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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 financialengines.com, 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.
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