No. of Recommendations: 0
I'm curious to know if American Express Financial Advisors' advisors are encouraged to sell AmEx funds over partner-company funds, such as Wells Fargo Funds or IDS annuity sub-account funds. By "encouraged" I mean I wonder if they receive incentives for pushing certain funds.

Do their proprietary products include partner-company products such as IDS and Wells Fargo or just AmEx funds?

Are they equally encouraged to sell non-proprietary products?

Finally, may I assume that non-proprietary products are the vast array of ones available to most everyone and not just AmEx and partner-company ones?

I have searched for info on this and am not coming up with anything that clarifies these questions to my satisfaction.

Betty
Print the post Back To Top
No. of Recommendations: 0
I can't speak for the way AMEX works, but I know when I worked for PaineWebber several years ago, they encouraged us to use "house" funds. In fact, if my memory serves, we received a higher payout for using our own funds.

Since AMEX has their own funds, I would be wary if they are recommended. Take the funds that the salesperson recommends and run them through Morningstar to see just how good they are compared to their peers.

The real question though, is why are your going with American Express? There seems to be so many other better alternatives out there.

JLP

http://AllThingsFinancial.blogspot.com
Print the post Back To Top
No. of Recommendations: 0
The real question though, is why are your going with American Express?

Hi JLP,
Actually, I'm getting ready to leave them. The advisor I've had since 1993 sold his business, so I'm using the transition to better inform myself and try to make some better decisions with my money.

My questions had to do with my possible misinterpretation of information provided me by the new advisor, so I was seeking clarification.

I appreciate your remarks. Would you believe I'm from Texas? Maybe I'll look you up if I decide to consider a fee-only advisor (as opposed to managing things myself.) Your site looks interesting. Thanks for linking it.

Betty

Print the post Back To Top
No. of Recommendations: 1
You might want to check out http://www.amexsux.com/ , which bills itself as "The Unoffical American Express and American Express Financial Advisors consumer opinion site."

I have no opinion myself. I just remembered the site when I saw your post.
Print the post Back To Top
No. of Recommendations: 1
Hi Betty,

My questions had to do with my possible misinterpretation of information provided me by the new advisor, so I was seeking clarification.

I had one of those 'free' meetings with an Amex advisor several years back. As you mentioned, it was very difficult to get info from them. I practically had to nail her to the wall to get her to admit that the only funds they would recommend were load funds. At first she wanted me to believe that my $150/year was 'paying' for her services--sheesh.

I can't help you with the current fund offerings. I agree with other posters that there are far less costly ways to manage a portfolio. A fee-only advisor could probably help you adjust/move your current portfolio to a relatively simple one (if desired). After that, armed with a basic asset allocation strategy, you could probably rebalance it yourself each year.

Just a thought,

2old
Print the post Back To Top