Doug Kisker Ameriprise is an atrocious advisor?
Doug Kisker Ameriprise is a wealth advisor based in Crestview Hills, Kentucky. He makes many bold claims about his skill and expertise but before you trust him, you should know the issues he tries to hide.
Doug has a long history of legal disputes and his current terms and conditions aren’t any better. Hence, before you make any serious decisions, it would be best if you checked these issues first:
Who is Doug Kisker Ameriprise?
Doug is the Chief Executive Officer of Fidant Wealth Partners. His firm claims to focus on weathering volatility by giving the right financial advice. They claim to help their clients stay on track with their financial goals by offering them personalized advice.
His office is located at 740 Centre View Blvd Fl 5, Crestview Hills, KY 41017, US and his phone number is 859-341-1841.
Doug claims to help his clients avoid the distraction of short-term challenges and help them stay focused on their long-term goals.
His team offers multiple services such as offering comprehensive financial advice, retirement savings, education savings, cash flow, estate & multigenerational lanning. Other services include tax planning strategies, annuity solutions, investment advisory solutions, and plenty others.
Even if these claims and services seem quite attractive, you shouldn’t fall prey to them. Doug uses sleazy marketing to hide the various skeletons hiding in his closet. Before you trust him and his team with your hard-earned fortune, it would be best to check the issues present in his services.
The following section of this review will help you learn more:
Doug’s Problematic Record and Other Issues
Doug Kisker Ameriprise & Legal Trouble
While checking if a wealth advisor is suitable for you or not, you should visit their FINRA BrokerCheck profile. It’s a vast database where you can learn about the advisor’s professional history. Moreover, you can find out if the advisor has faced any legal conflicts with regulators or clients.
The FINRA BrokerCheck listing of Doug Kisker Ameriprise shows a total of 6 legal disputes. They are the following:
Legal Dispute with a Client
Doug had a legal dispute with a client in 2008. Here, the client alleged that the delay in the requested account closure caused them a financial loss.
They requested $23,500 in damages. However, the firm denied the allegations and claimed that the advisor had submitted a request to redeem funds before closing the account.
There’s no way to verify whether the request had reached the client or not. This dispute is a proof of Doug’s careless attitude towards his clients and their requirements. Working with a careless and irresponsible advisor can be extremely detrimental to your financial well-being.
Many financial advisors use the loopholes present in their disclosures to avoid responsibility.
Another financial advisory firm that has preyed upon investors and avoided any accountability is the MCMP Retirement Planning Group Morgan Stanley.
Beware of such shady advisors.
Multiple Lien Judgements
Apart from facing a major client dispute, Doug Kisker Ameriprise has faced multiple lien judgements in the past few years. Doug doesn’t have a good record as a professional. It seems he functions very irresponsibly as evident by these judgements.
His first lien judgement was in 2012. Here, he had to pay $33,484.86 as a result of a divorce settlement.
Doug’s second lien judgement was on 10-10-2018. Here, he had to pay $224,144.50 as tax.
His third lien judgement occurred on 10-16-2018 and this time, he paid $682,043.27 as tax.
Doug’s fourth lien judgement occurred in December 2018. Here, he paid $112,889.09 as tax.
His most recent lien judgement came in July 2021. This time, he ended up paying $161,519.85 in tax.
Facing multiple lien judgements in a span of 3 years is a huge red flag. It shows that Doug isn’t skilled in managing his own finances. This begs the question, “If Doug Kisker Ameriprise is incapable of managing his own finances, how does he manage his clients’ accounts?”
Certainly, he lacks the skills or competence to manage his finances. Trusting such a wealth advisor for your financial security can be a big mistake.
He is a Broker-Dealer
Another huge issue in Doug Kisker Ameriprise is that he is dual-registered as a broker. This leads to many conflicts of interest such as revenue sharing with securities, giving preference to affiliated investment products, and earning asset-based fees and transaction-based fees from the same mutual fund.
Research shows that dual-registered brokers fail to meet the fiduciary standard. So, you shouldn’t expect Douglas to offer you high-quality service or recommendations.
Skilled financial advisors rarely face a single legal dispute and Doug has already faced 6 so far. He needs to focus on his own finances before helping someone else.
You shouldn’t trust him with your finances as you may also end up facing a lien judgement in court.
Doug Kisker Ameriprise is a horrible wealth advisor who has faced 6 legal disputes already. There’s no telling how many legal conflicts he might face in the future. Moreover, he fails to meet the fiduciary standard. Avoid such a terrible advisor!
- Faced 6 disputes already
- Broker-dealer conflict
- Faced numerous lien judgements