This is where Patrick would say he needs GigerAmmo, yes?

[bzarcher]

So, as a consequence of the free lunch I won (or benefit, depending how you look at it), I've got a free 1 hour consultation with a guy from Ameriprise Financial about financial planning, retirement, etx.

I've decided to go for it, since it doesn't seem like a bad idea to speak to someone. But...

1) Anyone who's done this recently, could I get some advice on what to look for and what to ask?

2) Can anyone speak to the validity of Ameriprise as a financial agency? I know they split off of AmEx, but can't tell if that was good or bad. I'm concerned because I know of a few agencies, such as Primerica, that seem to be similarly set up and have very bad reputations.

Comments

[buschap.livejournal.com]

What do you have going on through work?

I'm dropping 13% into a 401k through work, and after I hit two years (November), they start kicking in an amount equal to 7.5% of my salary. It's not going to let me retire by 30, or anything, but it adds up pretty quickly. And since they pull it out before I see the pay, it's like I never had it.

And over the long term, you can afford to invest aggressively. You may lose out some quarters, but in the long haul, you'll come out ahead.

[bzarcher.livejournal.com]

401(k) which I'm putting in 8%, and they match with another 8% as well. I'm currently invested with an eye towards a retirement at 45 or so - on the aggressive side.

[buschap.livejournal.com]

They seem generally reliable, though Wikipedia notes they settled with the SEC about "market timing" to the tune of $15 million a couple years ago.

Good luck with your early retirement.

[bzarcher.livejournal.com]

Yeah - it'd be nice if I can retire that early, but I don't expect it.

Hell, I'm probably going to end up being like my grandfather: Work until I'm 65, then take up "hobbies" that are full time jobs to keep me busy because I get bored. :D

[angeljester.livejournal.com]

look them up on the BBB website - I don't know much about them - I used to work in the industry for a 3rd party company.

Questions to ask:
1. Fees? any and all types
2. what type of plans are they offering?
3. stock and bonds? mutual funds?
4. how much control over trading do you have over your own investments?

Just some basics :)

[bzarcher.livejournal.com]

Thankya. :D

[feras.livejournal.com]

Ameriprise as a whole is allright...they are what used to be american express financial (as you surmised). The thing to watch out for here are the vehicles that he offers you for your financial planning. If the words variable annuity or variable life insurance come out, start being very weary. (this kind of product makes the most money for him and is only suitable to a few types of investors.)

[bzarcher.livejournal.com]

I'll keep those in mind - thanks!

[mithikall.livejournal.com]

Guh. Primerica is a fucking pyramid scheme. Went to a 'job interview' with them once.

[ixx.livejournal.com]

Ameriprise is the service Aaron and I use, and imho they've done really well for us.

[bzarcher.livejournal.com]

*nods* I will keep that in mind. :D

I wouldn't use Ameriprise

[(Anonymous)]

This company's primary focus is to place you into annuities and life insurance which over the long haul are very expensive. You can read more at http://www.ameriprisesuck.com .

Re: I wouldn't use Ameriprise

[bzarcher.livejournal.com]

While I'm touched that someone from Sweden is trolling my journal kind enough to comment on my plans, I'd be far more impressed if you put a name to your words.

[gigerlicious.livejournal.com]

I suppose it goes without saying handing money and control of your money over to someone else isn't my kind of race track. I can, however, recommend (http://www.amazon.com/gp/product/0671015206/sr=8-1/qid=1149116501/ref=pd_bbs_1/102-1095524-4511328?%5Fencoding=UTF8) a few (http://www.amazon.com/gp/product/0446677450/qid=1149116579/sr=2-1/ref=pd_bbs_b_2_1/102-1095524-4511328?s=books&v=glance&n=283155) books, (http://www.amazon.com/gp/product/0743224892/qid=1149116602/sr=2-1/ref=pd_bbs_b_2_1/102-1095524-4511328?s=books&v=glance&n=283155) that is if you've got the time and the will to DIY. Choose wisely, as this would be a fairly significant time investment per week, likely 1-2 hour minimum to say nothing of all the reading and education. That said, a monkey could do what most management firms do with your cash - they're using your funds for their profit first, your profit second.

[bzarcher.livejournal.com]

I'm certainly not going in there with a mind that I have to do this - to be honest, I'm strongly suspecting I will leave with the decision that I got a free lunch out of the deal, and that was about it.