Hi everyone. I invested around $2100 slightly over a year ago, with my brother who works for Ameriprise(yes, I know). Right now, the last time it was checked the investment was around $1500(this was before the latest drop). I trust(ed) my brother at the time I invested. Also, yes Im aware of the fact that Im a total newbie when it comes to finance
Now, having actually started reading some investment advice from a broad range of sources it seems I am doing everything wrong. The financial advice account cost from in the hundreds(don't remember) and there is a $20 quarterly fee, along with transaction fees and another yearly fee which is supposed to be quite high along with the loaded fund of funds.
Now, it isn't alot of money in fee's if you are investing $200k. But it is percantage-wise with this little money and this early in the market. It has probably eaten up over 10% of the investment yearly in fee's. Yet, my brother told me if I had not invested with him, the $1500 would be even lower. Why he would reccommend that I make checks out to Ameriprise for transactions of $100 when the transaction fee is over $20? It seems either crazy, or like someone is willing to scam their own family to get ahead in that organization.
Now, after I thought I had had real conversations with him..looking up some of the stuff he told me and finding out it was scripted..to your own family? Anytime, his financial knowledge is questioned he starts getting angry, but he has more of a salesman type personality.
What advise do you have?
Now, having actually started reading some investment advice from a broad range of sources it seems I am doing everything wrong. The financial advice account cost from in the hundreds(don't remember) and there is a $20 quarterly fee, along with transaction fees and another yearly fee which is supposed to be quite high along with the loaded fund of funds.
Now, it isn't alot of money in fee's if you are investing $200k. But it is percantage-wise with this little money and this early in the market. It has probably eaten up over 10% of the investment yearly in fee's. Yet, my brother told me if I had not invested with him, the $1500 would be even lower. Why he would reccommend that I make checks out to Ameriprise for transactions of $100 when the transaction fee is over $20? It seems either crazy, or like someone is willing to scam their own family to get ahead in that organization.
Now, after I thought I had had real conversations with him..looking up some of the stuff he told me and finding out it was scripted..to your own family? Anytime, his financial knowledge is questioned he starts getting angry, but he has more of a salesman type personality.
What advise do you have?