You Need to Know
With the way the financial services industry has been in turmoil the last year or so, it is a wonder that anyone knows what’s going on. Especially, when company names are somewhat similar and confusing.
I think we can all remember the name AIG (American International Group) or what I referred to in previous posts as the Arrogant International Group. This is the company that the United States government loaned $160+ billion to bail their conniving butts out of trouble lest the company would have gone bankrupt. Also not to mention that the United States Congress’s many lavish benefits were being held and administered by AIG. Coincidence? You tell me.
Now do you remember this bunch of dirt bag insurance executives?
ING not AIG
ING Groep NV, the Dutch financial conglomerate and global supermarket of various financial services, was ordered broken up by European financial regulators. Now this is no small company. As of this writing, ING’s global asset management business had $600 billion plus. It also has a broker-dealer network of about 8,700 financial representatives and financial advisors.
This is significant to you because if you are dealing with any of ING’s broker-dealer firms such as Financial Network Investment Corp, Primevest Financial Services Inc., or Multi-Financial Securities Corp. your account and financial advisor may become part of another company.
If you are dealing with any of these three firms call your financial advisor and ask them to let you know what is going on. Especially if your financial rep is thinking of moving their book of business, which is your business, to another broker-dealer. What that could potentially mean to you is transferring your account and possibly lots of paperwork for you.
This is certainly not a bad thing but you should know what’s going on. It is your money after all isn’t it? An informed investor is a wise investor. Be proactive in managing and investing your money.
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on January 15th, 2010 at 4:52 pm
Financial turmoil is a tough situation, and working people who put their trust in Financial Advisors deserve to have them looking out for their best interests and not their own, or someone else’s.