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Don't fall for the Amex $500 upfront fee...
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Posted by Jon in Chicago (more from Jon in Chicago) on Thu, 6 Mar 2003 09:55:54 Share Post by Email
In Reply to: Way OT: Advice/Opinions on Financial Advisors?, Brian, Wed, 5 Mar 2003 08:30:49
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When I met with Amex two years ago here in Chicago they told me it would be an up front $500. I said, 'Oh, but you mean that I just need to invest a minimum of $500 in one of your funds or something. Right?' 'No', was the final reply. 'This is our upfront fee.' I immediately thanked them for their time, got up and left. What on earth are they thinking? To make up that $500 would take a pretty decent return in today's market or some kind of major plunk down of capital.

I had used Charles Schwab before and ended up just adding more money into those accounts. I also still like Vanguard for money markets, which I just fiddle with on my own. Merrill Lynch has incredibly high fees and lost me a lot of money on an investment four years ago I actually told them was bad. But, at 26, I fell for my own family's ML advisor's schtick of, 'I'm telling all my friends and family to invest in this stock'. That was a tough lesson and blew a lot of hard earned early in life cash. Of course, I sold and fired ML after this. My family fired him too which was kind of cool. He tried to give them Mont Blanc pens as a gift but they still fired him. "Fat Bastard" (from Austin Powers) is what I call him to make my old dad laugh.

Gotta love the world of financial planning!


Jon

posted by 12.100.24...

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