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buffalonate (96.90)

Ameriprise Financial Is A Scam!

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May 15, 2011 – Comments (11)

My mom recently asked me to have a look at her investments and tell me what I thought.  I have a TD Ameritrade account so I looked at the Morningstar ratings for her mutual funds and every one had a ranking of 2.  Basically they were charging her relatively high fees for very mediocre performance.  For example, they were charging her over 1% to be in an index fund when most index funds charge .1%.  I also noticed that every one of her investments was in Columbia or Riversource mutual funds.  I looked into it and found that Ameriprise Financial owns Columbia and Riversource Mutual Funds.  So basically all Ameriprise Financial Advisors just funnel your money into their crappy mutual funds and charge you big fees for their service.  Their financial advisors don't care about your financial well-being.  They just push you into the company mutual funds so they get their cut.  I told my mom that she would most likely be a millionaire by now if she had just invested her money in index funds instead of putting her money with Ameriprise.  If you know anyone who has money with Ameriprise please tell them about their conflict of interest and advise them to take their money elsewhere.   

11 Comments – Post Your Own

#1) On May 15, 2011 at 5:06 PM, L0RDZ (70.86) wrote:

Surprise :)....   plenty of this going around...

 

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#2) On May 15, 2011 at 5:08 PM, L0RDZ (70.86) wrote:

I'm sorry to hear that about your mom  Buff...  my condolences.

it could be worse they could be charging her  2%  on her money to manage and put her in a  high front load  fund...

A lot of so called professionals make a lot of money really doing nothing other than tricking  others  in their confidence games said the liar to the fool,  trust and you'll be trusted.

 

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#3) On May 15, 2011 at 5:35 PM, buffalonate (96.90) wrote:

They had part of her money in a 5% front load fund which made me vomit in my mouth a little bit. 

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#4) On May 15, 2011 at 5:44 PM, L0RDZ (70.86) wrote:

Sadly none of the big boy politicians are worried about our moms and  ordinary family members who's  retirement accounts and  investment accounts  have been drained  by   shady  advice and  bogus  purchases.

But  theft  and  betrayal  stings no matter how big or small, whats worst is when the people don't even realize how bad they have been mis-served  and taken advantage of  and worse is the  agent who probably sold her all that  probably  didn't understand how bad Ameriprise  was.

 

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#5) On May 15, 2011 at 5:46 PM, L0RDZ (70.86) wrote:

Buff you should check into the rest of your family members accounts with the same  company or  other similiar ones.

 

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#6) On May 15, 2011 at 6:10 PM, buffalonate (96.90) wrote:

No one else in my family is with them.  Do you know how the Caps scoring system works? Someone on here told me you get penalized if your score is not more than 5 points positive when you end it.  Is that true?  I couldn't find that written anywhere on the site. 

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#7) On May 15, 2011 at 6:17 PM, L0RDZ (70.86) wrote:

Yea....  you don't  get   credited     ~    I've been with caps much longer than my  current  thing shows.....   I'm  a  ghost   :)   of my former self.

That is true  Buff about  not  locking in  if your score is not more than 5%  in the positive  and if you close  one   anywhere near zero or neg  you have for all time sake  a  non  ~  bad pick  so you'll never  be able to score a  perfect  100%   in accuracy...

I use to have  hundreds if not thousands of picks...

my memory  is hazy  in my former life  :)

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#8) On May 15, 2011 at 8:46 PM, HarryCarysGhost (99.78) wrote:

Awesome an accuracy discussion,  what I f I totaly pooched my acc early and am stuck with 60% what's the best way to boost that up to 80%

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#9) On May 15, 2011 at 9:29 PM, buffalonate (96.90) wrote:

The more good picks you make the more you dilute the ones you screwed up.  I have only been on here a couple of months and I screwed up a few thumbs down picks by using information from Yahoo Finance that was apparently outdated.  I stopped using the analyst estimates from Yahoo Finance to judge whether something was overpriced.  You have to read the most recent earnings report because their information is at least a quarter old. 

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#10) On May 15, 2011 at 9:55 PM, L0RDZ (70.86) wrote:

Harry carry just worry more on picking more  correct  ones that not accuracy can be overated unless of course you make  real world picks  and you  have  over 70% ,  usually most top players accuracy is based on luck n bull....

I was in the  99 club   in fact  if you research the LORDZ  name you'll see.....  but good luck trying to read any of my old stuff...

some goat ate it or something ;)

another thing you can do is   close the same stock picks over and over again   to boost ya up a lttle but than that affects your total  avg per pick  if your looking for  total return...

 

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#11) On May 16, 2011 at 12:43 AM, HarryCarysGhost (99.78) wrote:

L0RDZ

Oh I know who you are man, I've read your blogs. I've been here since BC (before crash)

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