SEC: Ameriprise Reaped $30.8M In Secret Incentives
Jul 10th, 2009 | By Charles L. Stanley CFP® ChFC® AIF® | Category: NewsA significant point for investors is whether or not your advisor is a fiduciary. This story is one indicator of what can happen when your advisor is not a fiduciary but simply required to meet a “suitability” standard.
Ameriprise Financial has agreed to pay $17.3 million to settle charges that it received millions of dollars in undisclosed incentive payments to sell certain REITs to its brokerage customers, according to the SEC.
Ameriprise demanded and received about $30.8 million in “revenue sharing” payments related to its sales of REITs and failed to disclose the payments as required, the SEC said in a statement released today.
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SEC: Ameriprise Reaped $30.8M In Secret Incentives
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