I am 70 and retired and new to this website. My wife and I have investments with Ameriprise (American Express before they sold off the investment branch) ~ $280 K. In the mid 1980s under American Express it was fairly simple to understand fee structures. Now under Ameriprise, it nearly undecipherable. Ameriprise charges us a $3500 flat fee for financial planning plus wrap fees. I paid something like $5000 plus last year for various fees. I have a gut feeling that these various fees and services aren't really all that special and not so much in the interest of the client as they are Ameriprise. We have 3000 shares of GE in a brokerage account with Ameriprise. Ameriprise instituted a program of "Stop losses" a few years ago. Are these any good? The GE stock is not under a stop loss rule at the present time. We also have Long Term Care policies as well as a Life Insurance Policy with Ameriprise.
I am pulling off $1250 per month in retirement from investments from Ameriprise.
At this point I'm not altogether happy with their fee structure. I understand they should get something for their efforts but what they get for what they do seems high.
If we wanted to change our situation with Ameriprise, what options do we have? Thanks.
I am pulling off $1250 per month in retirement from investments from Ameriprise.
At this point I'm not altogether happy with their fee structure. I understand they should get something for their efforts but what they get for what they do seems high.
If we wanted to change our situation with Ameriprise, what options do we have? Thanks.
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