Hello ALl Fools...A while back there were some posts regarding appointments with American Express Fianancial Advisors....I will be seeing one for a free appointment next week....i'd like to do some research but how do i locate these posts ?thanks deb
Use the search feature at the bottom of the screen. Search for a word like Express and you will probably quickly find all of the postings about them on the Fool boards.Be aware that American Express is a major player in financial services. They are former owners of several brokerage and insurance houses. I have never observed them do anything for nothing. Expect them to make a flowery salespitch for either management fees (annual % of managed assets) or load mutual funds.Fools believe the best financial planners are the ones who work on a for fee basis (straight $/hr) without representing any specific products.
Thanks very much...i have been trying the search button today , but with no results at all ( mice in the system?) anyway- I am aware of American Express also...Just went to a free semiar...they pitch Putman Mutual Funds....but I am going to a free evaluation..they won't talk me into anything i don't want or need..I just figured i'd see if there is anything new to learn...Fool on.....
I just tried typing in the word "Express" in the search box and pressing the Find button. I got 100 hits. It must be working again.
pauleckler: "I just tried typing in the word "Express" in the search box and pressing the Find button. I got 100 hits. It must be working again."</i.You may also wish to search under IDS. It is affiliated with American Express and many of the "financial planners" operate under that name.Over the course of two years I went to two free meetings.The first advisor was seemed knowledgeable and admitted that my current planning had me going well; meaning that he would have loved to have me for a client but understood why I did not see that he could add enough "value" to justify the fees.The second "advisor" was h*llbent on selling me an annuity and lied about the principles of Modern Portfolio Theory. Also, the advisor wanted an immediate answer, as if the makret would not still be there if I took a few days to make up my mind.Just my $0.02. Regards, JAFO
You may also look for them to try to sell you a "Financial Plan" for a fancy figure. It would be a good plan, I believe, but you already have a computer and you can do it a lot cheaper on Quicken Financial Planner. The American Express mutual funds used to carry the IDS name; recently it has been changed, and they added 12b1 fees. Very creative about paying the advisor, even if you don't buy anything more! IDS has was was and probably still is the largest tax-exempt high yield (read junkbond) fund. They have one "New Concepts" which has done fairly well but you can find as good at Vanguard for a lot less fess. In general, mediocre funds. I inherited some and have held but will likely get out soon just because as a matter of principle I won't pay 12b1 fees. Good luck and let us know how the meeting comes out! Regards, Chris
I agree with Crosenfield,Forbes magazine also had a very enlightening article on financial planners. "Forbes Magazine - Bedlam (06/15/98)" See link:http://www.forbes.com/forbes/98/0615/6112156a.htmForbes hired five highly recommended andimpressively credentialed financial advisors to prepare a comprehensive financialplan for a 52 year old executive with a net worth of about $2.0 million. The fees charged for preparing these plans ranged from $1,500 to $3,500. Forbes alsoprepared a plan for our executive using Intuit's Quicken Suite 98 (Retail cost after rebate: $70.) Not surprisingly, the advice ranged all over the map. One planner said put 76% of assets in stocks, another only 20%. The Quicken software advised an asset allocation somewhere in between. The moral of this story? It's important forinvestors to understand that like soothsaying and tarot card reading, financialplanning is not a science. As a result, you shouldn't overpay for these services.intercst
"Be aware that American Express is a major player in financial services. They are former owners of several brokerage and insurance houses. I have never observed them do anything for nothing. Expect them to make a flowery salespitch for either management fees (annual % of managed assets) or load mutual funds.Fools believe the best financial planners are the ones who work on a for fee basis (straight $/hr) without representing any specific products. "AE is a natiowide. Are there fee basis FP groups that are nationwide? Is there a place on the web where I can check them out.BGP
RE: Fee only financial planners. I have heard that you can call 1-800-FEEONLY to find a financial planner that charges by the hour and does not work for anyone but himself. They usually offer an initial interview free and then the subsequent visits are from $100. to $400 perhour depending on the 'degree of difficulty', so to speak.
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