We have a few small investments with Ameriprise. They seem to charge a lot of fees. Are their fees average?

What makes me upset was when we originally talked with the consultant we asked about fees. He said they were nominal and the money market (sweep account) was free.
Since then we have been charged:
$56.00 fee to buy each mutual fund -we bought three -$168.00. Then we got a $40.00 custodial fee.

Yesterday, I recieved a $20.00 fee on Sweep-money market (I might be even be a $20.00 quarterly fee !!-I will be talking with him this Monday)

We also needed a HSA. I specifically told him I wanted to be able to write checks from the HSA account. He put us in a ROTH, however, now we are told we can NOT have a checking account tied to the ROTH, so we have to write checks from the sweep -you have to be 62 (or something like that). So between all these fees, and the HSA account, I am not happy. Of course we bought a few months ago, so we would have to sell at a loss.

Are these fees typical, and do you think they should wave the fee? Or am I being unreasonable?

Ameriprise, from what I have seen, seems to have a lot of hidden (and not so hidden) fees.

If I were in your position, I would look for a fee-only financial planner rather than someone who receives a mutual fund load for selling a product. Fee only financial planners charge a fee for assets under management, their fees increase only if your assets appreciate, not because someone chose to do a transaction. A good financial planner will inform you of the management fees that a no-load mutual fund charges in its calculation of its net asset value. Frequently, you will see that these management fees are below what Ameriprise charges.

Finally, it sounds like there was a misunderstanding or miscommunication of your HSA instructions. A ROTH is a form of an IRA designed for long term investment. An HSA is really designed as a savings vehicle used to pay current and future healthcare expenses. The HSA is used in conjunction with a high deductible health plan.

I would suggest that you speak to the Ameriprise manager to register a complaint about the mishandling of your instructions. Your rep sounds incompetent.

Here is the Ameriprise customer bill of rights:

http://www.ameriprise.com/amp/global/doc...

Here is some additional info regarding the operation of an HSA:

http://www.ustreas.gov/offices/public-af...

Hope that helps.

no they are ripping you a new one , shop around, but check there is probably a heafty early withdraw fee

You are learning first hand what other investors are beginning to understand. About 75% of all mutual funds underperform the market. They all have management fees, usually between 1% and 2%, and some have sales load.

It really makes it tough to get a respectable return with all of these charges. I have done my research on mutual funds, I know there are much better places to put your money nowadays.

Your first option should be to fund fully a retirement account. If you do this, and you have extra cash, then one of the best things you can do is open a DRIP Plan.

These powerful investment plans are seldom talked about because brokers make very little money when they suggest them. Yet, they have proven to be one of the best, if not the best, long-term strategy on Wall Street.

They are perfect for small investors, as well as big investors. They are safe and allow you to not care about whether the market is going up or down. They are a must for any serious investor.

I strongly recommend looking into it. They are great plans.

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Ameriprise is ripping you off! You should check with a local bank or independent advisor on setting up an IRA with mutual funds. I work as an LFC for a large bank and our fees are very minimal, if any at all. Stay away from any annuity IRA's for sure. The HSA I deal with is also solid and provides a very stable account for my clients, without the sweep fees you are experiencing. Please feel free to contact me if you need any more help.