If you live in or around Lyndon, Kentucky, and you are seeking a wealth advisor, you might come across the name Dean Donohue Ameriprise. He is a terrible financial counselor who resorts to a variety of unscrupulous strategies in order to achieve his goals.
You will understand more about how he snares investors in horrible agreements after reading the following review, which can benefit you. You would be in a better position to make an informed conclusion about him if you did it this way:
Who Is This Dean Donohue Ameriprise Executive?
Private wealth advisor Dean Donohue Ameriprise is the leader of the Encore Wealth Management Group. He is employed by Ameriprise. His office may be reached at the following number: 502-412-4050 and is situated at 9405 Mill Brook Rd., Suite 101, Louisville, Kentucky 40223, United States.
His main concerns include the following:
- Donating to charitable causes
- Tax planning strategies
- Insurance
- Retirement plan distribution
- Retirement income strategies
- Strategies for Executive Compensation and Benefits
- Investments in Very Small Businesses
- Estate planning strategies
- Strategies for the Preservation of Wealth
- Retirement planning strategies
- He is certified as a CFP, CRPC, and APMA professional.
Dean asserts that he is able to assist his customers in determining their desired level of risk in their investments and in developing individualized methods to achieve those goals.
In addition to this, Dean asserts that he provides advanced investment guidance to assist his clients with their intricate planning needs as well as cash management solutions to cover their vital day-to-day activities.
The other members of this company’s financial advising team, besides Dean, are Jonathan P. Smith, Courtney Yartz, and John Moriarty. Dean is the leader of this team.
Nevertheless, the accolades and lucrative claims made by this company could cause you to lose touch with reality. Dean has a long history of getting into legal disputes with his customers. In addition, the disclosures made by his company contain various aspects that are questionable. More about this can be found in the following part of this review:
Legal Conflicts and Predatory Provisions of Dean Donohue Ameriprise
Multiple Complaints from Clients
Dean’s first legal dispute occurred in 2003. Here, the client alleged that he is entitled to the full depth of the two annuities in question. He requested $85,000 in damages and settled the case for $21,452.
His second disagreement has not yet been resolved, and it was submitted on December 3, 2020. In this case, the claimant stated that she was advised to make an investment that was costly in commission, illiquid, and inappropriate for her needs. She demanded a compensation of one hundred thousand dollars.
It’s important to keep in mind that these kinds of disagreements almost never result in the client’s favor. This is because dodgy advisors like Dean Donohue Ameriprise require their customers to sign a variety of releases before doing business with them. While they are making recommendations, they are absolved of any responsibility due to these exemptions.
The fact that this argument is still ongoing is evidence that Dean provides improper advice to his customers. When dealing with financial consultants of this kind, you need to exercise utmost caution.
Charging Performance-based Fees
Another prominent issue in Dean Donohue Ameriprise’s disclosures is that he charges performance-based fees.
If you pay him on the basis of his performance, he and his team will be incentivized to implement high-risk methods regardless of how comfortable you are with risk. According to research, financial advisors who use this fee structure increase their clients’ exposure to risk and produce subpar returns for their client’s money.
Additionally, high-risk tactics might result in significant financial losses in unpredictable market environments. The situation is made worse by the fact that you cannot hold Dean accountable for proposing such poor solutions.
His company would point the finger of blame at you for the losses and say that you were aware of all of the potential consequences before they carried out such a strategy. In the same vein as the provision that came before it, this one makes things more difficult for the investor.
Summary
Dean Donohue Ameriprise has been involved in a number of lawsuits during the course of its history. In addition, the disclosures provided by his company contain several clauses and terms that unnecessarily expose their customers to an unreasonable amount of risk.
It’s possible that the vast majority of his customers are unaware of these dreadful provisions as well. Given the weight of the evidence, it is prudent to steer clear of doing business with this company. Fortunately, the area is home to a large number of other financial advisory businesses to choose from.
