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Tuesday, May 25, 2010

Who do I call to report mismanagement of retirement funds, my money wasn't deposited to spec account?

i opened a retirement savings brokerage account with ameriprise financial. The first time they left my money in a money market account for 3 months before I caught it, when I did they didn't charge me a fee for the 2nd year. I just went throught the statements and they did it again this time for 7 months. Who do I call to have their license revoked? make a complaint? and what can I do to get my money back that i would have made?
Who do I call to report mismanagement of retirement funds, my money wasn't deposited to spec account?
the sec is the watch dog you are looking for!!!
Reply:This is not illegal and is how they work. I think you have a basic misunderstanding of how it's supposed to work. You need to talk to them and/or read any paperwork they gave you and make sure you understand what they're saying before you jump the gun. When the market is volatile they use money market accounts for at least part of the money to hedge their bets and make sure they aren't going to lose money.
Reply:The SEC also known as the Securities and Exchange Commision

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