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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.

Message Boards


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.

Looking to get a refund on your financial planning fee? Complete the Ameriprise Financial Planning fee refund form and fax it over to them.

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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.

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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.

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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.

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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.

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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.

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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.

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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. Click here, if you are searching for CEO contact information.


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