Sorry for first post. Quick background:
I'm 25. Have been with Ameriprise for 1.5 years. I know the market is down now and I am willing to admit the major losses are due to that. But I also see how much I am paying in commission fees for who knows what (every month 1 trade equals about $25 in commission). On top of that I got premium fees of $8, and I see both my IRA and VUL dropping in value every month due to market and other fees I can't even understand (I'm an engineer and MBA student currently).
I want your guys opinion of what to do.
I have about $6500 in there with over $3000 in losses from what I can see.
-How do I quit Ameriprise?
-How do I get the money out? (I prefer to just get it in my bank account for now as I'm done with Financial Advisors for now)
-I still have 401K at work.
-Also, is it possible to transfer the money to another site and let me do what I want with it?
I feel like the guy that got screwed over in Boiler Room.
I'm 25. Have been with Ameriprise for 1.5 years. I know the market is down now and I am willing to admit the major losses are due to that. But I also see how much I am paying in commission fees for who knows what (every month 1 trade equals about $25 in commission). On top of that I got premium fees of $8, and I see both my IRA and VUL dropping in value every month due to market and other fees I can't even understand (I'm an engineer and MBA student currently).
I want your guys opinion of what to do.
I have about $6500 in there with over $3000 in losses from what I can see.
-How do I quit Ameriprise?
-How do I get the money out? (I prefer to just get it in my bank account for now as I'm done with Financial Advisors for now)
-I still have 401K at work.
-Also, is it possible to transfer the money to another site and let me do what I want with it?
I feel like the guy that got screwed over in Boiler Room.