I've finally ditched Amerprise and moved everything to Vanguard! It look me long enough, but thanks to a friend and some of the threads on this board, I finally did it.
I was an Ameriprise client for around 15 years. Basically, a friend from high school "recruited" me when she got a job there right out of college. A couple years later, she left the firm and I got transferred to another advisor, and then another. A few years later I started investing on my own outside of Ameriprise, but stuck with them for most of my retirement accounts.
Between the high fees (1% AUM "wrap"), an unnecessary annuity (with even higher fees), and high expense ratios on many of the funds, I finally got fed up. The performance was also sub-par most of the time. For example, last year, my Ameriprise accounts barely did 4%. My "self managed" accounts, consisting mostly of low cost index funds, were closer to 11%.
Most hilarious part was when I told the FA I was leaving, in person, he said he was considering firing me as a client anyway. He called my investment strategies amateurish. And then he told me he didn't need my money because had had some whales on the way.
I literally laughed my way out the door... Then I called and started transferring my accounts.
I was an Ameriprise client for around 15 years. Basically, a friend from high school "recruited" me when she got a job there right out of college. A couple years later, she left the firm and I got transferred to another advisor, and then another. A few years later I started investing on my own outside of Ameriprise, but stuck with them for most of my retirement accounts.
Between the high fees (1% AUM "wrap"), an unnecessary annuity (with even higher fees), and high expense ratios on many of the funds, I finally got fed up. The performance was also sub-par most of the time. For example, last year, my Ameriprise accounts barely did 4%. My "self managed" accounts, consisting mostly of low cost index funds, were closer to 11%.
Most hilarious part was when I told the FA I was leaving, in person, he said he was considering firing me as a client anyway. He called my investment strategies amateurish. And then he told me he didn't need my money because had had some whales on the way.
I literally laughed my way out the door... Then I called and started transferring my accounts.
