Ameriprise Financial Sucks Customer Reviews and Feedback
Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.In 2019, over 85% of the company's revenues came from wealth management.
Commenting on the financial advice of Ameriprise, one of its customer said, "Nobody watching the hen house. Stocks that should have been sold were not [airline] and stocks that should have been held were sold. I'M NOT TALKING HINDSIGHT HERE. I LOST TENS OF THOUSANDS DUE TO POOR ADVISE AND MISMANAGEMENT. I hate to blame the WHOLE company because of a few ill informed financial advisers."
Former Employee - Financial Advisor says"It's all about their systems, not the clients. Limited product line-up available for clients. Very impersonal."
Current Contractor - Financial Advisor says"payout rates and other forms of pay keep getting lowered, horrible place for woman to work, terrible discrimination they want female advisors to fail if they have families and give zero support and huge disparity on assigned clients to females vs males"
Former Employee - Financial Advisor says"Very controlling and inflexible management."
Financial Advisor says"worst run company in world. compliance runs company, not sales. They call clients after advisor sells stock and asks did advisor call you before the trade."
Former Employee - Financial Advisor says"If any of the managers don't like you, they will try every dirty trick in the book to fire you!"
Former Employee - AAC Financial Advisor says"Everything. Garbage clients, garbage managers, garbage coworkers. No opportunities, low pay, and management follows the 3 B's (badger, belittle, and bully). It's an awful, toxic boiler room that should be shut down by the SEC and have all senior management jailed"
Associate Financial Advisor says"No training at all. No support in franchise or at the home office. Over complicated systems that hampers processing of business. Home office employees are over burdened and management just want to protect their jobs and not offer the best for their customers."
Financial Advisor says"Everyone is a franchisee - company doesn't take responsibility for anything and turns a blind eye to producers who break the rules. The office I was in was full of problems. Producers churned products to create more income without regard to client actual needs."
Former Employee - AAC Financial Advisor says"I want to be clear that this is not a review of a branch office but rather a corporate department The Ameriprise Advisor Center or AAC as they refer to it. Pay: When i started pay was a combination of base salary and comission. By the time i left the pay structure had been altered to one of bonus and base. Your bonus is determined by 2 factors your team hitting its target revenue and how well you get along with your manager. Even meeting your number means you will see a comission payout of about 10 to 11%. The number is adjusted quarterly and annually. If you have experience in this industry you know how low of a grid payout that is. A typical producet is going to be expected to generate 150k to 200k GDC per year. They will alter pay plans annually, I watched people have issues purchasing homes due to the constant pay plan changes. Clients: At one point earlier in my tennure with the organization their were many clients worth working with. The organization solely works with orphaned clients that come from Ameriprises field advisors. These clients were typically cast off from the first advisor becuase the advisor could not generate any more revenue off of them. Suffice to say many of these clients are more than a little disgrunteled with the firm. You will be expected to sell each of them a financial plan when you initially meet with them. Most of the clients do not have the assets to warrant purchasing a financial plan. Thses clients have also been called to death at this point, sometimes several times in the same week. Management: The management of the AAC is broken down into 3 levels, the team manager, the directors (managers bosses) and the VP running the department. Management definitely has a bro culture mentality about it. Reminded me of highschool and college locker rooms. People and culture: Sadly the quality of people to work with diminished greatly as i worked there. Many would be amazed to know that people like this were allowed to handle other peoples money and advise them on what to do with it. Many a high five did i witness after someone dropped a "rava bomb" ie convinced a client to purchase an annuity. This type of mentality is rampant in the department. Client suitablilty really is a secondary concern to meeting the teams revenue number. As the training has fallen off dramatically new "specialists" have been brought in to sell for the sales people as the newer sales people have little to no experience selling the financial products they are recommending. 0 to 6 months experience is not uncommon. It is not uncommon for an advisor to be drunk or high during the work day, probably to deal with the misery and stress of being there. Roles and expectations: Be prepared to work 55 to 70 hours per week. If you are newer your job will consist of setting appoints for the sales roles or advisors or doing their paperwork. If you are in a selling roles you will hold 8 to 12 client meeting per day with mostly unqualified clients who have had this exact same meeting with one of the previous advisors several times. You will also be expected to sell a financial plan to eveyone you meet with. Anyone with tenure in this industry knows this is unethical. The place essentially functions as a boiler room and i feel sorry for clients who through no fault of their own have their money there. In summary this place is toxic. Avoid it at all costs. Waiting tables is a better job than this"
AAC Financial Advisor says"The business module was not sustainable."
Sales Agent (Former Employee) says"Treat employees as if they were a number only..do not care about employees...force to donate part of pay to charity...badgered to take more calls and to work fasterNoneNone"
Administrative Assistant (Former Employee) says"My experience was rough. Constantly disrespected, yelled at, told something I did was wrong even though it's what I was told to do, and so on. Very aggravating when you're asked why you did something a certain way then get cut off and told "I don't care." I've dealt with bad management at other jobs, but this gets the cake. Mind you, I worked very very hard, did careful work, etc only to be criticized for everything. It's not like I was actually doing something wrong. Nitpicking to a spectacular degree. Everything I did was wrong in management's eyes, no matter what. Unreal expectations. Overworked. Felt like I was sweating bullets most days. Takes over your life. Granted, none of this was Ameriprise's fault. It was due to the advisorship. Maybe if you worked for decent advisors, it would be fine. For me, this was not worth being treated like that."
Financial Advisor (Former Employee) says"Disorganized and no training provided while you're expected to know everything. Pushy and demeaning managers with not enough knowledge about the markets or financial planning. IT's all about sales, memorize the sales pitch, use a financial plan 'template' and charge $2000 for it. They push for their proprietary products and if there are more appropriate products you think is best for clients, the managers will not approve it. If you have a bit of a brain and really want to break in the financial services industry, avoid this company - you will be wasting your time."
Client Services Manager (Former Employee) says"Horrible boss, horrible work environment, one of the worst jobs I've ever had. Revolving door nonstop. No one ever stayed beyond a year or two maximum. Horrible pay and no room for advancement."
Registered Client Service Associate (Former Employee) says"Too much nepotism in upper management. Staff are treated poorly, their success depending solely on that of unethical Financial Advisors. Their strong beliefs in micromanaging and scripts creates a hostile, unpleasant work environment. Co workers and management are unsupportive and deceitful. Hours of work demanded by management make it impossible to enjoy anytime away from the office."
Senior Vice President (Former Employee) says"I have a gag order in place. I cannot say negative things about the company per that order. I can tell you that there are companies in America that present themselves as legitimate and honest enterprises. However, there are some companies that lie and deceive people pre-hire and post-hire. They are white-collar crooks and know how to take advantage of people. Put them in Golden Handcuffs. Lie and mislead about taxability of bonuses. Non-disclosure of Haircuts on numerous products. I cannot however specifically say Ameriprise Financial is or is not one of these type of companies.BrandingManagement and corporate culture"
Investment Planning Assistant (Former Employee) says"stay away from any franchise owned Ameriprise office. So, that effectively means all of them. There is no recourse if you have a problem. HR, and I use that term loosely, is on the payroll of the owner. There is no partisan employee there to help you. In no way was I integrated in the practice. Horrible experience overall. Good luck!"
Customer Service (Former Employee) says"Worst work experience I’ve ever had between the boss and her assistant! Very rude disrespectful didn’t want to do any of their own work. Poor training and talked very bad about their clients! Everything was for their own good not for the best for the client!"
Administrative Assistant (Former Employee) says"Awful. Awful. Awful. Awful. I hated every minute of it. Every single minute was horrible. Unless you were a favorite or part of the in crowd, you were made to feel like a terrible, poor, human being."
Inside Sales Representative (Former Employee) says"Ameriprise only works with Costco customers and 90% of the applications submitted have to go through a pre-issuance process which is a pain. The customers have to physically send in an application that has to be reviewed by an inept underwriting team that only works until 4pm PST and no later. The company is very behind the times and says that it values it's customers but makes them jump through all kinds of hoops for insurance. Miserable job with escalated calls and low pay-absolutely no commission."
Financial Advisor Assistant (Former Employee) says"What I learned working at Ameriprise financial in Minneapolis Minnesota is that Ameriprise is a really good place to work. it was close to home and I really liked it."
CONSULTANT (Former Employee) says"Management lacked the basic needs to support you in learning and the proper training structure to be effective in the position. Ultimately the position ended when I submitted a 2 week notice and they said to not bother coming in. That summed up the work environment."
Life Events Call Center (Former Employee) says"Very unorganized training very unprofessional childlike atmosphere. The trainer discussed personal information that was very unpleasant and was very hard to focus on the actual training. Spent more time socializing instead focusing on the training material for life events. Managers were okay but they should really screen who they hire because when they are not in the classroom the trainer is talking about them and discussing their pay and other employees pay and the gossip is so unconformable, and coming to a new company no one should have to hear repetitive gossip regarding other employees and personal life experience regarding how you live your life drugs, alcohol etc should stay personal do not involve new hires. Very relaxed and unprofessional trainer and if you don't fit in and involve yourself in the gossip you are treated differently. Had to resign I have never experienced such a poor and negative experience in my life. I know I have what it takes to make sure customers are satisfied, but will not involve myself in hostile work environment my reputation and integrity is far greater than. I received certificate for having a pleasant jolly attitude and all but enough is enough.BenefitsUnprofessional Trainer from Minnesota"
Administrative Assistant (Former Employee) says"Just do not work here. I promise you will hate it. You have a lot of time to do nothing. You constantly have to worry about your boss being upset with you or other behavior issues which caused me (a female) to quit. You will understand once you work there. I am not alone with this opinionLots of time to do nothingTemperamental boss"
Risk Analyst (Former Employee) says"Management is not helpful at all in developing employees as they are more worried about their own job security. Also, provides false reviews of project consultants if they do not like you personally. This is unhelpful in obtaining future contract positions with Ameriprise."
Franchise Owner and Financial Advisor (Former Employee) says"Did not care about their people, draw against commission, taking vacation was near impossible, micromanaged, pushed high commission company products at customers, long hours.Could take your clients with youpushed high commission company products at customers"
Financial Advisor, Franchise Owner (Former Employee) says"you're just a number, very expendable. very cut throat with compliance out to find something you did wrong. the company favors the bigger producers over lower for obvious reasons.commissioneverything"
Operations Assistant (Former Employee) says"Company has long term employees that provide a toxic culture experience for newer employees coming in. Company is trying to overcome this however until there is a turnover in longer term employees I do not see how this culture will change."
Planning Assistant (Former Employee) says"No Team No communication Poor training Time off but not happy when used micromanaged no boundaries no privacy no recognition for anything done no respect"
Planning Assistant (Former Employee) says"The financial consultants are very stressed and take it out on employees by belittling them. Bullying by other employees occurs and the person being bullied is penalized.BenefitsEverything else"
(Nearly) Fomrer customer says"They play all kinds of paperwork games to get the last < $2K out of an account and then add additional paperwork to close the account. I cannot tell you how many hours I have lost on the phone trying to get things done. Nebver again."
Jason Schmitz says"Have trouble keeping account sync with smaller banks working. Have not got my bank account to update in over a month. Works fine on Mint."
Zach says"I was really excited to make the switch over to Personal Capital from Mint. It has way more integrations and analytics than any other provider. However, for whatever reason, they are unable to connect to my Santander account. I've reached out to customer service on multiple occasions who had no suggestions or timelines for fixing. They simply told me that because it wasn't a mass issue, they likely wouldn't address it. While I can understand why you wouldn't pull a full development team out of their workflows to address something minor, I would have thought someone could have, at the very least, tried to help me troubleshoot. I'm hopeful I'll have the opportunity to actually use the platform soon, but I'm certainly not holding my breath"
grace says"i wanted to transfer over from Mint to use personal capital but there are too many things that it cant do. the capital one cards, the transaction history thats limited. ive emailed to get these issues fixed and it always seems like the answer is sorry nothing more that we can do. so now im back to using mint."
Robert Miller says"They asked for this review, so here it is. When I first downloaded the app it was great, but most accounts don’t update correctly or regularly. I read somewhere that they were good at keeping up on this, but in the 4 months I’ve had the app I haven’t seen any of them get fixed and only ones that at one point updated have stop working. Recently they just did a whole style update, which is great but honestly a little frustrating, they should be spending their time making the app work right but instead it just looks better, and still doesn’t work right."
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CFI_Financial says"Amid low bond yields, how should you invest? In the 2020 Third Quarter Outlook from Ameriprise, Brian Erickson, Vic… https://t.co/dZUfwenKH4"
dakotafinancial says"Ameriprise Financial $AMP Announces Earnings Results https://t.co/Zkub6Amcuu"
In The News
Motley Fool reports"Ameriprise Financial Inc (AMP) Q2 2020 Earnings Call Transcript"
Motley Fool reports"Ameriprise Financial Inc (AMP) Q1 2020 Earnings Call Transcript"
The Motley Fool reports"Ameriprise Financial Inc (AMP) Q4 2019 Earnings Call Transcript"
Yahoo Finance reports"Ameriprise (AMP) Q2 Earnings Lag Estimates, Revenues Decline"