Ameriprise is a form of an advanced fee scam
I was reading on the Amexsux forum and someone suggested that Ameriprise is a form of an advanced fee scam. IMO, I agree. The way an advanced fee scam works is that someone charges you a relatively small amount in the hopes that they can gain your confidence so they can get more money out of you in the future. This is exactly how Ameriprise operates. They charge you a small amount for the "financial plan" to gain your confidence. Once they gain your confidence, they recommend proprietary products that increase their profits in the way of high loads and fees. I recommend you stay away from Ameriprise.
Labels: advanced fee scam, Ameriprise, financial, planning
posted by amexsux at 7:19 PM
6 Comments:
I have been an advisor with the firm for nearly ten years and I am proud of the advice I give and the positive impact I have on my clients lives. It's a shame that the firm hired too many people too fast and risked diluting the brand. I can say however that my colleagues and I work hard every day putting the interests of our clients first while giving prudent and thoughtful advice to help them achieve their goals.
Ameriprise financial advisors (employees and independent contractors -- franshisee's) do offer fee based financial advisory services -- not intended to be an "advanced fee scam."
Consumers need to take responsibility for their actions --do your due diligence before you engage a financial advisor -- any financial advisor. Check finra.org "brokercheck" utility for background information on the advisor(s) you are considering.
Try not to become part of the problem but a catalist for solutions.
They are doing seminars tom peddle their products. They use reputable non-profits as a front to draw people.
Real scammers
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I had a new advisor at Ameriprise for less than a year. Before that I had had the same one for several years. Anyhow, the 'new' one went on and on about how I should pay $300 per year for superior customer service with a whole team of people working on my behalf. I agreed to the fee, then all of my emails to him went unsanswered. I found out later, in a phone call from a financial analyst at Ameriprise, that he had left the company! Then he contacted me on Linked In and wanted me to recommend him! I now have another new advisor who is encouraging me to take out Long Term Care insurance. A friend of mine had this for years. She was paying $150 a month (we are both in our 50s) then stopped it so has now lost all of that money. I hate the way the advisors use 'scare tactics' to get us to take out such insurance, eg: 'You will be placed in a government funded facility' (if you don't take out the insurance).
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