HERBERT EDWARD NEWMAN

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

Disclosure History

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.

More Information

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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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