Anyone use Ameriprise for investing help?

[braumeister]

Quote:

Originally Posted by Helen I went with a friend to meet with a Fido rep and this guy was totally different, didn't try to push products and entered her data into what looked like the RIP program. He helped my friend a lot.

This can be a real benefit. On one of my first meetings with my Fido guy he spent some time showing me how to really take advantage of their software (it used to be called RIP). I was surprised, because I had already used it at home, but he showed me how I could do a lot more with it. He also never tried to convince me to buy anything, just accepted what I was already doing. They also have pretty good coffee at the branch office.

[Rustward]

Why do we have to stop with the financial services industry? There are countless other industries that want (and get) our money. Big pharma! Lets invent some new diseases so we can treat them with very expensive drugs. And we'll run those expenses through your insurance company so it won't seem so painful. Auto repair -- who here has never been ripped off or at least had it attempted against them? Auto sales? Plumbers and electricians -- sure they are not all bad but some are. Why don't we try to list them all?

The thing about financial services is that nobody is forcing people to use them.

So let's say we put some fiduciary rules in place? Is that going to eliminate expensive products that are not optimal? I just don't think it is possible to idiot-proof the whole world.

[travelover]

Quote:

Originally Posted by Rustward Why do we have to stop with the financial services industry? There are countless other industries that want (and get) our money. Big pharma! Lets invent some new diseases so we can treat them with very expensive drugs. And we'll run those expenses through your insurance company so it won't seem so painful. Auto repair -- who here has never been ripped off or at least had it attempted against them? Auto sales? Plumbers and electricians -- sure they are not all bad but some are. Why don't we try to list them all?

Maybe we need a Consumer Financial Protection Bureau - no never mind. Congress would just kill it to make their lobbyists happy.

Quote:

The thing about financial services is that nobody is forcing people to use them. So let's say we put some fiduciary rules in place? Is that going to eliminate expensive products that are not optimal? I just don't think it is possible to idiot-proof the whole world.

Sorry, but I've seen enough little old ladies ripped off, including in my own family, that I'm not giving the sharks a pass because "you can't idiot proof the whole world". These clients need help with their investments and kicking them in the teeth for trusting is insult to injury.

[ERD50]

Quote:

Originally Posted by Rustward Why do we have to stop with the financial services industry? There are countless other industries that want (and get) our money. ....

OK. So start a thread about any industry you want. This one is about the financial industry.

And since financials are a central element of this forum, it seems reasonable to discuss it here.

-ERD50

[target2019]

Quote:

Originally Posted by travelover Maybe we need a Consumer Financial Protection Bureau - no never mind. Congress would just kill it to make their lobbyists happy. Sorry, but I've seen enough little old ladies ripped off, including in my own family, that I'm not giving the sharks a pass because "you can't idiot proof the whole world". These clients need help with their investments and kicking them in the teeth for trusting is insult to injury.

I do know that someone from our state looked into the FAs from daughters church who were churning my in-laws accounts. My in-laws were interviewed about their experience. Not sure if the scum received any action.

They were not Ameriprise, but some time later I had experience with that ilk, as we were reporting our observations to AARP for their advisor database.

[dougmoe]

I retired in 2007 and have been using Ameriprise as my financial advisors. When it comes to any financial advisor firm I would suggest it will be a love/hate relationship until things settle down and a relationship is developed. I have a wonderful agent/ advisor whom I respect and I treasure our bi yearly meetings. He is always looking out for me and is open to my thoughts and suggestions but I can tell you we have had our disagreements as well only because I personally like to stay personally involved and I can become emotional when it comes to my retirement savings. I believe advisors can help to keep you informed and calm in difficult situations. He has been wrong at times and I have been wrong at times but we work it out together and over time we have developed a strong relationship. I am not crazy about Ameriprise web site or the funds that they offer compared to like Fidelity or Ameritrade but I do stick with them due to our fine and trusted advisor. He is the difference in us remaining with Ameriprise to be truthful but otherwise I would switch to Fidelity. Hope this helps

[pb4uski]

^^^^ I guess that I would prefer to just couch potato and avoid the drama and the fees... but since it seems to work for you, good for you.

[travelover]

Quote:

Originally Posted by pb4uski ^^^^ I guess that I would prefer to just couch potato and avoid the drama and the fees... but since it seems to work for you, good for you.

+1. I doubt dougmoe actually knows what fees he / she is paying, but it is probably for the better. When others found out, they felt betrayed.

[dougmoe]

Been with Ameriprise for 12 years. I appreciate their service mainly because I have a very good advisor. I also self manage funds in a Fidelity and Ameritrade accounts. Each year my self managed funds have outperformed my Ameriprise managed funds by plenty but in fairness the Ameriprise account holds 65% of my savings and it is diversified into a moderate portfolio vs. an agressive one. I suppose if ai had to do it over again I would just self manage everything but 12 years ago I had little investment knowledge and needed stability and now I have developed a long relationship and friendship with my Ameriprise advisor. I think Financial services are way over rated for their costs but their is value to what they offer but that value is based on a clients needs and desires.

[mickeyd]

Ameriprise threads are always fun to read.

[YoungSaver]

Been with Ameriprise since 2009 (my guy's company was purchased by Ameriprise). I've never had an issue with Ameriprise or my advisor. I tell him what I want to buy, write him a check and he does it.

My assets are not high enough to have fees waived ($500k), but I pay $60 per year (https://www.ameriprise.com/financial...ustodial-fees/).

I'm not sure what you guys are doing to have advisors charging 1/4 to 1/3 of your income.

[ERD50]

Quote:

Originally Posted by YoungSaver Been with Ameriprise since 2009 (my guy's company was purchased by Ameriprise). I've never had an issue with Ameriprise or my advisor. I tell him what I want to buy, write him a check and he does it. My assets are not high enough to have fees waived ($500k), but I pay $60 per year (https://www.ameriprise.com/financial...ustodial-fees/). I'm not sure what you guys are doing to have advisors charging 1/4 to 1/3 of your income.

You are talking about a brokerage account, versus their FA fees for Assets Under Management. You tell your guy what to do, he does it. My broker will do that (though I do it myself online), and I just pay modest trading costs. Generally less than $60 a years, as I'm buy and hold, few transactions to make.

The typical Ameriprise client with an FA is paying the fees that have been discussed (~ 1%), plus likely being put into investments with added fees, maybe even some churning.

-ERD50

[YoungSaver]

I guess I don't understand what everybody in this thread is complaining about then. What is Assets Under Management and why do people do it?

[NW-Bound]

I opened a self-directed account with Ameriprise back in around 2000. For accounts with a balance of more than $100K (or was it $200K), they gave 10 free trades each month or something like that. Back then, Schwab was still charging $30/trade.

Then, Ameriprise slowly reneged on that and charged around $7/trade. Plus, they had the gall to charge me a periodic account fee. So, the money went back to Schwab, which had lowered the trading fee to $7, and never had an account fee.

I now do most of my trades at Merrill Edge, where they gave me free trades for keeping a 7-figure account there.

[ERD50]

Quote:

Originally Posted by YoungSaver I guess I don't understand what everybody in this thread is complaining about then. What is Assets Under Management and why do people do it?

Assets Under Management is the portfolio value, and they charge a % each year, regardless of what they do or don't do for you. So if you have a $500,000 account with them, they charge $5,000 a year. $1M and you pay $10,000, even though they clearly don't need to do 2x the work. And likely put you in funds with a expense ratio that may be ~ 1% higher than a broad based index fund.

Why do people do it? Because they think investing is hard, and that it takes a pro, and the pro will do better than they could do on their own. The first 2 points are wrong, and the 3rd is unlikely, and unpredictable.

-ERD50

[dtbach]

Quote:

Originally Posted by OHjosh Perhaps I doubt myself too much, but retirement planning requires analytical investing savvy, tax knowledge and all sorts of discipline at different times. I still think the drawing on the expertise of people who have seen hundreds of people carrying out and succeeding (or failing) in their retirement has some value. Value worth paying (a little) for. But one must find a capable and honest professional, ask a lot of questions, and remember that ultimately it is his/her life and responsibility.

Not really. Just buy a Total Market Stock Index fund 60% and a Total Market Bond fund 40% and rebalance once a year. You would blow the Ameriprise guy away in performance because of almost zero cost. How hard is that

[target2019]

Quote:

Originally Posted by YoungSaver I guess I don't understand what everybody in this thread is complaining about then. What is Assets Under Management and why do people do it?

Ameriprise threads are fun.
AUM is an acronym you should investigate and then take the time to find out if you signed an AUM agreement with Ameriprise.
Average real return is 4%. Average AUM is 1%. That is giving up 25% of your return.