Don’t give your money to Ameriprise Financial Advisors – they will pigeon hole you into whatever funds they are getting bonuses for.
When the market tanked, my guy never even sent me an email (forget about an actual phone call) to let me know that my account had lost more than a luxury auto would cost in one month and to suggest any alternatives.
When I contacted him and asked if there were any other better funds for my account, he basically just told me that I should stay put.
When I started looking closer at my situation, I spoke with other financial advisors who alerted me to the fact that if I kept my account in these funds that not only would I have severe losses, but that there was going to be a capital gains accrued that would have to be paid come tax time.
The only way I could avoid taking the hit was to sell the funds before the year ended.
I called my guy to ask him about this and his reply was “well, that’s true but I was going to move you out of this before the cutoff date”
Yea, right….bottom line, I pulled up my stakes and got the heck out of dodge.
The biggest problem with Americrime is that they nail you with fees when you buy a fund, so your advisor will likely hold you in the fund until you recoup the money otherwise you’ll just get hit with more fees when he moves you.
This makes it unlikely you will have a guy that really works your money, he’ll just cost average you to death with lousy funds.
It’s the McDonalds of financial advisors….