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Columbia Value and Restructuring. I have this fund and is only a 2star morningstar rank. Anyone's thoughts on this fund? It has performed well in the past, I sure miss the fund alarm board and the fund screener!!!
The fund company is sold to Ameriprise. The fund is converted to Load fund and the existing share holders are grandfathered in Z shares (UMBIX). I personally do not like anything associated with Ameriprise
The long time manager is retiring at the end of 2012.
Reply to @Investor: Interesting comment about Ameriprise, Investor. Could you explain a little of the reason for your distaste with Ameriprise? They hold one of my Mom's smaller trusts. I didn't choose them but didn't know enough about investing at the time to give any valid reasons why not to invest there. It does seem odd to me that this portfolio (about $150k) holds 50 or so separate investments - which seems like a huge number for this amount. I was told there is no cost to Mom for having that many but, even if that is the case, I wonder why so many.
The link here, for a retirement discussion board may be of interest; started by the poster "hunger". Also Google Ameriprise with the words "lawsuits" and " fees or fee structure".
This is a full retail shop for investing, insurance and related. Are they any worse than similar organization? Probably not.
The ongoing problem is with an ignorant population who are also too lazy to be their own "devils advocate" with a full list of questions and do not choose to do their homework. "Lack of curiosity" will indeed kill these cats.
I have witnessed similar circumstances for years and still see these personal failures among family and friends. Sadly, for the majority; there really is no excuse today for not being able to find just about any needed information and/or data to make a clear decision about investment directions or just about anything else via the internet.
The sheep will continue to be slaughtered; as the majority are not curious and fail to take time to comtemplate the result of their actions (for a future Funds Boat write).
A fairly sharp businessman who founded and operated a retail book store in our area eventually sold his store as Borders/Barnes and Noble really pushed his operation to the edge He chose to become a retail broker/insurance salesperson associate with Smith Barney years ago. Yes, he had to pass some required tests related to this business activity. He is not a certified planner in any sense of the term; but convinced folks he could run their investments. Over a few years period he had a decent client base, mostly by word of mouth. I asked several folks about his fees and his knowledge and of course 100% of them were.....duh! One of his clients who was 88 year old at the start of her invesment period with him, and really did not understand where her monies ($150k) were invested. She, along with most of her family....kids, etc. threw their money to him....willy, nilly. This lady lives on her departed husbands SS check and has about $100k in a bank savings acct. She is frugal and does okay; but has not a clue about her invested money with this man. She offered to let me look at her portfolio and I found it too be on an aggressive path. I noted this to her and she stated that she made very good money....pre market melt. About 9 months after the market melt, I happened to see her again and I asked about what her "advisor" had done with her investments. She stated that as far as she knew, she still had the same investments. I asked what had he told her during the market melt and whether any changes in her portfolio might be in order...........he had not even called her to discuss anything. He does not have the courtesy to call her at least once a month for a chat about her investments through his full retail services to her to this very day. Her portfolio had lost about 40% into part of 2009, from 2008 and I have no clue what it has done since.
Obviously, I find these type of folks to be some of the most disgusting folks on our planet.
If you google "Ameriprise Financial complaints" or similar phrases you will see a lot of issues with the firm. This firm is spun off from American Express. Initially know as American Express Advisors, later changed its name. There are several SEC actions against them.
They often hold these infomercial dinners to sell questionable investments to the retirees. I often heard that the advice given is sub-par. They are in the business of making money only. Most of the investing choices they offer are high expense type.
Reply to @catch22: Thanks for your comments, Catch. Your link had some very interesting information - had not seen that site before (at least that I remember). Cathy
Reply to @Investor: Thanks for your follow-up, Investor. Results in search pretty much what I expected. Unfortunately, it is my sister's son who is handling the Ameriprise Account there (she is one who had him set it up for Mom). So even if I could move it out (which I can't as only portion of principal available to withdraw), my sister would become cataclyptic (?sp) and my relationship with her is way too fragile already.
Sadly I think a ridiculous amount of people (I wouldn't be surprised if it was 75-85%) of people with financial advisors have little or no idea what their advisor is invested in.
I've said before that people can be amazing doctors, lawyers, etc. Brilliant people, but they don't care to be involved in managing their own money. I don't really care for Suzie Orman, but she gave a lengthy presentation recently where she basically told people if they don't want to research their investments and educate themselves about financial matters then too bad, because they're going to have to.
I definitely agree with the salesmen/women aspect - I had family members move from their advisor of over a couple of decades after it became apparent that he wasn't actively managing and was basing his suggestions on whatever company he had to sell that month.
I think the difficulty is this: Okay, you have people who aren't educated in financial matters who realize that their financial advisor is working less and less in their interests. But they had no idea what to look for, so it was hard for them to leave the comfortable "known" (even if the known wasn't right.)
They did actually find someone through a referral who actively manages (and can actually go long/short) and whose fee is partially performance-based. So, it worked out, but I think people stay in bad financial advisor relationships because they don't know where to begin/what to look for and the "known" is more comfortable for them than the unknown.
Or you just have people who would rather watch Jersey Shore (or "Dancing with the Stars".)
Comments
The long time manager is retiring at the end of 2012.
The link here, for a retirement discussion board may be of interest; started by the poster "hunger". Also Google Ameriprise with the words "lawsuits" and " fees or fee structure".
http://www.early-retirement.org/forums/f28/trying-to-figure-out-ameriprise-fees-and-my-options-44010.html
This is a full retail shop for investing, insurance and related. Are they any worse than similar organization? Probably not.
The ongoing problem is with an ignorant population who are also too lazy to be their own "devils advocate" with a full list of questions and do not choose to do their homework. "Lack of curiosity" will indeed kill these cats.
I have witnessed similar circumstances for years and still see these personal failures among family and friends. Sadly, for the majority; there really is no excuse today for not being able to find just about any needed information and/or data to make a clear decision about investment directions or just about anything else via the internet.
The sheep will continue to be slaughtered; as the majority are not curious and fail to take time to comtemplate the result of their actions (for a future Funds Boat write).
A fairly sharp businessman who founded and operated a retail book store in our area eventually sold his store as Borders/Barnes and Noble really pushed his operation to the edge He chose to become a retail broker/insurance salesperson associate with Smith Barney years ago. Yes, he had to pass some required tests related to this business activity. He is not a certified planner in any sense of the term; but convinced folks he could run their investments. Over a few years period he had a decent client base, mostly by word of mouth. I asked several folks about his fees and his knowledge and of course 100% of them were.....duh! One of his clients who was 88 year old at the start of her invesment period with him, and really did not understand where her monies ($150k) were invested. She, along with most of her family....kids, etc. threw their money to him....willy, nilly. This lady lives on her departed husbands SS check and has about $100k in a bank savings acct. She is frugal and does okay; but has not a clue about her invested money with this man. She offered to let me look at her portfolio and I found it too be on an aggressive path. I noted this to her and she stated that she made very good money....pre market melt. About 9 months after the market melt, I happened to see her again and I asked about what her "advisor" had done with her investments. She stated that as far as she knew, she still had the same investments. I asked what had he told her during the market melt and whether any changes in her portfolio might be in order...........he had not even called her to discuss anything. He does not have the courtesy to call her at least once a month for a chat about her investments through his full retail services to her to this very day. Her portfolio had lost about 40% into part of 2009, from 2008 and I have no clue what it has done since.
Obviously, I find these type of folks to be some of the most disgusting folks on our planet.
Regards,
Catch
If you google "Ameriprise Financial complaints" or similar phrases you will see a lot of issues with the firm. This firm is spun off from American Express. Initially know as American Express Advisors, later changed its name. There are several SEC actions against them.
They often hold these infomercial dinners to sell questionable investments to the retirees. I often heard that the advice given is sub-par. They are in the business of making money only. Most of the investing choices they offer are high expense type.
Another company that I do not like is Primerica.
I definitely agree with the salesmen/women aspect - I had family members move from their advisor of over a couple of decades after it became apparent that he wasn't actively managing and was basing his suggestions on whatever company he had to sell that month.
I think the difficulty is this: Okay, you have people who aren't educated in financial matters who realize that their financial advisor is working less and less in their interests. But they had no idea what to look for, so it was hard for them to leave the comfortable "known" (even if the known wasn't right.)
They did actually find someone through a referral who actively manages (and can actually go long/short) and whose fee is partially performance-based. So, it worked out, but I think people stay in bad financial advisor relationships because they don't know where to begin/what to look for and the "known" is more comfortable for them than the unknown.
Or you just have people who would rather watch Jersey Shore (or "Dancing with the Stars".)