Skip to main content
No. of Recommendations: 1
I used American Express 6 years ago when I was facing retirement. They were called Am. Express IDS at that time. I actually paid them $500 to do a so called financial plan. My wife transferred her IRA to them. I actually opened an IRA and was feeding it with tax deferred pension money. The Am Exp. people put me and my wife into IDS mutual funds which performed poorly, had front-end and back end loads. I actually thought at first that I was wise in choosing them to do a for-fee financial plan. But I discovered that Am Exp. is a for-profit operation. Their prime goal is not your welfare, but their commission or bonus. Most of their advise and so called financial planning is probably not worth the paper it was printed on. They approached me in several of the later meetings to try to sell me a deferred annuity within my IRA. This was the last straw. I bailed out. We had to eat the exit fees. You will be better off educating yourself and escaping their clutches. Do your own investing. Use, Quicken financial planner or any of the other software or online tools that are available. Don't let financial parasites drain off your hard earned funds for really bad advice. Don't trust anyone who profits from selling you funds, insurance, variable annuities,etc.
Be especially wary of the people who post on this board who hype deferred annuities. They are insurance agents.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.