Ameriprise Financial Services Review 2024 (2024)

Ameriprise Financial Services is the second-largest independent broker-dealer and one of the largest registered investment advisors (RIAs) in the U.S.

With a team of more than 12,000 financial advisors and office locations across the country, Ameriprise is one of the best-known financial advisory firms.

All information on this profile is accurate as of Nov. 30, 2022. For more information, please visit Ameriprise Financial’s Investment Adviser Disclosure Page (IADP) at the Securities and Exchange Commission (SEC).

Ameriprise Financial Services Overview

Founded in 1894 as Investors Syndicate, Ameriprise Financial is a global investment advisory firm boasting more than 1.14 million individual clients and $458 billion in AUM.

While you might have heard of Ameriprise under its previous name, American Express Advisors, Ameriprise is presently a public company traded on the New York Stock Exchange (NYSE). The firm’s global footprint and standing relationship with American Express offer plenty of benefits for potential clients.

While the global pandemic sent countless services to the virtual world, you can connect with an Ameriprise advisor in person and near you with relative ease. In addition to its Minneapolis headquarters and seven regional offices, you can use the firm’s “find an advisor” tool to locate an advisor near you.

You can supplement your investment relationship through banking and credit products from American Express National Bank. Many advisors are licensed to sell insurance, so Ameriprise can connect you with policies to cover everything necessary—from home and auto to life and long-term care.

Is Ameriprise a Fiduciary Financial Advisor?

Ameriprise Financial Services employs fiduciary financial advisors, which means they are legally bound to act in their clients’ best financial interests. However, that doesn’t mean there are zero conflicts of interest—especially since the firm also acts as a broker-dealer, and it can financially benefit from the products it recommends.

Firms like Ameriprise typically have processes to help put client needs above profit motives. If you have questions about how your advisor earns compensation from recommended products, don’t hesitate to ask for a full fee breakdown before you approve a purchase.

Ameriprise Fees

Large financial advisory firms often have complex fee structures, but that doesn’t mean you can’t get a clear idea of what you’d expect to pay as an Ameriprise client.

Advisory and Planning Fees

For your advisor’s ongoing advice throughout the year, you can expect a minimum annual advisory fee of $500. However, your advisor may charge more than the firm’s minimum depending on their experience, the complexity of your needs and professional credentials, including advanced certifications like a certified financial planner (CFP) or chartered financial analyst (CFA).

If you enroll in ongoing financial planning services, you’ll also have an ongoing fee of $50 per month. Both your advisory and ongoing planning fees are negotiable with your advisor.

Managed Account Programs

Ameriprise offers several managed account programs, also known as wrap fee programs. With these accounts, you’ll pay a single consolidated annual fee based on your account value. The single fee will include your annual advisory fee and most brokerage fees, such as commissions and transaction costs.

With Ameriprise, your wrap fees top out at 2% AUM. For example, if you have $100,000 invested in an Ameriprise-managed account, your maximum annual fee would be $2,000.

However, some managed account types have additional fees. For example, some of the firm’s separate account programs also have individual managers and administration-type fees.

Additional Account Fees

If you’re not enrolled in an Ameriprise wrap fee program, you can expect to pay commissions and other brokerage fees in addition to your annual advisory fee. But don’t worry—this arrangement isn’t out of the ordinary for financial advisory firms.

Ameriprise Investment Minimums

Ameriprise doesn’t publish an investment minimum for accounts outside its managed account programs. If you’re considering an Ameriprise advisor, reach out to an advisor or an Ameriprise branch near you to inquire about account minimums.

For its managed account programs, Ameriprise investment minimums as of 2022 are:

• SPS Advantage and Active Portfolios: $25,000
• SPS Advisor Accounts: $100,000
• Select Separate Accounts: $100,000 to $500,000 (depending on strategy)

Services Offered by Ameriprise

No matter where you might be on your financial journey, Ameriprise offers a wide range of services to help you achieve your goals.

• Financial planning
• Retirement planning
• Portfolio management
• Insurance and annuities
• Certificates of deposit (CDs) and cash management accounts
• Home loans and securities-based lending

Depending on your preference and account type, Ameriprise offers both discretionary and non-discretionary account management.

Discretionary management gives your advisor permission to transact in your account without getting permission for each trade. Non-discretionary management means you and your advisor will discuss each transaction before it’s made.

Finally, you can also access a variety of financial tools like fund screeners and market research once you’re officially a client. You’ll find these resources available when logged into your account.

Available Investments

While Ameriprise’s focus is on “ordinary Americans,” you’ll find a wide array of available investment types to help reach your financial goals.

• Stocks
• Bonds
• Options
• Structured notes
• College savings plans
• Unit investment trusts (UITs)
• Exchange-traded funds (ETFs) and mutual funds
• Alternative investments
• Annuities

Ameriprise Disciplinary Disclosures

Ameriprise has had a number of disciplinary disclosures listed with the SEC over the past 10 years. With a firm the size of Ameriprise, that’s not unusual. However, you can easily review the firm’s disclosures and research individual Ameriprise advisors before you sign on the dotted line.

Review Ameriprise’s Disclosure History

All RIA firms are required to publish disciplinary disclosures received in the past ten years. Visit Ameriprise’s Disclosure Reporting Page (DRP) on file with the SEC.

Research an Individual Ameriprise Advisor

When you find an Ameriprise advisor, you can use FINRA’s BrokerCheck to see if the advisor has any disciplinary disclosures. Just enter the advisor’s name in the box marked “individual,” and you can verify the broker’s disclosure record, years of experience and more.