Ameriprise Financial has canceled plans to charge monthly fees of $750 to $2,000 for using its discretionary platform to manage client accounts.

According to a recent AdvisorHub article, Ameriprise had recently announced that it would impose the new charges in April 2020 to offset technology enhancement costs and to reduce the regulatory risks of controlling client accounts. However, shortly after, Ameriprise emailed affected advisors that it was abolishing the planned program fee.

Independent brokers at Ameriprise and other firms retain much higher percentages of the fees and commissions paid by their customers than full-time employees. However, independent brokers are also subject to a broad range of operational, compliance, and product-platform fees that employee-channel brokers do not pay.

An Ameriprise spokeswomen said that "One of the things we are most proud of about Ameriprise is our client- and advisor-centric culture, which influenced this decision. She added that "We care, we listen, and, when appropriate, we make adjustments."