I Have a CFP though AMX/Ameraprise and when I signed up with him 2 years ago there was a flat fee and that was that. He has been getting a % of each transaction since, which is fine by me.
Now I come to find out that he wants to start charging us for office visits. They will cost hundreds for each visit. Does anyone have a clue to why this is happening? I am not happy with this new news.
2006-10-05 14:21:38 · 5 answers · asked by DRNoraSarasin 3 in Business & Finance ➔ Personal Finance
fire him!!!!!!!!!!!!
2006-10-05 14:24:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Because they're having a harder time getting clients. Ameriprise has one of the worst reputations in the business. The fact that they had to change their name from American Express Financial Services because of the number of complaints filed against them for fraud and unethical conduct should give you a hint that these are not a good group to be doing business with.
Most people do not need a financial planner. You said you're fine with paying his transaction fee, buy why? Why would you be fine paying for something you could easily do yourself. I'd be really interested to see what he has you invested in. Every client I have who had used Ameriprise was in heavily loaded funds, was sold insurance they didn't need and, in several cases, were locked into an annuity.
Do yourself a favor and educate yourself instead of wasting money with this guy. If you don't want to manage your money yourself, at least move it to Vanguard where there are no sales fees when the financial advisors make recommendations and the fees are low. I bet you'd be shocked if you ever added up just how much you've been paying this guy.
There are some books on the list below that you should take a look at.
Good luck!
2006-10-05 14:58:26 · answer #2 · answered by personal_finance_101 3 · 0⤊ 0⤋
remember when you sign any doccument, they always say that the policy can change at anytime without knowledge. If in your contract, you sign a paper like of course he may be able to charge if you laws rules of the game have changed. If you are limited to specific number of visits, of course he would charged you. If you signed a contract that doesn't talk about the rules, laws, regulations regarding any changes may happen without notice. He cannot charge you so therefore you would be intitled to get all the previous charges, if he doesn't want, look for another broker, I am sure you can find better service somewhere else.
2006-10-05 14:29:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2006-10-05 16:04:39 · answer #4 · answered by stock.geek 2 · 0⤊ 0⤋
He's charging you because you are a pain in his as$. That is called the PITA Charge... You are a Pain In The AS$. And your account is too small.
2006-10-05 14:24:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋