They're very unrespected in the industry. American Express had to seperate themselves for them in order to save their reputation..
That is incorrect. Even Clark Howard says they are a good place to invest.
There was one crooked planner who was stealing, and his superiors knew about it.
He's gone, and that house has been cleaned.
Seems like a little more to the dirty house than that according to Google:
Oct '05: $500,000 fine for $1.1 billion in bad college plan advice
Dec '05 $30 million to settle tens of millions in hidden mutual fund kickbacks
wiki: it's a trap!
i use them (at least for this year)
they are definitely very pushy towards life insurance stuff (like variable universal life insurance).
i felt very pressured to buy those kinds of things. they seem decent otherwise, though commissions and yearly payments are high.
i think they are good to use to get started and organized, but for long term investing i'd look into more of a fee-based planner that works on an hourly basis personally
they are definitely very pushy towards life insurance stuff (like variable universal life insurance).
i felt very pressured to buy those kinds of things. they seem decent otherwise, though commissions and yearly payments are high.
i think they are good to use to get started and organized, but for long term investing i'd look into more of a fee-based planner that works on an hourly basis personally
cKGunslinger
Lifer
- Nov 29, 1999
- 16,408
- 57
- 91
Ugh.. I made the mistake of attending a presentation one of the advisors made to new hires at our work. I was interested in retirement options, etc.
I should have never have put my name and phone # on the "comment card" - in fact, I didn't, but then she handed it back to me to and pointed out that I missed that box. I should have "no, that was no accident" and walked out, but being the nice guy I am (ugh) I put down my name and number.
I think I got 56,892 phones calls the following month, despite refusing to set up a "one-on-one" meeting for further assistance, each and every time. I grew to hate the b1tch, very fast.
I should have never have put my name and phone # on the "comment card" - in fact, I didn't, but then she handed it back to me to and pointed out that I missed that box. I should have "no, that was no accident" and walked out, but being the nice guy I am (ugh) I put down my name and number.
I think I got 56,892 phones calls the following month, despite refusing to set up a "one-on-one" meeting for further assistance, each and every time. I grew to hate the b1tch, very fast.
My older sister works at Ameriprise. She makes like 50K a year, job, helps the company invest its money.
When she gets off of work, she hardly ever discusses Ameriprise or talks about the people there unless someone askes her.
Clue?
Some people are more driven at one thing versus others.
I had a manager who just wanted drive thru window times to be at 45 seconds and yelled at anyone who couldn't achieve it, and another manager who cared more about accuracy and logical speed than getting window times at under a minute -- at a fast food joint.
Depends on how well rounded a person is. They'll push lolly pops in your face if they've never adapted to learning how to respect other people's privacy and comfort zones all together, and understanding their own image for one thing, behind it all.
When she gets off of work, she hardly ever discusses Ameriprise or talks about the people there unless someone askes her.
Clue?
Some people are more driven at one thing versus others.
I had a manager who just wanted drive thru window times to be at 45 seconds and yelled at anyone who couldn't achieve it, and another manager who cared more about accuracy and logical speed than getting window times at under a minute -- at a fast food joint.
Depends on how well rounded a person is. They'll push lolly pops in your face if they've never adapted to learning how to respect other people's privacy and comfort zones all together, and understanding their own image for one thing, behind it all.
I actually use Ameriprise for a portion of my assets, but I don't think it's right for everyone. Most people have a fairly uncomplicated tax situation, but for those that have more assets, multiple income streams, etc. a more comprehensive plan is needed. Unfortunately, most of those that require the more comprehensive plans find that they're not in a position to manage everything themselves.
So, the only real answer is to find someone to manage the money. I went to Ameriprise because my business partner uses them, and the guy I met owns the franchise and works specifically with small businesses. He's able to manage my tax liability, my accounts, etc. and all I have to do is push money over to his account; he distributes the money according to a formula we derived. 20% into one account, 20% into another, etc.
What's the cost? 1% of my equity. When you consider the monthly cost it sounds insane, but considering the value added it's really rather worth it. There are NO fees for mutual fund purchases, but there might be at different account levels. My only fee to him is his personal time for financial planning + 1% equity on non-qualified accounts; there are NO fees on any of my qualified accounts (my 401, SEP IRA, Insurance, etc.).
So, before I sound like an Amerprise fanboy, let me just say this: It's never black and white. There's absolutely no reason for someone with a relatively small investment to assume the cost of a semi-active manager. The value has to come from the manager assuming responsibility that you would otherwise have, and for a few accounts it's simply not worth it; however, when the picture gets complicated there really aren't many options.
So, the only real answer is to find someone to manage the money. I went to Ameriprise because my business partner uses them, and the guy I met owns the franchise and works specifically with small businesses. He's able to manage my tax liability, my accounts, etc. and all I have to do is push money over to his account; he distributes the money according to a formula we derived. 20% into one account, 20% into another, etc.
What's the cost? 1% of my equity. When you consider the monthly cost it sounds insane, but considering the value added it's really rather worth it. There are NO fees for mutual fund purchases, but there might be at different account levels. My only fee to him is his personal time for financial planning + 1% equity on non-qualified accounts; there are NO fees on any of my qualified accounts (my 401, SEP IRA, Insurance, etc.).
So, before I sound like an Amerprise fanboy, let me just say this: It's never black and white. There's absolutely no reason for someone with a relatively small investment to assume the cost of a semi-active manager. The value has to come from the manager assuming responsibility that you would otherwise have, and for a few accounts it's simply not worth it; however, when the picture gets complicated there really aren't many options.
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