Ameriprise Sued by It’s Own Financial Planners
Ameriprise, the financial services giant, an organization which employs more certified financial planners than any other entity in United States, was sued by six people; including one current employee. The accusation in the suit suggests that Ameriprise has been overweighting its own expensive mutual funds, which have been performing below-market, into its own 401(k) plans. The financial services press has been billing this as a frustration for Ameriprise because its own mutual funds have been highlighted as poor performers which it is forcing on its own financial planners. One of the charts produced in the press, shows fees are 3 to 5 times higher than at other competing funds, such as Vanguard. If you feel that your stockbroker or financial planner has been infusing your investment portfolio with inappropriate investments contact a South Florida securities fraud attorney. Most security fraud lawyers in Fort Lauderdale, Boca Raton, West Palm Beach, and Miami, can, with a quick office visit, look at your monthly statements and give you a fair evaluation of which investments are appropriate for your risk tolerance. This type of review is especially important for those of us who are in our retirement years and rely on our investments for income to support our daily lives.