logo
The most trusted and popular consumer complaints website
Follow us
Connect With: Connect with Facebook Connect with Yahoo Connect with Google Connect with Twitter Connect with LinkedIn

Share with Others

Recently Discussed Complaints

1. (0 mins ago)
Standard Chartered Bank UAE
Unjustified deduction from Account
2. (5 mins ago)
Restaurant.com
Bait and switch
3. (23 mins ago)
Crunchyroll.com
Waste of time and money
4. (26 mins ago)
Pure Med Spa
Beware of them
5. (28 mins ago)
Buyincoins.com
False product description, no refund, no exchange

Consumer Tips & Tricks

Latest News & Stories

Latest Questions

Ameriprise Financial Complaints & Reviews - Scam

Ameriprise Financial Contacts & Informations

Ameriprise Financial

Posted:    Alan

Scam

Complaint Rating:  89 % with 108 votes
Contact information:
Ameriprise Financial
United States
Sam L. Thornal II an agent for Ameriprise Financial in Addison Texas advertises himself as a "financial advisor" and someone who is helpful for recent divorcees. What Sam does is sell Insurance under the cover of "Financial Advice." He is NOT a financial advisor although he has all the documents stating he is.

Sam looked at my income and current financial situation and suggested I invest in a $500K VUL policy and put 20K of my life earnings into a Fund of Funds. The VUL policy is loaded with fees Sam NEVER disclosed and I foolishly signed up for it trusting his advice. I make $60, 000 before taxes and he had me putting $500.00 of my bring home into the VUL. Sam and Ameriprise were taking at least half of that money in fees and getting rich on it while I became poorer every day. The Fund of Funds account is supposed to be a fund whose content is a collection of mutual funds managed by some expert him and his collaborators at Ameriprise and Riversource have absolute confidence in. Turns out it was a regular FRONT LOADED Fund which he did not disclose at the time of my signing up for it.

Summary:
ONE account, Sam Thornal put me in this account where I pay $120.00-year just to have what any bank gives away for free...checking, online banking, atm, drafts, etc. You have to set this account up or he will not do business with you.

VUL policy: about half of my monthly dues went to Sam Thornal. "VUL's are for people who make more than $250K-year" ( Warren Buffet ) Mutual

Funds: The setup paid Sam Thornal a fat commission and left me holding 2-3's or what I originally invested, since he received his commission up front.

Fees: Sam Thornal charges an escalating fee which he negotiates originally but then raises annually without any notice. He drafts the money directly from the ONE account he insisted on setting up.

Prymaid Scheme: Sam gives his customers discounts if they can bring in their friends. It is how I ended up in his office and let him earn my trust as he used my best friend to sell his services to me. By the time I figured out what had happened, 2 years went by and I lost my nest egg to Sam Thornal who turned from "nice guy" to a lawyer pulling paperwork out from years ago and telling me that I signed up for it and everything is "LEGAL"

The concepts of "TRUST", "ADVISOR", "AGENT THAT ACTS ON YOUR BEHALF" are all alien to Sam Thornal. He is a liar and is nothing more than an Insurance Salesman operating under the cover of Financial Advisor. He's a predator that takes advantage of the uneducated, recently divorced and others who are venerable.

PLEASE LEARN FROM MY MISTAKE, AVOID Sam Thornal II in Addison TX, he is a liar and a cheat and will take your money. I filed a complaint with Sam Thornal's manager who was more interested in taking the fees Sam charged me if he was going to deal with me. I filed a formal complaint with Ameriprise, let's see if they say or do anything.
Comments United States Business & Finances
Share with others:  
Was the above complaint useful to you?    


Comments

Sort by: Date | Rating
 15th of Jun, 2009 by   protectyourselfagainstamp 0 Votes
I feel bad for your experience, but what is even worse is what I am about to tell you, you said you filed a complaint, however its not posted. Ameriprise has the obligation to post the complaint in the FINRA brokercheck website, there is no complaint posted, you can check for yourself
http://brokercheck.finra.org
Sorry to tell you the truth.
 24th of Jun, 2009 by   true north 0 Votes
Please contact Kristi Gardner at the Texas State Securities Board for more information on how to file a proper complaint with the State of Texas. She should be interested to hear your story.
 16th of Dec, 2009 by   Erika Tatiana Linares 0 Votes
I fell victim of a scam from what it appertley a "ghost" company saying they are "Ameriprise Financial" . I received a letter late November with a check for $3, 540.00. The invitational letter mentions it's for "part time Job for Undercover servey" and it gives instructions on what to do and the telephone number of your contact person. The "duties" is, one, to wire money through a Western Union and rate thier costomer service and the other is to rate some department store, pharmacy or gas station. I called the number and the main greeting dose in indeed say it's "Ameriprise Financial" and my contact also answered her extention. In talking to her she sounds very profecional and knowlageable in her field . She answered all my questions and conserns. The ironic thing is that I asked if this was some kind of scam. After giving it a few days of thought I decided to proceed with the letter. I thought to my self with these couple of hundreds of dollars I can have Chritmas this year (since the past year we did nothave one) and being on disability for the next 8 weeks I decided to give it a try. On December 4th I deposited the check and did not withdrawl the money untill December 9th. On this day is when I did all of "my under cover duties". After I did the wire of money I called again to same number but this time a male answered my contacts extention and said told he was the boss and that "Sandra (my contact)" was out of the office. Before I did the withdrawl of money I left a few messages for "Sandra Taylor" that same day. For the following days I checked my bank account and everthing was fine and I also used my ATM to make some percheses. On December 15th I was trying to use my ATM at the DMV and was declied for insufficent funds. Right away I cheched my bank account and saw the check that I had deposited form this company had bounced. I plan on cantacting my bank and local police with this matter. As soon as became aware of this situation I left several messages to this company and wrote then an email (ameripricefinansial@workers.com). Today, December 16th not being able to sleep due to this situation I'm scrambeling through the Internet and finally found somthing due to this "scam". In the web page for the real Ameripise Financial there is a section on icon on "scam" and seeing the same letters I received I did confirm that indeed this all a GREAT scam.
 5th of Jan, 2010 by   julieann H. 0 Votes
Well I agree that it is a horrible experience, but my Ameriprise financial advisor left the country for a year (or more) and left an unlicensed person to do his advising while he collected the salary. Needless to say, my portfolio was trashed. Ameriprise didn't do anything to him.
 27th of Jan, 2010 by   greatfindings2010 -1 Votes
A couple things come to mind;

1)Did any of this scam or "misleading" happen to because the economy was in a very bad situation and the stock market tumbled?

2)"The setup paid Sam Thornal a fat commission and left me holding 2-3's or what I originally invested, since he received his commission up front."

When you invest in front end load mutual funds, the maximum that riversource charges is 5.75% below $50, 000 and then it goes down from there. Which is much smaller than 2/3 or 33% that you claim he took.

3) you said that you were putting in $500 a month to your VUL and Sam and Ameriprise were taking half of it. Some of that money was going towards your cost of insurance, whatever is left over goes to your cash portion that is invested in the market.

All of these outrageous costs that you are reffering to are very common in the industry, and i dont know how the products were explained to you which I am sure is where the confusion comes from. However, you had to sign on all the dotted lines and get a physical done to get your VUL. So to act like someone pulled the wool over your eyes seems to very impractical!!
 27th of Jan, 2010 by   NorthernLight 0 Votes
Greatfindings2010, you have no clue what you are talking about.
First of all, Ameriprise pushes the sale of VUL's and RAVA, the home office makes a ton of money from those two products and they are perhaps the products that keep the lights on in Ameriprise.
Second of all, Ameriprise chooses who they refund money to, if my lawyer calls and I decide to file a complaint most probably I will get all my money back especially in the state of New Hampshire, since the securities department does not want ameriprise to operate here.
If I call compliance and explain nicely that I have a complaint and send it in writing, although FINRA rules say that this complaint has to be posted, Ameriprise does not. Most probably I will not see a penny of my investment. Why such a different outcome? Explain that. If you dont believe it look above, check that advisor in finra brokercheck and you'll see, there is no complaint logged in. why?

The reason are clear, its not a reputable company.
Good luck with your career in Ameriprise.
 5th of Mar, 2010 by   southjerseygirl 0 Votes
Sorry for all you went through. Follow true north's advice. Good luck!

Also, read Ken Fisher's book, How to Smell a Rat, The Five Signs of Financial Fraud. Ken gives 5 red flags which can be of help in the future. Always ask for what he/she will be earning from your business; in other words, how does he/she receive his/her pay. AND never get into any product with front end loads.
 4th of May, 2010 by   tuckerman 0 Votes
Several years ago, I paid Ameriprise a refundable $600 fee to set up my financial plan.
Although I told the guy, firmly, on 3 different occasions, that I had no dependents and wanted NO insurance, he kept bringing up insurance.
He explained that it would be tax free at retirement. I kept countering that I would be paying some portion of the premium for life protection that I neither needed nor wanted. He wouldn't take no for an answer.
The final plan - transfer all my money to his front-end loaded funds, and all my spare money would go to whole life insurance.
Bottom line - I got my $600 back, and would never trust them again.
 31st of Dec, 2010 by   MOEKMAN 0 Votes
Just like most businesses and people--if the person you are dealing with is honest you will be OK and if not then you will fall victim to them.
I am an Ameriprise client and my advisor disclosed all the fees of both up-front and "management fees" similar to most financial advisors.
I referred my elderly parents to him and he clearly had their best interests as their portfolio grew (not much) during the downturn while mine was more volatile as I am 40 years old and had $600K invested. Happy to say he changed strategies slightly (and we discussed before he did it) and both my parents and I are both "up" in our initial principal.
Investigate your advisor (mine is a friend--which can be difficult) and I also invested with a different broker to compare strategies and results and have since moved all my investments and insurance to Ameriprise...by the way, I work for a major Cable Telecom Company so my relationship is based on friendship and, more important, performance as I would have pulled my investments if my advisor was not performing as I expected.
Good Luck and hope for the BULLS!
 28th of Jan, 2011 by   Amer_fin_scam 0 Votes
I too am in the same boat. I and my husband put $1000 a month for 18 months in VUL with no savings in hand. We thought that we are investing for our daughter's future. We didnt have any option to suggest the portfolio and most of the money went into Ameriprise own Riversource funds. When the market crashed and we saw that we were not making any profit. When we wanted to stop it thinking we can get the remaining $11000 in the account, the agent said that we have to pay $3000 to close the account and just suspend our account. We lost $18000 like this and went and put our money in a better place after that. Lesson learnt the hard way. Dont trust Ameriprise Financials.
 8th of Mar, 2011 by   Nooomore 0 Votes
Email from a Renee Green amriprise financial advisor after I was not willing to pay for a driver to drive her across a bridge because she was afraid - totally unprofessional
 have decided based on your last several emails that you do not meet my standards or qualifications  for a client.  Please do not contact me again
Renee L. Green | Business Financial Advisor | Financial Advisor | Ameriprise Financial
1786 Generals Hwy  | Annapolis, MD, 21401
Office: 800-573-1759 | Fax: 410-849-3951 | renee.l.green@ampf.com

Post your Comment

Please check text spelling before submitting a comment
Your attitude towards ComplaintAgree Neutral Disagree
Comment text
Attach photos (optional)

Videos

Lottery Scams

Latest Groups

Today's Mess-Up Photo


RSS Feed
bdomains.com
 
loading
     
 
Login close
Email:
Password:

Forgot your password?