HERBERT EDWARD NEWMAN is currently employed as a Broker and/or Investment Adviser at AMERIPRISE FINANCIAL SERVICES, INC. located at 2470 SAINT ROSE PKWY, STE 204, HENDERSON, NV, 89074-7774.
HERBERT EDWARD NEWMAN has worked at AMERIPRISE FINANCIAL SERVICES, INC. since September 17, 1973
HERBERT EDWARD NEWMAN has 2 Disclosure Event(s).
Date: December 02, 2004 Category: Customer Dispute Allegations: THE CLIENT ALLEGED THE SIGNATURE ON THE ANNUITY APPLICATION IS NOT HIS. THE CLIENT ALSO STATED THE AMOUNT OF MONEY INVESTED INTO THE ANNUITY, ($380,000) WAS INAPPROPRIATE AS HE COULD HAVE MET A NAV BREAKPOINT WITH AN ADDITIONAL $200,000 INVESTMENT INTO MUTUAL FUNDS AND THE ANNUITY FEES ARE EXCESSIVE IN LIGHT OF INVESTING IN MUTUAL FUNDS AT NAV Damage Amount Requested: $25,709.96 Broker Comment: THE FIRM FOUND THE ANNUITY WAS AUTHORIZED. THE ACCOUNT WAS OPENED IN '02 WITH A PERSONAL CHECK FROM THE CLIENT, LATER THE CLIENT ADDED $80,000 TO THE ANNUITY. THE CLIENT RECEIVED QUARTERLY STATEMENTS AND SCHEDULED MONTHLY DIRECT DEPOSIT PAYOUTS. THE CLIENT'S GOAL WAS FOR A PORTION OF HIS FUNDS TO GROW TAX DEFERRED FOR RETIREMENT. THE CLIENT CHOSE THE ANNUITY FOR THE MAX ANNIVERSARY VALUE RIDER, A BENEFIT NOT OFFERED ON HIS MUTUAL FUNDS INVESTMENTS.
Date: February 03, 2004 Category: Customer Dispute Allegations: THE CLIENTS ALLEGED THAT I FAILED TO DISCLOSE ALL OF THE COSTS ASSOCIATED WITH CLASS B MUTUAL FUNDS AND INDICATED THAT THEIR MUTUAL FUND INVESTMENTS WOULD HAVE QUALIFIED FOR CLASS A BREAKPOINT DISCOUNTS Damage Amount Requested: $8,411.27 Broker Comment: IT WAS DETERMINDED THAT I PROVIDED ADEQUATE DISCLOSURE TO THE CLIENTS WITH REGARD TO FEES AND CHARGES ASSOCIATED WITH THE AXP MUTUAL FUNDS PURCHASED.
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