Ameriprise Financial Services does not approve of this site. Ameriprise Financial is located at http://www.ameriprise.com.
The Unofficial Ameriprise Financial Advisors consumer opinion site.
Welcome to the unofficial Ameriprise sucks consumer opinion web site. On May 25th, 2005,
American Express announced the "new" name for American Express Financial Advisors. The
"new" name is Ameriprise Financial Services. Don't be fooled by the new name!
American Express wanted to remove itself from financial planning since the former American Express
Financial Advisors was receiving bad press and they were facing regulatory action by the SEC
and the NASD.
Please feel free to post your experiences with using their financial services
(financial planning, mutual funds, annuity, variable annuities, pensions, and 401(k)) on the
message boards or you can visit the boards to do your own research and due diligence on Ameriprise.
You'll also learn why the
posters refer to Ameriprise's (known as Threadneedle in Europe, United Kingdom (UK))
financial plans as a financial plan Happy Meal. Just like McDonald's Happy Meal,
AEFA's financial plan happy meal always consists of the same items: Annuity, VUL, AXP
Funds, and disability insurance.
If you feel you have been treated badly by Ameriprise Financial, I recommend you file a complaint with the
appropriate agency (look under my Fight Back! Section). I am a non-profit organization
and I am a hard working individual like yourself so if you email me I may not be quick to
respond.
Signup for a financial plan to help someone win a free happy hour!
News on this Site
5/26/05: Ameriprisesuck.com is launched!!!!
5/26/05: Check out the parody of the Ameriprise Commercial.
Also, check out the parody of the Ameriprise Commercial with Dennis Hopper.
NEW 1. Class Action Information
The Law Offices of Jon E. Drucker and three other firms have filed a class action lawsuit (the "Action") against Ameriprise Financial, Inc. The Acton is pending in federal District Court in Minneapolis, MN, and has two basic allegations: 1) Ameriprise breached its franchise agreement by changing its name from the well-known "American Express" to the unknown "Ameriprise," and 2) both the franchise agreement and Ameriprise Financial practices are in need of drastic overhaul, as they violate the Minnesota Franchise Act, particularly the Act's provisions governing what is "unfair and inequitable." The Action seeks damages as well as injunctive relief to put an end to the Company's unfair and inequitable practices. You can view a copy of the case by clicking here.
If you have any questions about the Action, please inquire via email to the Law Offices
of Jon E. Drucker, at JDrucker@lawyers.com.
2. Class Action Information
The Law Offices of Jon E. Drucker has filed
a class action lawsuit with
Appendix A,
Appendix B,
Appendix C
(the "Action") against American Express Financial Advisors in federal District Court in Arizona. The Action alleges that American
Express Financial Advisors commits fraud and breach of fiduciary duty in the sale of
financial plans to clients. More specifically, the Action alleges that American
Express Financial Advisors conceals its actual and direct conflicts of interest
with clients in order to sell them -- what clients thus believe are -- "objective"
financial plans. These "plans," however, for which clients pay anywhere between $200
and $1200, are anything but objective. Rather, American Express Financial Advisors
uses the guise of trusted advisor and fiduciary -- and the appearance of an "objective"
plan -- to "advise" the purchase of inappropriate and overpriced proprietary
financial products, principally IDS Variable Universal Life (VUL) insurance and
annuities, and AXP mutual funds or other mutual funds with whom American Express
have undisclosed "sweetheart" deals. Those products, not surprisingly, are the ones
that garner the highest profits for American Express and the highest sales commissions
for its so-called "American Express financial advisor." The Action seeks the rescission of all
financial plan contracts and the return of all fees clients paid for those plans,
along with remedial action. Clients covered by the Action are those who were sold
financial plans after November 8, 1997.
Having defeated American Express Financial Advisors' Motion to Dismiss the Action,
Plaintiffs are now proceeding with discovery, and anticipate a hearing on class
certification in the Summer of 2005.
If you have any questions about the Action, please inquire via email to the Law Offices
of Jon E. Drucker, at JDrucker@lawyers.com.
3. Class Action Information
On January 16th 2006, a second amended class action complaint was filed in Federal Court District of
Pennsylvania. The complaint alledges that three senior advisors with Ameriprise were discriminated and unjustly treated due to
the fact that they are African-American. The complaint also alledges that the three African-American advisors
were subject to racial comments and various actions that their white counterparts did not receive.
Click here to view a copy of the complaint filed against Ameriprise Financial Advisors.
4. Class Action Information
A former financial advisor with American Express
accuses American Express Financial Advisors of various wrong doings with respect
to her employment with AEFA. This former advisor who was once in the top 5% of
American Express Financial Advisors, who along with thousands of others, was
coerced into signing a franchise agreement in 1999 or face possible loss of
employment. As a result of a dispute, this advisor alleges that AEFA breached
the franchise agreement and maliciously terminated her employment. Moreover,
she alleges that the keys to her privately-leased and personally-paid for offices
were taken; her personally hired and paid-for staff was banned and their keys
were taken; other advisors (doubling as compliance officers) took their
personally-owned computers and removed the hard drive or demand they have it
burned to eliminate "trade secrets".
If you're a former advisor of American Express and you were forced from AEFA or you
left and felt you were unjustly treated, call Wanda Sears toll free at
(888) 658-3637 or email her at
email address
to discuss a possible class action
law suit.
5. Class Action Information
On March 4, 2004,
Milberg Weiss
filed a complaint alleging violations of the federal securities laws by American Express Company
and certain of its officers and/or directors. The class action was commenced
in the United States District Court for the Southern District of New York on
behalf of clients of American Express Financial Advisors, Inc. who purchased
American Express Funds between March 10, 1999 and February 9,2004,
(the "Class Period" ).
If you were a client of American Express Financial Advisors, Inc. and purchased
American Express mutual funds between March 10, 1999 and February 9,2004 you may
qualify to serve as a lead plaintiff in this action.
should click here to
contact us.
6. Class Action Information
On June 9th, 2004, a class action against American Express
Financial Advisors (soon to be Ameriprise) was filed in U.S. Federal District Court
in Arizona. On August 24th, 2004, the judge in the case granted AEFAs motion to change
venue so on April 22nd, 2005 the case was moved to the U.S. Federal District Court in
Minnesota.
The class action alleges that American Express Financial Advisors has overcharged clients
with respect to the 12b-1 fees. For example, in the AXP New Dimensions Fund the fees have
actually increased faster than the growth in assets. Moreover, the suit alleges that the overcharging
of 12b-1 fees benefits American Express Financial Advisors at the expense of the clients.
The suit states the 12b-1 fees are used to market the AXP funds to new clients
through media ads and promotional literature so by excessive 12b-1 fees the client
pays for the privilege of helping AEFA grow their customer base. You can view the suit entitled
Gallus vs. American Express Financial Advisors by clicking
here.
If you have any questions, comments or opinions on how I can improve this site, feel free to email me at . In addition, email me if you have a class action suit against
Ameriprise and you want the suit listed on the main page of this site. Since I don't make a dime off this site, I'll list your class action suit free of charge.
Terms and Conditions: Ameriprise Financial is a trademark of Ameriprise Financial. American Express�, Amex�, Make Life Rewardingsm, Don't Leave Home Without Itsm, Optima, Membership Rewards, American Express Credit Cards (Gold, Platinum, Green), and Membership B@nking are registered trademarks of American Express Company. Costco is a registered trademark of Costco. The Happy Meal is the registered trademark of McDonald's. This web site is NOT associated, affiliated with or sponsored by American Express Company or Ameriprise Financial. The words "American", "Express", "AMEX", and "Ameriprise" are being used in the name of this web site in the same capacity as they would be used in a newspaper article header.
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