Q re Dividends

[2B]

Anyone can take the exams, but they will not necessarily obtain the CFP designation until they have field experience of some kind for a minimum amount of time.

Would this forum count or do you have to swindle a certain number of people out of real money?

 

[mickeyd]

Would this forum count or do you have to swindle a certain number of people out of real money?

I'm not positive on this, but I believe that if Nords signs the required papers certifying competence and 2 years of experience on this forum, it's all good.

 

[clifp]

If I'm not mistaken, you need to not only meet the required education (pass the required exams) but also you must have 2 years or so experience in the FP business in some capacity. Anyone can take the exams, but they will not necessarily obtain the CFP designation until they have field experience of some kind for a minimum amount of time.

That is correct you need two years of practical experience, plus passing the ethics test (personally, I find it hard to imagine that the financial planning field has high ethical standards). Passing the CFP is actually quite difficult <60% pass rate so you need a CPA, or PHd in a related field to take the test unless you've had CFP course work.

I am not sure if this is going to be a hobby for me or a 2nd career, I'm only on the 1st course.

 

[Nords]

I'm not positive on this, but I believe that if Nords signs the required papers certifying competence and 2 years of experience on this forum, it all good.

I'll happily vouch for the experience.

But competence? An ER either studying for the CFP and not using it, or studying for the CFP and using it to earn income that they don't need?!?

 

[Texas Proud]

That is correct you need two years of practical experience, plus passing the ethics test (personally, I find it hard to imagine that the financial planning field has high ethical standards). Passing the CFP is actually quite difficult <60% pass rate so you need a CPA, or PHd in a related field to take the test unless you've had CFP course work.

I am not sure if this is going to be a hobby for me or a 2nd career, I'm only on the 1st course.

Clifp.... this is a stat from a long time ago when I was taking the CPA, but less than 20% passed a section back then, much less the whole CPA exam...

 

[Bram]

I want to thank you all for the time you've taken to explain & share your knowledge with me. I truly appreciate it!

I've looked over the VA contract again. The "free look" period was 10days after receiving the contract, so I'm not hopeful that I can unwind this except with that huge surrendeer charge ($8K). I don't think I can make a case that the FA "lied" to me. But I do have some questions & want some items (re)explained to me, so I will be calling him soon.

I have bookmarked the above suggested links & plan to make a very concerted effort to "get educated". I can ill afford to make this sort of blunder again.

Thanks again for you help!

 

[mickeyd]

Glad this has helped you Bram.

The "free look" period was 10days after receiving the contract, so I'm not hopeful that I can unwind this

I'd still recommend submitting a request to exercise your 10 day free look today. Forget about the 10 day part, after all, they forgot about telling you the truth.

What's the worst that can happen? They could say no and hand you a load of BS...oh yeah, they already did that.


Make sure that you send a copy to the NASD who license all of these salesmen. Also copy the insurance commissioner of your state as this is also covered by them as it's an insurance product.

If nothing else, it would alert the authorities to these guys and help others who have yet to be hurt by them as you have.

 

[Bram]

Decided not to call the FA as I didn't want to deal with him trying to dissuade me & any answers he'd give me re the VA wouldn't change my mind.

Holding my breath here......
I just called Ameriprise 403b section. Told the man I wanted to unwind the annuity & put the $ back where it was previously. He was very pleasant, didn't even ask "why", said it looked as if I was a little past the "free look" period, but that he thought they could squeeze it thru anyway, without charge. I will get a call back tomorrow to verify with me the change & charges, if any. I am almost afraid of "how easy" this might be!!!!!!!

I imagine the FA is going to be slightly (or more?) pizzed with this?! I hope he didn't over spend for the holidays.

 

[brewer12345]

Decided not to call the FA as I didn't want to deal with him trying to dissuade me & any answers he'd give me re the VA wouldn't change my mind.

Holding my breath here......
I just called Ameriprise 403b section. Told the man I wanted to unwind the annuity & put the $ back where it was previously. He was very pleasant, didn't even ask "why", said it looked as if I was a little past the "free look" period, but that he thought they could squeeze it thru anyway, without charge. I will get a call back tomorrow to verify with me the change & charges, if any. I am almost afraid of "how easy" this might be!!!!!!!

I imagine the FA is going to be slightly (or more?) pizzed with this?! I hope he didn't over spend for the holidays.

Just be prepared for the REALLY hard sell from the FA. Most likely, he will pull out all the stops.

 

[Bram]

Well, Brewer, as your siggy line says.... "Let him bray!" My heels are in good shape, I can dig in, too!

 

[mickeyd]

I am almost afraid of "how easy" this might be!!!!!!!

I agree, unless there are other complaints that they have received on this FA and they are ready to throw in the towel on him.

I imagine the FA is going to be slightly (or more?) pizzed with this?!

Oh, don't worry they called either him or his superior one minute after they hung up the phone from speaking with you.

Make sure that you take notes on who you spoke with @ the company and as many details as possible... in case you need to put it all on paper at some later date.

Keep fighting the good fight!

 

[2B]

I just called Ameriprise 403b section. Told the man I wanted to unwind the annuity & put the $ back where it was previously. He was very pleasant, didn't even ask "why", said it looked as if I was a little past the "free look" period, but that he thought they could squeeze it thru anyway, without charge. I will get a call back tomorrow to verify with me the change & charges, if any.

Expect him to say how sorry he is but the cancellation will require the full penalty. Point out to him you didn't receive the contract until (insert date) and the "free look" didn't begin until then. Mention fraud. It isn't true but it will get his attention. Also, mention you intend to write to God and everybody in the security and state agencies about this.

Don't be surprised if he doesn't call tomorrow. Follow up tomorrow on your own. Look in your contract what steps you should take to cancel without penalty. It probably has to be done in writing. If so, get it out tomorrow with a date you received the contract and that you are cancelling prior to the 10 day period. Send it Certified Mail, Return Receipt. If it ain't in writing, it didn't happen.

 

[Bram]

I'm baaaaack!
Waited until 3:30 p.m. ... no call. So I called Ameriprise Cust. Service & asked for the same guy I spoke to yesterday. He said, "They ok'd the free 30 day look. (the contract actually said 10 days) The money will be put back in the account just as it was before & @ no charge."
When?, I asked. "In a few days."
Can you be more specific? "Well Monday is not a business day, so you should see it there by Tuesday."

He was very pleasant. Did not ask why or wherefore.
The FA usually goes on vacation this week, so I suspect that he's not around & hence no pressure call from him. BTW, the contract's only instruction for voiding was to "return the contract to our representative".

I'm a happy camper! 8) I've got some ideas to change things once I see the deed is done & I do more research on some better alternatives. And of course, I'll be asking for opinions here!
Thanks again to all who urged me to pursue voiding this VA. I wouldn't have thought I could have done it, but your encouragement spurred me forward!

 

[Texas Proud]

Hey it sounds great that they will unwind it... congrats...

Do some research and find a better investment...

 

[2B]

I'm baaaaack!
Waited until 3:30 p.m. ... no call. So I called Ameriprise Cust. Service & asked for the same guy I spoke to yesterday. He said, "They ok'd the free 30 day look. (the contract actually said 10 days) The money will be put back in the account just as it was before & @ no charge."
When?, I asked. "In a few days."
Can you be more specific? "Well Monday is not a business day, so you should see it there by Tuesday."

He was very pleasant. Did not ask why or wherefore.
The FA usually goes on vacation this week, so I suspect that he's not around & hence no pressure call from him. BTW, the contract's only instruction for voiding was to "return the contract to our representative".

I'm a happy camper! 8) I've got some ideas to change things once I see the deed is done & I do more research on some better alternatives. And of course, I'll be asking for opinions here!
Thanks again to all who urged me to pursue voiding this VA. I wouldn't have thought I could have done it, but your encouragement spurred me forward!

Well done. Well done, in deed!

You have started on the path to enlightenment. Anyway, you're on the path to what we call "enlightenment" around here.

 

[mickeyd]

I'm a happy camper!

Good for you Bram.

Since this is a 403(b) account, can I assume that this is a retirement plan in a school district?

Anyway, after this gets all returned to how it was before this all happened, I recommend that you review the entire deal with whomever is the benefits manager of your plan (someone @ the school district). They need to be aware that Ameriprise is deceiving their employees like this so they can, hopefully, make appropriate changes and others will not have to go through what you did.

You're possibly going to be a local hero, get ready!

 

[Bram]

Since this is a 403(b) account, can I assume that this is a retirement plan in a school district?

Anyway, after this gets all returned to how it was before this all happened, I recommend that you review the entire deal with whoever is the benefits manager of your plan (someone @ the school district). They need to be aware that Ameriprise is deceiving their employees like this so they can, hopefully, make appropriate changes and others will not have to go through what you did.

You're possibly going to be a local hero, get ready!

No, mickey, it's a retirement plan that is thru a community non-profit hospital where I was an RN for 36 years & I've been gone from there for 3 years. I am not drawing any of my retirement pension or tapping the 403(b), yet, as my DH is still gainfully employed (hopefully for 5 1/2 more years).

LOL on the "local hero" stuff! To be honest my impression is ...
#1 The "Senior Benefits Consultant" in HR is not the sharpest blade in the drawer and she would not have a clue what I was talking about, nor what to do with the info. She is simply a fancy title without much depth, imho.
#2 There is a fair amount of turmoil @ the hospital right now (isn't there always?) with budget cuts, bottom line in the red, staffing cuts/terminations/turnover, yada, yada.... The Admin doesn't really care because they're dealing bigger employee issues than what I would bring to their attention. They have 3 options as far as companies that you can choose from for your tax-sheltered accounts, & beyond that, the employee is on their own. All retirement "education"/knowledge flows from the company reps (FA's) themselves to the employees.
#3 There was a day when I could speak up & would be heard there, but nah,,,, not anymore. Also, I've had very limited contact with anyone from that past long-term relationship since I officially cut my ties.

Hope this doesn't come off as sounding too cynical. I'm not, really. Just think I would be spinning my wheels.

 

[mickeyd]

Hope this doesn't come off as sounding too cynical. I'm not, really. Just think I would be spinning my wheels.

No, it makes perfect sense to me.

Another piece of advice, if you can take it, I strongly recommend that you rollover your 403(b) to an IRA ASAP. I recommend Vanguard funds, but there are several excellent companies out there that also do a good job.

As you are no longer working for the hospital, your retirement fund has no business still sitting in the old 403(b) account. By moving your funds to Vanguard you will save thousands of dollars each year in unnecessary expenses that you are now paying. It will also get you away from Ameriprise!

 

[Bram]

Another piece of advice, if you can take it, I strongly recommend that you rollover your 403(b) to an IRA ASAP. I recommend Vanguard funds, but there are several excellent companies out there that also do a good job.

Insert:::Twilight Zone music:::
Either you're reading my mind or I must already be getting edumacated. I have been reading the Vanguard site & plan to also check out Fidelity's info with that VERY thought in mind, mickey!.

I do want to get away from Ameriprise. There are other things, at a minimum just about my particular FA ,that just have given me some niggling doubts for some time. But I just didn't have any sounding board, & lacking savy, I didn't want to do the frying pan/fire thing.

 

[justin]

When I just saw you left the employer with the 403b 3 years ago, I was wondering why not roll the 403b over to fidelity or vanguard into an IRA? Do your research but it sounds like you could literally save thousands every year in expenses! (what mickeyd said, basically)

 

[brewer12345]

But I just didn't have any sounding board, & lacking savy, I didn't want to do the frying pan/fire thing.

Well, now you have a sounding board here, so take charge!

Schwab is good, too, BTW.