templeton fund that also carried a 5.75% front load. After I recovered from nearly swallowing my tongue, I asked if this crap investment opportunity was a popular choice. She said it was with many of the widows she worked with. Yet another reason why women as well as men need to be educated about financial issues.

[Miss_Lala]

Her response to my initial e-mail was quite defensive of the fund saying how well it's done after the fees. I've already sent a response asking her if she's the person receiving the load and asking what the $19 is for if its not a load fee .

Thanks again for the confirmation that Ameriprise is an awful company. I'm going to start working on my parents to get their money out of there as soon as possible.

[HFWR]

They gotta pay Dennis Hopper somehow...

[travelover]

This sounds familiar. When I got into my wife's 403(b) and asked about expenses, their reply was, "Why do you want to know?".

A few shysters had the whole school system retirement investment plan to themselves and no one seemed the wiser. We got the choices expanded and we are with Fidelity and Vanguard now.

[FinanceDude]

Quote:

Originally Posted by Miss_Lala I guess that's my problem with them. I can't even get to a screen that shows me the expense ratio. Thanks for the input so far. It's been some confirmation on what I had already been thinking.

Call the advisor and demand it.............

[FinanceDude]

Quote:

Originally Posted by Miss_Lala So I just got her to respond to me and I found out that there's a 0.49% expense ratio, so it's slightly better than I was fearing it would be. But then I found out that there's also a 5.75% front load which I never knew about. Then there's the $19 a year that I have no idea what it's for. I will be firing them ASAP.

Good luck......but be careful on becoming a "financial advisor" to your parents too quickly.........may cause some issues...........

[Miss_Lala]

Quote:

Originally Posted by FinanceDude Good luck......but be careful on becoming a "financial advisor" to your parents too quickly.........may cause some issues...........

They've been asking me about it for years now, so it isn't a tricky subject to bring up with them. Both ends are very open regarding giving information. They both have acknowledged that they are essentially clueless and when they do something financially they typically call and ask for my advice. Now, do they follow the advice........not typically, but when I tell them how they're financing Dennis Hopper's commercial career, they may listen well this time .

[tightasadrum]

Miss Lala,

You're a wise woman, and still young too. Good instincts. Don't ignore them.