Ameriprise Financial Services Inc

Initial Business Response /* (1000, 5, 2015/08/28) */
***See attached corresponding documents
RE: RiverSource RAVAAdvantage Variable Annuity #***
Dear Ms***:
This letter is in response to your email sent to the Revdex.com of Minnesota and North
DakotaYou stated that you were misled by your former Ameriprise financial advisor, Michael ***, regarding the terms and conditions of the above referenced annuity that you purchased on January 31,
On august 14, 2015, we responded to your email complaint that was sent to Mr***'s new employerAmeriprise Financial Compliance Analyst, Angela ***, provided you with an explanation of the benefits of this annuity and disclosure documents that you signed acknowledging the terms and conditions of the contractYou selected a year surrender period and therefore, the current surrender charge of $7,applies
Our records indicate that you added the Secure Source Stages living benefit rider to your RiverSource annuity, which provides a principal back guarantee less any withdrawals from the accountThe 6% simple rider credit calculation for the most recent contract year was determined by the payments since inception of $121,and therefore, $7,was credited to the benefit base on the anniversary date of the contract, which was February 7,
According to your July statement, your annual lifetime payment amount showed $6,During the first years of the contract, assuming no withdrawals, your future income benefit will continue to grow and increase via the annual credits
The reassignment of clients from one financial advisor to another is practice within financial services industryFrequently, the reassignment is completed without prior notice to the clients involvedCurrently, you are assigned to our Ameriprise Advisor Center (AAC) located at our home office and the telephone number is ***Clients always have the option to work with the new financial advisor or begin a planning relationship with an advisor of their choosing
Based on our review, we were unable to substantiate that you did not receive disclosure of the terms and conditions of the annuity at the time of saleThe recommendation of the RiverSource RAVAAnnuity appears to have been suitable for you based on your investment objectives
We appreciate the opportunity to address your concerns
Sincerely,
Colleen ***
Compliance Department
***
*** FAX
Initial Consumer Rebuttal /* (3000, 7, 2015/08/31) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Sadly, this response only identifies & confirms that the fraud that occurred in my instance is true to the corporation, not that I simply had a shady agent/bad employeeIt is their entire business methodologyApparently, in order to gain access to my funds, it will be at a cost of nearly $8kAnother affirmation that this instance is typical of their deceitful business practice, many others have communicated having the exact experience I have hadSocial media has its benefits; https://www.facebook.com/pages/Ameriprise-Financial-Advisors-Sucks/***
Apparently it is time to find an existing class action lawsuit to join &/or startThis business practice (including the advertising) needs to be ended before others lose their life savings
My 'agent' knew at that time I would never be in agreement to any year removal of my access to my fundsWe specifically spoke that I would be willing to have an investment like a CD product where I am setting the funds aside for approximately 2-years with minimal cost to retrieveHe stated I will have full access to my moneyNever did we speak of years! Nor did he reference this large 'Surrender' feeIn addition, we spoke that the growth would be compounded, apparently that is not true eitherI have no idea of the other account (Stage rider) this response refers toAt every turn of the page, you find the miss-truths of what the 'financial plan' does & doesn't do for the consumerAt every turn, the only financial benefits are to Ameriprise, not the consumerWhat a legitimate responder would have seen based on my initial complaint is that it was smoke & mirrorsBy the time the consumer hears that the agent is doing exactly as discussed, you are at a point where you will sign anything assuming it is as discussedApparently, the agent, nor the company, can be trustedI took him at his word, not the jillion forms presented for my signatureI assumed they supported the plan we discussedNow I find they did notThe bad should be on both of us, however, I should be kept whole and able to walk away to find a legitimate Financial AdvisorThey have made enough money at my expense
Not only does this cost me a nearly $8k mistake, there are all the funds I lost out on as Ameriprise is taking them off the top so as the consumer never sees the true cost of doing business with them
Again, Advertising and Deceptive Business PracticesConsumers must be warned
Final Business Response /* (4000, 11, 2015/09/14) */
***Corresponding document attached
RE: RiverSource RAVAAdvantage Variable Annuity # ***
Dear Ms***:
We received your email response to the Revdex.com of Minnesota and North DakotaOur correspondence dated August 14, 2015, and August 27, 2015, provided you with the applications, disclosure documents, overall explanation of benefits for the above listed RiverSource RAVA annuity contract and accompanying Secure Source States living benefit rider that you purchased on January 31,
You do have options available if you need to take a partial distribution from this IRA annuitywe suggest that you contact your financial advisor within the Ameriprise Advisor Center (AAC) at *** to further discuss these options to ensure the value of the Secure Source rider is not adversely affected
We have reviewed the sale and operation of your RiverSource annuity contract at lengthOur position was reported previously in the letters referenced above and remains unchangedThank you for the opportunity to respondWe now consider this matter closed
Sincerely,
Colleen ***
Compliance Department
***
*** FAX

[redacted]Corresponding Documents Attached RE: Complainant - [redacted]      Ameriprise Financial Services, Inc.      Your Case ID# [redacted]Dear Ms. [redacted]:Ameriprise Financial Services, Inc. (Ameriprise or Firm) is writing in response to Dr. [redacted]'s July 14,...

2016 complaint filed with the Revdex.com of Minnesota and North Dakota in which he raised concerns about correspondence provided by the Firm.  We appreciate the opportunity to address Dr. [redacted]'s concerns.We found Dr. [redacted] submitted a notarized Durable Power of Attorney in September 2008.  the enclosed letter dated October 1, 2008 confirmed the appointment of the Attorney-in-Fact.  In an effort to better assist our clients and protect their privacy the Firm has requested all our clients with established fiduciary designations provide the Firm with an updated assignment utilizing the Firm's forms.Should Dr. [redacted] wish to revoke the established Attorney-in-Fact he can submit a signed, written request to the Firm.  Should Dr. [redacted] wish to continue to have the established Attorney-in-Fact listed on his active account he may complete and submit the enclosed Durable Power of Attorney for Ameriprise Financial Accounts and Products form.Regarding Dr. [redacted]'s request for a list of accounts he has with the Firm, we have enclosed a copy of the most recent Ameriprise portfolio review dated June 10, 2016 provided to the client.We trust you find this information useful.  Thank you for the opportunity to respond.Respectfully,Nicholas [redacted]Compliance ManagerCompliance Department###-###-#######-###-#### FAXEnclosures