Ameriprise Financial is a brokerage and financial planning firm that offers investment accounts, advisory services, and retirement planning

Ameriprise Financial operates as a full-service brokerage firm, meaning it holds customer money and securities, executes trades, and provides investment information through financial advisors. The company is publicly traded and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). If you have a brokerage account with Ameriprise, your assets are held in custody by the firm, and you can buy and sell stocks, bonds, mutual funds, and other securities through their platform.

The firm offers both self-directed investing (where you make your own trades) and advisor-managed accounts (where a financial advisor makes decisions on your behalf). Ameriprise also provides retirement planning services, including guidance on IRAs, 401(k) rollovers, and Social Security claiming strategies. Many customers work with an Ameriprise financial advisor in person at one of their offices, though the company also offers online account management.

Key Takeaways

  • Ameriprise is a brokerage firm regulated by the SEC and FINRA that holds customer money and executes investment trades.
  • You can open a self-directed account and trade on your own, or work with a financial advisor who manages your investments for a fee.
  • The firm holds your securities in custody, meaning your assets are protected under SIPC insurance up to $500,000 per account type.
  • Ameriprise charges account fees, trading fees, and advisory fees that vary depending on the type of account and services you use.
  • You can contact Ameriprise directly to open an account, transfer existing investments, or speak with a financial advisor about your situation.

Types of accounts Ameriprise offers

Ameriprise offers several account structures depending on your investment goals. A taxable brokerage account has no contribution limits and no withdrawal restrictions — you can deposit and withdraw money whenever you want, but you will owe taxes on any gains or dividends. A traditional IRA allows you to contribute up to a set annual limit (which changes each year) and defer taxes until you withdraw in retirement. A Roth IRA lets you contribute after-tax dollars and withdraw gains tax-free in retirement, subject to holding periods and age rules.

Ameriprise also handles 401(k) rollovers, where you move money from an employer retirement plan into an IRA held at Ameriprise. This is common when you leave a job or retire. The firm offers SEP IRAs and Solo 401(k)s for self-employed people and small business owners. Each account type has different contribution limits, tax treatment, and withdrawal rules — your financial advisor or the firm's website can help you understand which fits your situation.

How Ameriprise charges fees

Ameriprise uses several fee structures depending on how you use the account. If you work with a financial advisor, you typically pay an advisory fee, which is often a percentage of the assets under management (for example, 0.5% to 1.5% per year on your account balance). Some advisors charge a flat fee or hourly rate instead. These fees vary by advisor and account size, so you should ask for a written fee schedule before opening an account.

Self-directed accounts may have account maintenance fees (a yearly charge to keep the account open) and trading commissions (a per-trade fee when you buy or sell). Ameriprise also charges fees for certain services like wire transfers, paper statements, or account transfers. Mutual funds and exchange-traded funds (ETFs) held in your account carry their own internal expense ratios, which Ameriprise does not control. You should review the prospectus or fact sheet for any fund before buying to understand its costs.

How to open an account with Ameriprise

You can open an Ameriprise account online through their website or by visiting a local Ameriprise office. To start, you will need your Social Security number, date of birth, employment information, and funding source (such as a bank account for transfers or a check). The online process typically takes 10 to 15 minutes and asks you to confirm your identity and agree to the account agreement.

If you want to work with a financial advisor, you can request a meeting at your nearest Ameriprise office or ask to be matched with an advisor in your area. The advisor will discuss your financial goals, risk tolerance, and current situation before recommending an account type and investment strategy. You can also transfer existing investments from another brokerage into Ameriprise — the firm can initiate an ACAT transfer (Automated Customer Account Transfer) to move your securities without selling them.

SIPC protection and account security

Ameriprise is a member of the Securities Investor Protection Corporation (SIPC), which protects customer assets if the firm fails. SIPC insurance covers up to $500,000 per account type per customer — for example, your taxable account and your IRA are each covered separately up to $500,000. This protection covers the securities and cash in your account but does not protect against investment losses or fraud by your advisor.

Your account is also protected by Ameriprise's own security measures, including encryption, password protection, and two-factor authentication for online access. If you suspect unauthorized activity, contact Ameriprise when ready — the firm has a dispute resolution process for unauthorized trades or transfers. You should also review your account statements regularly (at least quarterly) to catch any errors or suspicious activity early.

How Ameriprise compares to other brokerages

Ameriprise is one of several large, full-service brokerages that offer both self-directed and advisor-managed accounts. Other firms in this category include Charles Schwab, Fidelity, and Merrill Edge. The main differences are in fee structure, advisor availability, investment options, and platform features. Ameriprise tends to emphasize advisor-based relationships, so if you want hands-on guidance, the firm may be a good fit. If you prefer to trade on your own with minimal fees, a discount brokerage like Fidelity or Schwab may be cheaper.

Before choosing a brokerage, compare the account types available, the fee schedule, the investment options (stocks, bonds, mutual funds, ETFs, options), and whether you want advisor support. You can also check FINRA's BrokerCheck tool online to see if there are any complaints or disciplinary actions against Ameriprise or a specific advisor. Most brokerages allow you to open an account and explore their platform before funding it, so you can test the experience first.

What to do if you have a problem with your account

If you have a dispute with Ameriprise — such as an unauthorized trade, a fee you believe is incorrect, or poor information — contact the firm's customer service department first. Ameriprise has a formal complaint process and will investigate your claim. If you are not satisfied with the response, you can file a complaint with FINRA or the SEC, both of which have online complaint portals.

You also have the right to pursue arbitration or small claims court, depending on the amount in dispute and your account agreement. Many brokerage agreements require arbitration rather than court, which is faster but limits your options for appeal. Before opening an account, read the arbitration clause in the account agreement so you understand your rights if a dispute arises.

Frequently Asked Questions

Can I move my money out of Ameriprise if I want to switch brokerages?

Yes. You can request a full or partial transfer of your account to another brokerage at any time. Ameriprise will initiate an ACAT transfer, which moves your securities without forcing you to sell them. The process usually takes 5 to 10 business days. You may also withdraw cash from your account by check or electronic transfer, though selling securities first may trigger capital gains taxes.

What happens to my account if Ameriprise goes out of business?

Your assets are protected by SIPC insurance up to $500,000 per account type. SIPC would arrange for another brokerage to transfer your account or return your securities and cash. This protection applies even if Ameriprise fails — your money and investments are held separately from the firm's operating funds.

Do I have to work with a financial advisor at Ameriprise, or can I manage my own account?

You can do either. Ameriprise offers self-directed accounts where you make all the investment decisions and trade on your own. You can also work with a financial advisor who manages your account for a fee. Some customers use both — they have a self-directed account for some investments and an advisor-managed account for others.

What is the minimum amount of money I need to open an Ameriprise account?

Ameriprise does not publish a universal minimum, but it varies by account type and whether you work with an advisor. Self-directed accounts may have no minimum or a small minimum (such as $1,000). Advisor-managed accounts often have higher minimums, sometimes $25,000 or more. Contact Ameriprise directly to ask about minimums for the specific account you want to open.

Can I use Ameriprise if I am not a U.S. citizen?

Ameriprise can open accounts for non-citizens, but you will need a valid tax identification number (such as an Individual Taxpayer Identification Number, or ITIN) and proof of identity. Some account types and investment options may have restrictions for non-citizens. Contact Ameriprise to discuss your specific situation before opening an account.