Ameriprise Review

Company Overview

Ameriprise, founded in 1894 is one of the top financial services firms in the United States. Ameriprise has a number of subsidiaries that specialize in various financial services including estate planning, asset management, annuities and insurance. In 2012, Ameriprise won a number of awards including a 6th place ranking for Best Places, the Lipper Fund Award for top performing mutual funds and was named Best Financial Services Online Campaign by Web Marketing Association.

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Account Options

 Minimum ContributionMaximum Contribution
Roth IRANo Minimum$5,500 per year
Traditional IRANo Minimum$5,500 per year
SEP IRANo Minimum25% of compensation
(up to $52,000)
SIMPLE IRANo Minimum$12,000 (if under age of 50) or
$14,500 (if older than 50)
Self-Directed IRA--
Rollover IRANo MinimumNo Limit
Inherited IRA--

 

Ameriprise offers a typical selection of IRA accounts including SEP, SIMPE, traditional, Roth and rollover IRAs. For traditional and Roth IRAs, the ‘catch-up’ contribution limit is $1,000 per year and for SIMPLE and SEP IRAs the limit is $2,500 per year.

Investment Options

Clients can invest in a number of different assets including stocks, options, ETFs, annuities and mutual funds. Clients can also invest in bonds when they have an IRA with Ameriprise. The commission fees for these assets can be obtained by contacting a financial advisor at Ameriprise. Below is a full list of the Investment Options available with Ameriprise:

  • Stocks
  • Options
  • Mutual Funds
  • ETFs
  • Annuities
  • Bonds and U.S Treasuries

Fees and Commissions

Account Related Fees for IRA
Minimum Account Balance RequiredNone
Account Maintenance Fee$40.00/year
Account Maintenance Fee$40.00/year
Termination FeeNone
Transfer Fee$30.00

 

The accounts fees at Ameriprise are comparable to the fees at other firms. The inexpensive fees at this firm allow most investors to open IRA accounts. In addition, investors will have access to a wide range of retirement planning and investment tools when they have an account with Ameriprise.

Retirement Planning

Ameriprise offers a number of helpful retirement tools to its clients. This company has a retirement planning tool that can be used to create a personalized retirement plan based on social security benefits, income, savings and expenses.

There is also a retirement income calculator that investors can use to determine how much monthly income their retirement savings will give them. Ameriprise also has a proprietary Retirement Check-In tool that will help investors determine what they need to do in order to attain retirement savings goals.

Account Features

The IRS has specific income and filing requirements that investors must meet to open a Roth IRA. In addition, investors will need to have generated taxable income in the last year to open a Roth IRA. Some personal information is also required to open an IRA at Ameriprise including SSN and date of birth.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

The Ameriprise mobile app allows investors to check their account details, research securities, view account balance, transfers and asset values and contact their Ameriprise financial advisor. However, investors cannot open positions using this app.

Safety and Security

Ameriprise is committed to protecting the security of client accounts. This firm uses advanced security measures and technology to prevent any unauthorized access to client accounts. In addition, all transactions are encrypted so sensitive personal and financial information cannot be accessed by unauthorized 3rd parties.

Customer Support

In order to contact customer support, investors can send an email or place a call to the customer service number. Customer service hours are Monday through Friday from 8AM to 5PM CT. Overall, customer service representatives are responsive and highly trained to handle nearly any question or concern in regards to Ameriprise. For investment and retirement support, investors can contact their personal financial advisor.

Bottom Line

While investors are required to speak to a financial advisor to open an account, this personalized service provides investors with a priceless resource. At any time, investors can speak to their financial advisor for retirement or investment advice.

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