Wealth advisor Drew Watson Ameriprise is dishonest and exploits his clients for money. There are too many problems with his disclosures to recommend him as a financial counselor.
Due to a serious disagreement, he faced in his early career, he is also operating under a new identity. Drew doesn’t want word of this dispute to get out because it would make no investor interested in working with him.
Information About and From Drew Watson Ameriprise
Kentucky is home to financial advisor Drew Watson Ameriprise. His office can be reached at 270-684-8424 or 2708 New Hartford Rd, Owensboro, KY 42303, USA.
Align Wealth Management is led by Drew Watson, who serves as its Chief Executive Officer. He says he is dedicated to studying the markets and learning about his customers’ priorities. Drew claims he is among the best at Ameriprise in providing financial planning services to individuals.
He says he can provide you with specific suggestions for a well-balanced portfolio. You can expect help with things like cashing out your retirement account and investing it, as well as with saving for college and minimizing your tax bill.
Drew Watson Ameriprise is not someone you can put your trust in, despite his numerous glowing boasts about his service and experience. His background and statements give the impression that he doesn’t care about his clients’ prosperity. Drew cares only about his own financial security.
Why You Should Never Work With Drew Watson at Ameriprise?
Investment Fraud and Overcharging to the Tune of $90k
There is a good reason why Drew Watson Ameriprise masks his true identity while working in the financial sector. You should address him by his full name, William Andrew Watson. Instead, he goes by an assumed name.
Since they have nothing to hide, financial counselors rarely resort to such measures. In light of this, one has to wonder what Drew Watson Ameriprise is trying to conceal from its shareholders. His horrible work record is the solution.
Drew Watson Ameriprise had a large client dispute in 2004, according to his FINRA BrokerCheck report. In this case, the client claimed that Drew charged excessive wrap fees, put money into inappropriate assets, and made recommendations based on commissions alone. More than $90,000 was lost by the client. That’s why they sought the same monetary sum in compensation.
As part of the settlement, Drew paid $9,440.39. As part of the compromise, they reimbursed the client some of the money they had to pay.
Drew has been silent on further information regarding the argument. On the other hand, this should serve as a major warning sign.
This disagreement demonstrates that Drew has a pattern of proposing assets that aren’t a good fit, all for the sake of fees. Your money is not safe in the hands of greedy wealth gurus like them.
Commercialization of Original and Related Goods
Disclosures from Drew Watson’s employer, Ameriprise, indicate he is still receiving commissions for the sale of investment products. He is authorized to endorse company-specific and related investment options. Considering his previous court case involving a customer, this is a major problem.
A commission-based advisor’s advice is likely to be tainted. They stand to profit from recommending one investment over another, regardless of the client’s needs.
As a result, putting your faith in such advisers becomes next to impossible. The advisor’s motivation for suggesting a certain investment, whether it’s in your best interest or their own, could be murky. Commission rates also vary between investment vehicles.
Therefore, the advisor may not even consider certain goods, despite their suitability to your portfolio.
Drew, like many financial consultants, may have failed to offer the most profitable investments for his clients. After all, his company has no need to suggest investments that don’t result in commissions for them.
Dispensing Advice That Is Too General
Ameriprise’s Drew Watson and his colleagues practice collaborative leadership. They handle both institutional money and individual accounts for regular people. For smaller and medium-sized portfolios, the effects of side-by-side management can be devastating.
That’s because your advisor won’t be able to tailor their recommendations to your specific needs.
Experts in the field of “hands-on” management typically prioritize their largest clients. As a result, their small and medium-sized business clients are left with almost nothing.
Such advisers typically compile a standard set of advice and offer it to all of their smaller clients. Keep in mind that they may nevertheless insist they provide “personalized advice” despite the lack of any real customization.
Conclusion
Drew has done it all: used an alias, been sued for not meeting clients’ needs, etc. Drew doesn’t give a damn about his customers.
For these reasons, you should stop paying attention to Drew Watson Ameriprise and go elsewhere for a financial advisor.
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