Ameriprise Managed AccountsClient Disclosure Brochure (Wrap Fee Program)(Part 2A Appendix 1 of Form ADV)This wrap fee program Brochure provides clients with informationabout the qualifications and business practicesof Ameriprise Financial Services, LLC and Ameriprise Managed Accounts services. If you have any questionsabout the contents of this Brochure, please contact us at800. 862.7919. The information in this Brochure has not beenapproved or verified by the United States Securities and ExchangeCommission or by any state securities authority. Registration withthe SEC or any state securities authority does not imply a certainlevel of skill or training.Additional information about Ameriprise Financial Services, LLC isavailable on the SEC website at 2022Sponsor:Ameriprise Financial Services, LLC70400 Ameriprise Financial CenterMinneapolis, MN 55474ameriprise.comSEC Registration No. 801-28543413021 AL (03/22)

Material ChangesAnnual UpdateThis Brochure dated March 2022 is filed as the annual update to the Form ADV Part 2A, Appendix 1 and includes material changesthat have occurred since the last annual update of our Brochure in March 2021.Following is a summary of the material changes The “Mutual Fund Share Classes in Managed Accounts” sub-section of the “Overview of Ameriprise ManagedAccounts” section was updated to reflect that for SPS Advantage and SPS Advisor Accounts, you can hold butnot purchase, share classes that are less expensive than the Advisory Share Class or other share class we offerfor purchase in that particular mutual fund in our Managed Accounts Programs (each, an “Eligible to Hold ShareClass”). The “Investment Product Due Diligence Services” sub-section of the “Overview of Ameriprise ManagedAccounts” section was retitled “Investment Product Due Diligence Services and Investment Availabilityfor Purchases” and was updated to reflect that Eligible to Hold Investments are not offered but can betransferred into and held within a Managed Account, and Ineligible Investments are not offered but can beheld for up to 180 days within a Managed Account. The “Prospectus Delivery to Investment Managers” sub-section was added to the “Active Portfolios ”section to reflect that, with your authorization and appointment as your agent for delivery, InvestmentManagers for Active Portfolios investments, receive prospectuses on your behalf for the mutual funds andETFs in your Active Portfolios Account(s). You retain the right to receive copies of any prospectuses thatare delivered to the Investment Manager on request, and you may rescind your authorization and haveprospectuses delivered to you and at any time by contacting your financial advisor or by calling us at800.862.7919. The “Changes to Fee Components” sub-section of the “Fees and Compensation” section was updated toreflect in which circumstances you may renegotiate your Negotiated Advisory Fee or Assessed Advisory Feewithout requiring an additional signature. For all instances of a fee change, we will send you a confirmationregardless of whether your signature was required. The Form ADV: Brochure Supplement for each of Frank McCarthy and Amy Diesen was removed from the Brochure. The Form ADV: Brochure Supplement for each of Dan McAskin and Al Saffert was added to the Brochure.You may request at any time a current copy of this Disclosure Brochure, and if applicable, Part 2A of yourInvestment Manager’s Form ADV Brochure (as defined below in the Overview of Ameriprise Managed Accountssection of this Brochure) from your financial advisor. The current Brochure replaces any earlier version you receive.You may also request copies of the Brochure(s) by writing Ameriprise Financial Services, LLC at 2661 AmeripriseFinancial Center, Minneapolis, MN 55474, or by calling 800.297.6663.Please retain a copy of this Brochure for your records.

Table of ContentsAmeriprise Managed Accounts services, fees and compensation . 1–46Appropriateness of a Managed Account for you . 1-4Overview of Ameriprise Managed Accounts . 4-10 Advisory Service Providers . 10-13The Ameriprise Custom Advisory Relationship . 13-14Managed Account Programs and services . 14-27 SPS Advantage. 18-21 SPS Advisor . 21-22 Active Portfolios . 22-24 Select Separate Account. 24-27Managed Accounts Offered with Envestnet Asset Management, Inc. . 27-35 Vista Separate Account . 27 Investor Unified Account . 27 Access Account . 27-28 Supplementary Managed Accounts Information . 28-34Fees and Compensation . 34-46 Sweep Program and Expenses . 41-46Account requirements and types of clients . 46-47 Establishing and Maintaining Accounts. 46-47Terminating a Managed Accounts Client Agreement . 47Client Information provided to Advisory Service Providers . 47Additional information . 47-69 Disciplinary Information . 47-48 Other Financial Industry Activities and Affiliations . 48-51How we get paid . 51-59 Cost Reimbursement Services and Third Party Payments . 51-56 Revenue Sources for Ameriprise Financial Services, LLC. 56-57 Economic Benefits of Affiliates’ Products and Services . 58-59How Our Financial advisors Get Paid . 59-66 Code of Ethics, Participation or Interest in Transactions and Personal Trading .64-66Client Referrals and Other Compensation . 66-69 Referral Arrangements and Other Economic Benefits . 66 Review of Issuers of Financial Products . 66 Revenue Sources for RiverSource . 66-67 Revenue Sources for Columbia Management and Threadneedle. 67 Revenue Sources for Other Ameriprise Financial, Inc. Companies . 67-68 Custody. 68 Investment Discretion . 68 Voting Client Securities . 68-69 Ameriprise Financial Services' Proxy Voting Policies and Procedures. 69 Financial Information . 69Form ADV: Brochure Supplement . 70-83Glossary . 84-87

There are circumstances where you may benefit fromboth a Managed Account and a brokerage account fordifferent portions of your investment portfolio. Whenevaluating the differences between an Ameriprisebrokerage account and an Advisory Solution, you shouldconsider the following key differences:Ameriprise ManagedAccounts services,fees and compensationAppropriateness of a ManagedAccount for youAmeriprise Financial Services, LLC (“Ameriprise FinancialServices”, “Sponsor,” or “we”) sponsors a wrap feeprogram offering a variety of investment advisoryaccounts (collectively, “Advisory Solutions”). WithinAdvisory Solutions, Ameriprise Financial Services offers anumber of investment advisory programs (each a“Program” and collectively the “Programs”) that havedifferent features and services, supporting a wide array ofinvestment strategies. When you decide upon a Program,you may open an advisory account, (“Account” or“Managed Account”) which is an investment advisoryaccount for which you pay an ongoing asset-based fee(“Asset-based Fee"). The Asset-based Fee is a wrap fee.Prior to establishing an Ameriprise Managed Accountyou should carefully review this Wrap Fee ProgramBrochure (“Disclosure Brochure” or “Brochure”). If thereis any conflict in the description of the investmentadvisory services or the details regarding fee informationbetween the applicable Managed Account clientagreement(s) and the Disclosure Brochure, the DisclosureBrochure will control. Common terms used throughoutthis Brochure are defined in the “Glossary” section.Ameriprise Financial Services offers the followingPrograms:–––––––Ameriprise Strategic Portfolio Service (SPS)AdvantageAmeriprise SPS AdvisorAmeriprise Active Portfolios Ameriprise Select Separate AccountAmeriprise Investor Unified AccountAmeriprise Vista Separate AccountAmeriprise Access Account Advisory Solutions allow you to receive ongoinginvestment advice and feature an asset-based feestructure. The annual Asset-based Fee you pay foryour Account is a percentage of the total value of theassets in your Account and as a result, the totalamount you pay will increase if the asset value ofyour Account increases, and vice versa. The Assetbased Fee is assessed monthly and deducted fromyour account in advance. This allows you toimplement your investment strategy, generallywithout paying individual trading costs for each tradeplaced within the Account. Many of our AdvisorySolutions feature professional portfolio managementincluding asset allocation, risk management,investment selection, tax-harvesting and dynamicAccount rebalancing. Your financial advisor willprovide you with Account monitoring and ongoingadvice to develop and maintain your Account(s)investment portfolio, which will be designed to helpyou meet your financial goals and investmentobjectives. Ameriprise brokerage accounts feature acommission-based fee structure where investorstypically pay commissions, sales charges and/or otherfees on products purchased and sold in yourbrokerage account. Brokerage accounts enable youto invest in many different types of investmentsincluding mutual funds, stocks, bonds, exchangetraded products, unit investment trusts, annuitiesand alternative investments. Your financial advisormay provide you point-in-time recommendationsrelated to your investment portfolio and may reviewyour Ameriprise brokerage account; however, yourbrokerage relationship does not include accountmonitoring.The performance of your Account(s) will not bemonitored on a day-to-day basis. Past performance is noguarantee of future performance. In addition, forecasts offuture performance of financial markets may prove to beincorrect.Ameriprise Financial Services also offers Ameriprisebrokerage accounts. Selecting the account type(s) thatbest meet your needs is an important decision.Information to help you evaluate the benefits, risks, andcosts of the investments and services we offer as part of abrokerage relationship, as well as information aboutmaterial conflicts of interest associated withrecommendations we or our financial advisors make to1

our retail brokerage clients may be found at More detailabout the differences between Advisory Solutions andbrokerage accounts may be viewed online by visiting d-product-disclosures andclicking on “Evaluating differences between brokerageand managed accounts”.understand and consider all fees, expenses and othercharges. Specific information concerning the fees andother charges of each investment product in which yourAccount invests is available in the product’s prospectus orother offering document. Additional fee information fora Program and any Managed Account you open with uscan be found in the Account application and applicableManaged Account client agreement(s), the AmeripriseBrokerage Client Agreement, the Other ImportantDisclosures Document, Working in Your Best Interest –Regulation Best Interest Disclosure, and any other relateddisclosures and documents, all of which are availablefrom your financial advisor. Please review all applicableinformation carefully before you make an investmentdecision and contact your financial advisor if you haveany questions about the types of fees and expenses thatmay be associated with your Managed Account.The Asset-based Fee that you pay for a Managed Accountmay be more or less than if you were to purchase theinvestment products and investment advisory servicesseparately or in a transaction-fee based brokerageaccount paying commissions and sales-loads. Dependingon your individual situation and the frequency andvolume of trading, a Managed Account may cost morethan a brokerage account, but the reverse could be trueas well. Generally, Ameriprise Financial Services, ouraffiliates, and your financial advisor will receive morerevenue from a Managed Account that generates anongoing revenue stream than a transaction-fee basedbrokerage account. At the time of Account opening andthroughout your relationship we seek to address thisconflict of interest through a combination of disclosureand through our policies, procedures and supervisionrelated to the review and determination that an Accountis appropriate for you based on your financial and riskprofile information and investment objectives (“ClientInformation”) in accordance with all applicable regulatoryrequirements.The costs associated with a Managed Account that youshould consider include:The same or similar services provided to you under theAsset-based Fee may be available to you at a lower feefrom another service provider. The Asset-based Fee is the ongoing wrap fee you payfor (i) investment advisory services provided byAmeriprise Financial Services and your financialadvisor; and (ii) investment management feescharged by the Advisory Service Provider providingadvisory services to SMA strategies held in yourAccount, if applicable. The components of the Assetbased Fee are separately itemized as an AdvisoryFee, a Platform Fee and a Manager Fee as furtherdescribed in the “Fees and Compensation” section.Based on the Program you select, the components ofyour Asset-based Fee will vary. Investments and Infrastructure Support Fee andCredit for SPS Advisor Accounts. In addition to yourAsset-based Fee, for SPS Advisor Accounts,Ameriprise Financial Services assesses a quarterlyasset-based fee of 0.03% of the total advisory assetsin your Account. Our affiliate AEIS credits to clientsall sub-transfer agency fees and networking fees AEISreceives for SPS Advisor Accounts from mutual fundfirms, as further described in the “Fees andCompensation” section. This Investments andInfrastructure Support Credit may be more or lessthan the Investments and Infrastructure SupportFee. Investment Costs. These are the underlying feesrelated to investment products you purchase withinyour Managed Account. These may includeinvestment management fees and distribution feescharged by mutual fund firms and other fees that aredisclosed in the fund prospectus or other offeringdocument. These costs are in addition to the Assetbased Fee that you pay directly from your Account.Before selecting a Managed Account, you shouldconsider, among other things, the costs and expenses,your investment objectives, and the types of investmentsyou hold and intend to purchase. Discuss with yourfinancial advisor accounts you may hold elsewhere.The total cost to you of a Managed Account will include(1) the Asset-based Fee, a portion of which you negotiatewith your financial advisor, and which includes anyinvestment management fees charged by AdvisoryService Providers for SMA strategies; (2) for SPS AdvisorAccounts, the Investments and Infrastructure SupportFee; (3) Investment Costs; and (4) Additional Fees andExpenses which are any additional transaction relatedfees that may be incurred in connection with yourAccount based on the nature of your investments. Thesecosts are summarized below and are discussed in moredetail and in the “Fees and Compensation” section.Before opening a Managed Account or investing in anyProgram or investment product, it is your responsibility to2

They are paid indirectly by you, for example, as ashareholder in a mutual fund, through the product.They are not a direct fee deducted from yourAccount. Investment Costs reduce the value of yourinvestment in the product and reduce theinvestment performance of your Account.Investment Costs apply whether the investmentproduct is sponsored or managed by an unaffiliatedthird party or by an affiliate of Ameriprise FinancialServices, such as Columbia Management InvestmentAdvisers, LLC (“CMIA”), a wholly-owned subsidiary ofAmeriprise Financial, Inc., Ameriprise Financial Services’parent company. When you invest in investmentproducts managed by CMIA, CMIA or its affiliates willreceive compensation for managing those investmentsand for other services they provide based on theamount you invest, just as they would if you invested inCMIA investment products through another serviceprovider. Investment Costs received by CMIA are notdirect compensation to Ameriprise Financial Services,however, Ameriprise Financial Services, CMIA and theiraffiliates receive more revenue, in aggregate, from thepurchase of affiliated investment products offered byCMIA than from the purchase of investment productsoffered by firms that are not affiliated with AmeripriseFinancial, Inc. and therefore it is more profitable forAmeriprise Financial Services’ parent company whenyou purchase or own a CMIA investment product inyour Account.o You should consider this total compensation receivedby Ameriprise Financial Services and AEIS whenevaluating the reasonableness of our fees. Additional Fees and Expenses are any additionaltransaction related fees that may be incurred inconnection with your Account based on the natureof your investments; for example, for Select SeparateAccount and Managed Accounts offered withEnvestnet, if the Investment Manager for theinvestment strategy you select engages in “step-outtrades” you will be assessed any Third PartyExecution Fees for these trades as defined anddescribed in the “Brokerage Practices” section;these fees will be in addition to the Asset-Based Feethat you pay to Ameriprise Financial Services and arenot compensation to Ameriprise Financial Services orAEIS.In determining whether a Managed Account isappropriate for you at the time of Account opening andthroughout your relationship with Ameriprise FinancialServices, you should also consider:Third Party Payments. A portion of InvestmentCosts that you pay indirectly to third parties aresubsequently received by our affiliated clearingagent, American Enterprise Investment ServicesInc. (“AEIS”), from those third parties as certaincost reimbursement payments and other servicingand account maintenance fees (e.g. sub-transferagent or networking fees) related to yourManaged Account. AEIS also receives marketingsupport and distribution support payments. Forqualified SPS Advisor Accounts and trusteedirected retirement plans in qualified SPSAdvantage Accounts and eligible qualified SelectSeparate Accounts, AEIS either does not collectThird Party Payments or credits them back toclient Accounts as described in the “Fees andCompensation” section. Third Party Payments andcost reimbursement services and payments arefurther described in the “Mutual Fund ShareClasses in Managed Accounts”, “Fees andCompensation”, and “Cost ReimbursementServices and Third Party Payments” sections.These payments are generally funded directly, orindirectly, from Investment Costs.3 Impact of the total costs of a Managed Accountdescribed above, on the overall value and netperformance of your Account; Total cost of purchasing and holding any underlyingsecurities, products and services outside of aManaged Account or at another firm, including theanticipated amount of trading; That you will typically not recover any front-endloads previously paid on mutual funds that aretransferred into a Managed Account and you may besubject to contingent-deferred sales charges onmutual funds that charge such a fee if sold orexchanged after they are transferred into a ManagedAccount. The cost basis on any mutual fund withfront-end loads will carry over to any mutual fundpositions converted in a tax-free exchange and willbe included in the tax calculation of gains and lossesfor those converted positions held in non-qualifiedManaged Accounts; Whether you desire a long-term buy-and-holdinvestment strategy, or otherwise purchase mutualfunds and other securities infrequently.If so, a Managed Account may not be appropriate foryou; Your desired level of involvement in individualinvestment decisions and comfort with grantingdiscretion over your investments to your financialadvisor or other investment managers; Custodial services provided;

Size of your Account; Your ability to independently select and retainprofessional asset management services; Terms and conditions of the Ameriprise CustomAdvisory Relationship Agreement (“RelationshipAgreement”) or other applicable Managed Accountclient agreement(s); The type of investment products (including mutualfund share classes) that are available for purchase ineach Managed Account Program; and How much of your assets you expect to be allocatedto cash. Because cash is included in the Asset-basedFee for your Managed Account, it will cost you moreand Ameriprise Financial Services and our financialadvisors will receive more revenue when you holdcash in a Managed Account rather than anAmeriprise brokerage account. It is notrecommended to hold large amounts of cash in aManaged Account for extended periods of time. Priorto establishing a Managed Account or as youconsider remaining in a Managed Account, andparticularly for the SPS Advantage and SPS AdvisorPrograms, consider whether you have a short-terminvestment horizon, or whether you are holding cashfor asset safety purposes (such as during periods ofvolatile or uncertain market conditions). In thosecases, you should consider and discuss with yourfinancial advisor other investment products within anAmeriprise brokerage account or other commissionbased account that may offer capital preservationwith a higher rate of return for the cash componentof your asset allocation. These investment productsinclude Ameriprise Certificates, brokered certificatesof deposit, treasuries and positional money marketmutual funds and are a more appropriate choice forinvesting cash than maintaining a significant cashbalance in your Managed Account for an extendedperiod. Your financial advisor can provide you withinformation about the cash management productsavailable to you. We offer tools on our client websitethat permit you to transfer cash between yourManaged Account and certain other brokerageaccounts you maintain at Ameriprise. This may helpyou avoid the ongoing Asset-based Fee. cover systematic cash withdrawals you haveestablished for your Account(s); (iv) for certain preexisting non-qualified SPS Advantage Accounts checkwriting or debit card activity and to make billpayments (cash management activities); and (v) forsettling transactions in your Managed Account.Available money settlement options include either afree credit balance held in your Account covered bySIPC, or a program that provides for the automaticmovement or “sweep” of uninvested cash balances inyour Managed Account into the money settlementprogram (each, a “Sweep Program”). A SweepProgram is not an investment strategy and is notintended as an investment option for you to maintaina significant cash balance for an extended period oftime. As noted above, Ameriprise Financial Servicesoffers investment products that offer capitalpreservation that generally have a higher rate ofreturn for the cash component of your assetallocation than a Sweep Program. The terms of ourcash sweep programs can be found in the "OtherImportant Brokerage Disclosures" document youreceived when you set up your Account orRelationship, as applicable. For a copy of thisdocument, visit our website or call our service line at800.862.7919. In addition, it is important that you review anyapplicable mutual fund or ETF prospectus and/orother product offering documents prior to investingin order to learn about fund expenses, investmentminimums, availability of sales charge breakpoints orrights of accumulation and other benefits and costswhen purchased outside of a Managed Account. Youshould consider whether you will be eligible for thesales charge breakpoints, rights of accumulation andother benefits before purchasing or transferringmutual funds into a Managed Account.Overview of Ameriprise ManagedAccountsAll Programs, except SPS Advantage, are discretionaryinvestment advisory Programs. Advisory Service Providerswith investment selection discretion and SPSDiscretionary Advisors (“Discretionary Managers”) havediscretionary authority granted by you to (i) selectinvestments for your Account; and (ii) purchase or sellsecurities or make other investments for your Accountwithout your prior authorization.You should also review the available moneysettlement option available to you in your ManagedAccount. A money settlement option is a featureoffered by Ameriprise Financial Services that isprimarily intended to hold cash (i) pendinginvestment into your Managed Account; (ii) to coveryour Asset-based Fee and if applicable, SPS AdvisorInvestments and Infrastructure Support Fee; (iii) toFor the SPS Advisor Program, you authorize one or morefinancial advisor(s) to exercise discretion regardinginvestments and the asset allocation selected in your SPS4

compensation are described in the “How ourfinancial advisors get paid” section.Advisor Account as an SPS Discretionary Advisor. For allother discretionary Programs, specifically ActivePortfolios investments, Select Separate Account, VistaSeparate Account, Investor Unified Account and AccessAccount Programs (the “Manager Directed Programs”)use the discretionary investment advisory services ofAdvisory Service Providers, as described below, whichmay or may not be affiliated with Ameriprise FinancialServices depending upon the Program offered andselected. Client Rights and Responsibilities You may impose reasonable security and mutualfund restrictions on any discretionary Account(s) andreasonable sector restrictions on any ManagerDirected Account(s) (“Reasonable Restrictions”) thatyou select by completing and signing the appropriatedocuments and when accepted by AmeripriseFinancial Services, your financial advisor or theInvestment Manager as described in each Programdescription within this Brochure.Ameriprise Financial Services will determine whetheran Account is appropriate for you upon Accountopening based on information you provide andthereafter as described in this

The “Mutual Fund Share Classes in Managed Accounts” sub-section of the “Overview of Ameriprise Managed Accounts” section was updated to reflect that effective in or around February 2022, for SPS Advantage and SPS Advisor Accounts, you can hold but not purchase, share classes that are lessFile Size: 1MBPage Count: 96Explore furtherAre Investment Management Fees Tax Deductible?www.forbes.comTMF: Trying to understand Ameriprise SPS Advantage / Ask boards.fool.comAccounting Considerations for PPP Borrowers - Moss Adamswww.mossadams.comAccounting for Asset Retirement Obligationswww.journalofaccountancy.c Ameriprise Fees Brokerage Account & IRA Review (2022)www.brokerage-review.comRecommended to you b