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I probably shouldn't be surprised, given the general sketchy nature of the company, but i order to complete the tranfer of our Roth IRAs out of Ameriprise and in to Vanguard, we were hit with two $75 "Account Transfer Fees."
Great.
Of course, our "financial planner" at Ameriprise didn't bother to let us know about this fee (though I'm sure it's probably buried deep in the bowels of some paperwork, despite my inability to find it), just as they didn't seem to care that much about us in between the time we gave them our money and the time we took it out.
It's a shame. It really is.
In general, the two guys we worked with were nice. Salesmen, definitely, but nice.
Again, I shouldn't be surprised, but losing $150 between the two of us sucks.
If anything, at least I'll get some of that money back from jumping on board the $100 million class action settlement … of course, that is if the lawyers don't take it all first.
Great post, Junger! It's very important for everyone to understand that a financial advisor is not regulated by any government agency. As a result, unless they have a credential such as CFP, they are under NO obligation to act in your best interest. Crazy, I know, but it's true. As a result, it is critical to properly check the background and references of your advisor before you enter into a service agreement. Please keep us posted on your progress with this issue.
Ahhh, Ameriprise. I remember those "transfer" fees well, along with all the other fees that I never saw coming. Just one of the many reasons I left…
If you look at Ameriprise's terms and conditions, they add language that states that they're are not bound by the Investment Advisors Act so even if they're a CFP they're not bound to act in your best interest. Per the other post, the advisor doesn't set the transfer policy as this is done by Ameriprise. If you sign up with Ameriprise then leave, they'll make sure they hit you in the wallet one last time before you walk out the door.
See ameriprisesuck.com
although i'm not a fan of ameriprise, i think it's unfair to single them out for account transfer fees. the reality is that most if not all firms will charge a fee ranging from $25 - $100 when you close out your account and transfer to another firm.