Ameriprise Financial

[daytonacane]

I have had my IRA thru a financial manager at Morgan-Stanley for the past 11 years and have always had double-digit gains., been satisfied with fees, etc. He has now moved from them to Ameriprise Financial. I, of course, have the option to stay put or go with him which I am leaning toward doing. I have checked out Ameriprise and they appear to be a good, but smaller company. I inquired as to their analysist & they advised they have 4 companies available for this whereas you only received MS views, plus fees would probably be a bit lower. My financial advisor is great in that he is always available, when drastic things happen in the market he calls me before I get in touch with him, has a masters degree from Clemson (but I will forgive him for that) & was born & raised in this area and has lots of family here. He began w/MS after college & has worked for them 23 years. He had an assistant & secretary who are following him to Ameriprise.

Question, have any of you dealt with Ameriprise; if so, have you been satisfied with their analysists, fees, reports, etc. Also opinion as to whether you feel a larger company or smaller one is better or perhaps makes no difference. I have quite a bit of money in the IRA, plus a large annuity outside the IRA that would be moved. I am pretty old and really hate change particularly when it comes to finances.

 

[TLB]

My brother-in-law is a financial advisor. He's been with the majors (Morgan Stanley, Merrill Lynch), and just did the past 4-5y with Ameriprise. He has hauled around my wife's Roth, and got us started on college 529's for the kids, but hasn't handled our personal funds (primarily as that is my 401k's from employers). He's just now moved over to Stifel. Our personal experience isn't to the magnitude for a fair comparison, but observing second hand he was much as you describe - personal, putting clients above company priorities, working for the relationships. As such, I don't think I can give you the insight you're after. However, I'll give him a call tonight and ask his view having been on the inside of these companies and what is good or bad about Ameriprise.

 

[78]

Your relationship is with the financial professional, not the broker-dealer. Almost every firm sucks one way or another. Larger firms get better pricing on trade costs, but unless you're actively trading that really doesn't matter.

Double-digit returns after the financial crisis doesn't quite rise to the level of otherworldly -- it is more closely tied to how much risk you took -- but if you like your guy, stick with him.

 

[daytonacane]

Your relationship is with the financial professional, not the broker-dealer. Almost every firm sucks one way or another. Larger firms get better pricing on trade costs, but unless you're actively trading that really doesn't matter.

Double-digit returns after the financial crisis doesn't quite rise to the level of otherworldly -- it is more closely tied to how much risk you took -- but if you like your guy, stick with him.

78 - thanks for the info. I am very conservative in my stock portfolio and getting more so the older I get.

 

[daytonacane]

My brother-in-law is a financial advisor. He's been with the majors (Morgan Stanley, Merrill Lynch), and just did the past 4-5y with Ameriprise. He has hauled around my wife's Roth, and got us started on college 529's for the kids, but hasn't handled our personal funds (primarily as that is my 401k's from employers). He's just now moved over to Stifel. Our personal experience isn't to the magnitude for a fair comparison, but observing second hand he was much as you describe - personal, putting clients above company priorities, working for the relationships. As such, I don't think I can give you the insight you're after. However, I'll give him a call tonight and ask his view having been on the inside of these companies and what is good or bad about Ameriprise.

Thanks....will appreciate it. The older I get the more change frightens me. I tend to want everything to stay the same and no one rock the boat.

 

[FireFoley]

Your relationship is with the financial professional, not the broker-dealer. Almost every firm sucks one way or another. Larger firms get better pricing on trade costs, but unless you're actively trading that really doesn't matter.

Double-digit returns after the financial crisis doesn't quite rise to the level of otherworldly -- it is more closely tied to how much risk you took -- but if you like your guy, stick with him.

Very well said. I deal with different firms and have good sized accounts at Ameriprise, Wells Fargo, AEGIS, MS., etc. '78, makes a great point. Ameriprise and MS and Wells are all decent entities, but the guys I have to deal with b/c these accounts came under my purview are complete tools. They only contact who they choose to and it is like pulling teeth getting thru to them. If you have a guy that is attentive and personable by all means stick with the person, never the firm.