RiverSource aims to improve image

RiverSource aims to improve image

There are 13 comments on the InvestmentNews story from May 31, 2007, titled RiverSource aims to improve image. In it, InvestmentNews reports that:

“That's the million-dollar question, isn't it?”

RiverSource Funds - formerly American Express Funds - ranked as last year's third-best-performing mutual fund group by one measure and now is waging a battle to improve its image and reverse investor outflows ... via InvestmentNews

Join the discussion below, or Read more at InvestmentNews.

Anne

United States

#1 Jun 16, 2007
There is a reason Ameriprise has to use ‘free lunch’ fishbowls to get clients. Why do they have to resort to this when firms like Vanguard do not? Here are 12 reasons why you should not use Ameriprise:
1. Ameriprise has 36 regulatory actions against them for various misdeeds, including lying to clients, market timing, pushing poor performing yet expensive prop (house) funds, selling inappropriate investments, hiding revenue sharing and much more. You can find all regulatory actions against Ameriprise here:
http://www.nasd.com/InvestorInformation/Inves...
2. Ameriprise participates in revenue sharing, which creates a conflict of interest with clients.
http://www.ameriprise.com/amp/individual/prod...
http://www.fool.com/investing/brokerage/2006/...
3. Ameriprise is a laughing stock with other financial advisors.
http://forums.registeredrep.com/ (Do a search on ‘Ameriprise’)
4. Ameriprise ‘financial advisors’ are really brokers - salesmen - with conflicts of interest with you and your best interests. They will not tell you about all the fees you are paying and then show you a chart like this:
http://www.retireearlyhomepage.com/advise.htm...
Wouldn’t a REAL ‘financial ADVISOR’ tell you these things and help you keep as much of your money as possible?
5. Ameriprise hires kids with no experience, teaches them how to read a script and some hardcore sales techniques, has them get some sales licenses and then turns them loose on their ‘natural market’(friends and family).
6. People that do their own investing do much better than people using ‘financial advisors’:
http://www.bankrate.com/brm/news/BoomerBucks/...

Continued....
Anne

United States

#2 Jun 16, 2007
continued...
7. Ameriprise cares more about their stockholders than their clients:
“It’s clear from Ameriprise’s statement that it is more eager to comfort shareholders in the company rather than address the concerns of fund investors”
http://news.morningstar.com/article/article.a...
8. Ameriprise ‘financial advisors’ do not clearly tell clients what they are paying for ALL fees. Ask some clients what fees they are paying. Many will even tell you,“I don’t pay any fees”.
9. This one is perhaps the most dangerous. Ameriprise salesmen are consumate con-men. They win over their clients so that if a client reads what I have posted here he will either think that HIS financial advisor, his trusted buddy, is NOT like this and he will not even do the research to learn more. If a client does do some research and asks some tough questions, he will be manipulated in one (or all) of several ways: confusing double talk, guilt inducement (don’t you trust me?), annoyance and/or distain (’just leave these things to me, you could never understand them’). Because people are afraid to handle their own money, they can easily be manipulated.
10. Ameriprise sells insurance and the salesman (your ‘advisor’) gets big commissions when you buy a variable annuity or VUL policy. Very few people should be buying these policies, yet Ameriprise tries to sell them to almost every client that walks in the door.
http://www.consumerfed.org/releases2.cfm...
11. Ameriprise ‘financial advisors’ only hold to a ’suitability’ standard and do not do what is in the client’s ‘best interest’. There is a huge difference between the two, morally and legally.
“Our advisors’ goal is to help you select suitable investments that help you achieve your financial goals.”
http://www.ameriprise.com/amp/individual/prod...
12. Consumer Reports has discovered that investing through Ameriprise is expensive:
http://www.clarionledger.com/apps/pbcs.dll/ar...
This is just a start. There are many MORE reasons to avoid this firm. Many of the reasons I listed above also apply to other firms. Learning to do your own investing is easy (really) and no one else will care about your money more than you do. If you must use someone else to handle your financial future, here is some good reading:
http://www.efmoody.com/whouse.html
Larry

Britton, MI

#3 May 3, 2009
My mother and father were sold a Riversource Variable Annuity in 2006 by Everhart Financial Group in Dublin OH. My father was 83 at the time (too old to list as the owner in FL) and my mother was 79. At the time they already had an annuity at a 5% fixed rate that could have been added to but Scott Everhart convinced them to buy this variable annuity. Two months after they bought it he transfered the funds from a conservative portfolio to an aggressive one without my mothers knowledge or consent.(he claims my father authorized it over the phone.) Needless to say their $50,000 investment is now worth $33,000. This is criminal behavior in my opinion.
alex

Bremerton, WA

#4 May 18, 2010
in general should an 87 year old man with a 76 year old wife put most of their retirement savings in a Riversource variable annuity at this time?
PETER

Richmond Hill, NY

#5 Jul 21, 2011
Are Rider Fees and Feature Fees seperate from the 1.75% of your investment balance with a River Source Annunity ? Why is it that the Amerprise advisor failed to mention the association with River Source ?
PETER

Richmond Hill, NY

#6 Jul 21, 2011
alex wrote:
in general should an 87 year old man with a 76 year old wife put most of their retirement savings in a Riversource variable annuity at this time?
I wouldn't
Phil

Lancaster, PA

#7 Jul 25, 2012
These guys are nothing but a bunch of crooks! I was told my equity would be available even if the investments go down. They changed the rules and now my equity is shrinking. I can't believe the lousy performance and the outrageous fees for poor performance!!!!!!
Hugh Geene

Middletown, OH

#8 Jun 19, 2014
Thse people do not know the meaning of customer servce! For well over two months, my agent,my "new" annity companies, and I have been trying to get Riversource to transfer the funds in two annuities to my newly selected annuity companies. EXCUSES Abound. They even deny receiving faxes, and claim they have sent correspondence (never received) explainng their rejection of my transfer requests, most recently complaining that an officer at my new company did not sign "Part Four" of the Transfer Form. Perhaps their refusal to transfer MY MONEY means they are not long for this world. Terrible company!
Wanda English

Chesapeake, VA

#10 Aug 9, 2016
ReverSource needs to better train their employees. You get a different answer form everyone that you talk to. They don't tell you the important things that you need to know. They put you off and say they will call back and they don't. When I was trying to remove my husband's name from my account, they told me I could fax transfer of ownership form. No none ever told me they needed the original forms. When I didn't hear from them I always had to call them back. They even told my attorney the same. I am very dissatisfied with this company. I used my inheritance. I filled out the paper work. I added my husband. They put him as the owner. This needs to be changed or specified clearly when they are receiving the money. I will Never recommend or use RiverSource again. They are not trustworthy. Had no idea I would have to go through so much and still not have my money. I have contacted an attorney,
Wanda English

Chesapeake, VA

#12 Aug 11, 2016
Riversource is still giving me the run around. I am trying to transfer ownership I faxed all paper work over to them. Now they tell me they don't except faxes. I have received different instructions from everyone I have talked too. I have gotten a lawyer to pursue for me. They just keep giving me the run around. Please don;t put your money in this company. Now I have someone name Gene who tells me that I can't fax it in it must be mailed in. They gave me a person that I thought could help named Sharon. She put me on two-way with Riversource. I think that she was a fraud like the company. When I tried to get back in touch with her they acted like she didn't exist. I am going to post eveytime until I get some service. Don't put any money into this company. They are filled with excuses and idiots who are paid to be so kind and give you the run around.
Wanda English

Chesapeake, VA

#13 Aug 11, 2016
PETER wrote:
<quoted text>I wouldn't
No don't put your money in this company. they will fraud you.
Comment

Boston, MA

#14 Aug 11, 2016
Contact the Attorney General's Office in Boston by phone and tell them of your concerns.
They will look into the matter.

Sam
Wanda English

Chesapeake, VA

#15 Aug 15, 2016
After several attempts Ameririse from Riversource is finally taking my husband's name off of my annuity. When I signed up it was my annuity. They added my husband as the primary owner, which was incorrect. YI you should provide your clients with correct information when they are adding names to annuity. If someone signs up and adds another to the annuity; it still belongs to the one who first signed up. This causes a mess when there is a divorce or something happens to the other. It takes a whole lot of calling and even getting legal help to remove their name. They send you round and round . Everyone has different directions for you to follow. I spoke with a representative this morning and hopefully everything is solved. I will never use this bank again. I have other annuities in other banks and have not been put through as much as I have with this bank. Be careful where and who you invest your money with. I learned a time consuming lesson. Never again.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Cambridge Discussions

Title Updated Last By Comments
chelsea st murder (Mar '13) 1 hr Justice 138
Ballot Question: Charter Schools 3 hr EverettCitizen 23
Everett's Pride????? 12 hr Really 34
News Police Briefs 04-01-2013 (Apr '13) 13 hr RADAR 90
Great Idea! 20 hr Enough 21
News Third man charged in Everett homicide Mon Inside 8
lafayette school Mon Heck no I wont go 125

Cambridge Jobs

More from around the web

Personal Finance

Cambridge Mortgages