Ameriprise Financial Services LLC

04/02/2026: Between January 2015 and December 2018, Ameriprise failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to supervise recommendations of certain variable annuity exchanges involving contracts with guaranteed lifetime withdrawal benefit (GLWB) riders. Specifically, Ameriprise did not provide sufficient guidance to registered principals for determining whether certain customers would benefit sufficiently from the rider's growth credit feature before commencing withdrawals to justify the higher fees, which applied for the duration of the contract. Accordingly, Ameriprise violated FINRA Rules 3110, 2330(c) and (d), and 2010. For these violations, Ameriprise is censured, fined $450,000, and ordered to pay restitution of $993,950.47.

Reference 2019063696201data-portal.finra.orgfinra.org