Complain about a product or service

Ameriprise

Ameriprise • New Hampshire Charges Ameriprise with Fraud • Ameriprise Hit with $9 Million Penalty • Ameriprise Settles With Regulators Over Laptop Theft • Ameriprise Loses Customer Data --- • Consumer Complaints

Once upon a time, this company was known as American Express Financial Advisors. But in 2005, Amex decided, for what were called "strategic" reasons, to spin it off. Thus was created Ameriprise, the nation's largest mutual fund advisory firm in terms of assets managd.

But just how well those assets are being managed is the source of at least a few complaints by clients and regulators.

Melinda of Mansfield, OH January 21, 2008

Melinda of Mansfield OH (01/21/08)
My disabled child and myself were involved in a two MVA in October 2007. The driver of the other vehicle was cited. Her insurance company, Ameriprise Auto & Home Insurance, was absolutely horrible to deal with. For the first couple weeks I tried to work out an agreement with them, since my vehicle was a total loss. They offered me much less than the value of the car. I told them this was not acceptable, that I was not asking for anything above and beyond the value of the car, but just a fair price so that I may purchase something of similar prior condition, value, and mileage. They lied to me and told me that they had actually offered me a very generous amount, and that I should not turn it down. I contacted my attorney to get her involved. She found that the value of my car was much higher than they had admitted to me. My attorney was unable to reach Jill, the professional handling my claim, for nearly two weeks. By the time everything was agreed upon, it was mid-December 2007. I was told to mail my car title to them. I did so.

They had my car towed away. At this point I had no car or title...and no check. After a few days I called to see why I had not received the check for my damaged vehicle. They told me they never received my car title. I had to go purchase a new one and have it sent overnight, all at my expense. An hour after I mailed the second car title, they contacted me to tell me the original one had been found. The date on the check was the day AFTER they stopped paying for my car rental. I took the check to the bank so that I could purchase another vehicle that I had found. The bank had to hold the check for seven business days due to the amount and it being an out of state check. By the time it was all said and done, I was charged approximately 990.00 out of my own pocket for a car rental, due to their poor business practices. This is almost 1/3 of the total check I received.

I was also informed by Enterprise Car Rental that Ameriprise Auto & Home Insurance was very hard to reach, and that they were refusing to pay approximately another 800.00 of the car rental that they had earlier agreed to pay. Enterprise told me at this time that I may also be charged the additional 800.00. I contacted my attorney who then contacted both Enterprise and Ameriprise to hopefully stop the additional 800.00 from being charged to me. Bottom line, I am a divorced mother raising a disabled child alone. I had reliable transportation to get my child to and from school, doctors appointments, therapies, etc. Now, I was forced to buy a car of lesser value.

Due to Ameriprise Auto & Home Insurance shady business practices, I am now nearly 1,000.00 in the hole for an accident that was not my fault. Again, I never asked for anything above and beyond what was owed to me. I had to fight to get what I got...and still didn't come close to breaking even. This company has put me in an extremely tough spot financially.

Edward of Fort Myers, FL January 18, 2008

Edward of Fort Myers FL (01/18/08)
I am a Certified Financial Planner and decided to apply for a position with Ameriprise. The interview was based solely on testing my ability to sell something to a client that they did not want. They used a sales pitch for travel rather than financial, using an employee to test how I could convince them to go on a trip that they did not want. They figured if I could do this, financial conviction would be no problem. STAY AWAY FROM THESE PEOPLE. There are many honest CFP's out there; don't use Ameriprise.

Steve of Oceanside, CA January 14, 2008

Steve of Oceanside CA (01/14/08)
In March of '07 I was diagnosed with M.S. and could no longer work. I had a 401K which I wanted to move. I contacted Ameriprise, and they sent an agent. My wife and I decide to have him manage our money. The market started going down, and I contacted the agent. He came to my home and told me that he had been promoted and was giving our money back. He also said that he would still manage our money. He also said that he would move some investments around, but never did. Since then I have e-mailed him several times with no response. As of 1/14/08 my portfolio is down 9,200.00. That is about 15% of my life savings

Since signing up with Ameriprise, I have lost over 9,000.00 of my life savings and still cannot contact our agent.

Varghese of Wylie, TX February 28, 2007

Varghese of Wylie TX (02/28/07)

On 02/28/2007 I called my insurance company to add another vehicle to my policy and they told me I involved in an accident on 07/06/2006 and they put me at fault and paid to two other parties. This company didn't contact me before or after they made decision on this claim. I traveled on a three-lane road and one guy switched in front of me so fast and hit on the car in front of me. It causes lot of damages to his front end and other cars rear end. Since he took the space in front of me, my car barley hit his rear after I stopped my car. There were no damages on the front end of my car or his car's rear end. When I spoke with my insurance company they told I'm only responsible for the rear end damages of the car in front of me. I believed them and didn't follow up the claim since there were no damages on my car or other party’s rear end. This insurance company didn't inform me any thing else until I called and add another car to this policy. Ameriprise didn't even inform me before or after they settled this claim. Now my driving history looks bad and I have no idea how to fight with these people.

Gabriel of Plantation, FL December 15, 2006

Gabriel of Plantation FL (12/15/06)
Back in April 15-2004 I opened an IRA Mutual Fund with American Express Financial Advisors Inc, In Plantation,Fla office. Now the Ameriprise Financial Services, Inc. After 4 months my financial advisor was promoted and from this time it has been a roller coaster dealing with Ameriprise. Since this change for more financial advisors were allocated to handle my account and each time I have asked to review and change my portfolio as the market has changed since the origination time, no one of the assigned advisors have done so.

All what they have done is to try to sell me other products such as life insurance, even in 2005 when I requested and paid for a personal financial analysis, it was not done, although the fee was returned but the time and aggravation that I have encountered it is like a nightmare. Can you imagine 4 time my financial advisor was changed. They claim that the reason is because they have been promoted. I do not believe it -- I think it is more a turnover or representatives.

To this day the last one that came I knew of her through a letter she send me about 6 months ago. I have not heard from her since then. May be my portfolio is too small for them to be interested in helping me adjust it to the new market conditions. I have been dealing with Wachovia Securities and I found that they are very profesional and they are helping me tremendously.

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