Join Early Retirement Today
Thread Tools Search this Thread Display Modes
FINRA / Ameriprise
Old 12-17-2008, 08:34 AM   #1
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 645
FINRA / Ameriprise

I used to have my $$$ invested with Ameriprise - many thanks to this forum for educating me and my money is much more wisely invested at Vanguard now.

Anyway, the other day I got a phone call from Ameriprise saying that my FA there has been fired for unethical behavior, and that this person was my new FA. I guess he didn't realize I have a balance of $0 there. He said that my old FA was taking her annual fee for fine-tuning clients financial plans, then just giving them their old plan back.

I told this guy that I'm not working with Ameriprise anymore and one useful thing he did tell me about was a site called FINRA - Financial Industry Regulatory Agency - I didn't know about this, but burried in the information there, you can use their BrokerCheck to lookup a broker or a firm and see if there were any 'events disclosed about this broker'. He suggested I use this to check out any other FA I deal with.

I just wanted to pass that along in case anyone else finds it useful. I doubt if I'll be working with any FA again, but if I did, a bad mark at FINRA would be very useful to know. However, I wouldn't take a clean record at FINRA as gospel truth, because the FA that Ameriprise just fired still shows up with a clean record.
DayDreaming is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-17-2008, 08:38 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sarah in SC's Avatar
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,564
It takes a lot to get written up by FINRA--you can sell a lot of crappy funds and annuities before they get you, but it does help weed out the truly terrible.
Another good check is the CFP website Certified Financial Planner Board of Standards Inc. to check on the status of CFP certificants.
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 12-17-2008, 10:00 AM   #3
Moderator Emeritus
Bestwifeever's Avatar
Join Date: Sep 2007
Posts: 17,762
Joe, was your old Ameriprise broker who was fired for unethical behavior listed on the Finra site as a bad apple? I would hope so!
Bestwifeever is offline   Reply With Quote
Old 12-17-2008, 02:11 PM   #4
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 645
Nope, my unethical FA still looks good on FINRA. I'll keep an eye on that to see if it changes though, just out of curiosity.
DayDreaming is offline   Reply With Quote
Old 12-17-2008, 02:25 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
Join Date: Aug 2006
Posts: 12,483
Originally Posted by JoeDreaming View Post
Nope, my unethical FA still looks good on FINRA. I'll keep an eye on that to see if it changes though, just out of curiosity.
If the broker was fired for unethical behavior it may never be reported on FINRA. FINRA will only have info like that if a CLIENT files a WRITTEN complaint with FINRA. Then, it has to be put on his/her profile on FINRA, along with what actions FINRA took against the advisor (cease and desist, barred from the industry, etc.)

Wonder how Madoff looked on FINRA? OH, that's right, he didn't even REGISTER as an ADVISOR until 2006!!
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Thinking of leaving Ameriprise yuag FIRE and Money 3 05-30-2008 11:31 PM
Is Ameriprise any good? Miss_Lala Young Dreamers 114 02-28-2008 11:27 PM
Ameriprise and loaded MFs CompoundInterestFan FIRE and Money 17 09-13-2007 02:01 AM
Ameriprise retirement guide firewhen FIRE and Money 7 08-03-2007 12:49 PM
Stories from Ameriprise Salespeople SanDiego Other topics 2 07-03-2006 10:52 AM

» Quick Links

All times are GMT -6. The time now is 08:08 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.