Ameriprise Financial Is A Scam!
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.