Parents have had Ameriprise for many years and just recently asked me to review. So 20+ years ago they were sold an annuity that has returned 2% per year. I asked that we start to liquidate that and the Ameriprise exec convinced my parents that it would cost them in taxes. So instead they rolled to yet another high fee annuity. Now, the parents are in their 80's and in a low, low tax bracket. Next they have a managed (SPS ?) account. This racks up a 1% management fee and is in a bond fund that has averaged 3%. So again, that is 2% after fees. Overall, my parents would have been better served by a high yield money market.
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Ameriprise Financial, Inc. is an American diversified financial services company.