Has Ameriprise Billed you Unnecessary Fees for your WRAP Account?
Have you had an Ameriprise managed (or “wrap”) account but minimal or no trading? If so, please submit a free case review or call us at 1-800-887-8029 to see if you paid unnecessary fees.
Our law firm has been contacted by investors concerned that Ameriprise improperly placed them in high annual wrap fee accounts (called SPS Advantage and SPS Advisor). We are currently investigating those claims, which could involve violations of federal and state laws. In these popular accounts, the client pays a fixed annual or quarterly fee, based on a percentage of the client’s assets in the account. While wrap accounts may protect the investor from churning—a practice where the advisor engages in excessive trading to generate commissions—the high fees associated with the accounts may not be justified if the account has little or no trading activity.
How We Can Help
If you or an elderly family member has had an Ameriprise managed account with minimal or no trading and would like more information about our investigation, please submit a free case review or call us at 1-800-887-8029. Zimmerman Reed is experienced in handling investor protection cases and we welcome any questions you may have.