Vince from Investorial and GuruWatch is skeptical of Suze Orman’s new relationship with TD Ameritrade. Here are the details of what she is promoting.
You can receive a $100 bonus by opening up an account with TD Ameritrade in March and by following the “Save Yourself Plan,” which involves automatic monthly investments of at least $50 for at least a year. If you watch out for fees, it’s not a bad deal (but not spectacular by any means).
The new relationship is timed to coincide with Suze’s new book, Women & Money: Owning the Power to Control Your Destiny. I don’t like Suze’s abrasive style on her call-in show, and I’m not a fan of her sponsorship of programs that conflict with her message, but I usually agree with her financial advice.
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2:03 pm (reply)
Having waited in vain for a book aboput the working poor and money, I decided to start writing one myself. Do you think Ameritrade will help me promote it?
2:18 pm (reply)
I highly doubt it, but good luck. Let me know when it’s finished.
3:33 pm (reply)
Thanks! Maybe Suze Orman might help promote it. If she really believes in her schtick, she would have to agree that the working poor also deserve the power to control their destiny.
3:51 pm (reply)
Felxo,
This is a good posting. I am also skeptical of Suze Orman. In the past she has promoted products which aren’t actually in the best interests consumers. Specifically, I’m refering to her advocacy of borrowing to finance auto loans when she promoted GM’s products on television.
Best,
James
5:08 pm (reply)
Ugh, this makes me want to close my Ameritrade account.
Ok not quite, but that’s crap. I’ve been an ameritrade customer and been doing monthly deposits for years and I didn’t get any stinking bonus. :o
And for someone like Suze who constantly promotes low cost investing options like no-load and ETFs, convincing people to sign up with ameritrade will simply line their pockets with fees where many no-loads have a transaction fee and someone who is investing small amounts at a time who might buy some ETFs will be engulfed by trading commissions.
Sounds like a fantastic idea from a business standpoint, but I question whether this has new investors’ interests at heart. Granted it will prompt some people to start saving, but it is far from the ideal partnership in my opnion.
5:13 pm (reply)
I was surprised to see how many no-load funds carry a transaction fee. There’s only one person who has an investor’s interest at heart… that investor. No company will ever have anything at heart other than the interests of its (important) stakeholders. Suze’s not in this for the little guy (and I wouldn’t expect any celebrity to be)... she gets paid for attaching her name to the product.
6:57 pm (reply)
Wow, no love for Suze.
hmmm Suze Orman, sometimes she contradict herself, therefore I do not buy her books. When I am bored I sometimes watch her show on CNBC. She is not the best but she is mediocre
11:43 pm (reply)
Thanks for the mention!
I pretty much given up on TD Waterhouse / Ameritrade up here in Canada. As for Suze Orman, I’m right with you on what you wrote. $100 is really minnows compared to the baits that other brokerages dangled, but why not latch onto a celebrity guru?
I’ll keep blogging more about gurus at GuruWatch.org too!
6:21 am (reply)
8:50 am (reply)
Now Now all,I worked for TD AMERITRADE for 3 months. Feel your pain all! I had to deal with the clients anger via email. Wasn’t pretty. Suze email me please. Need some advice.
Sincerely,
Ouch
2:05 am (reply)
I can’t endorse Suze Orman. I just can’t listen to her, but she does have a few grains of good advice. As for TD Ameritrade, I like the service I’ve had with them.
However, I have to agree with Jeremy, I’ve been a customer for years, and haven’t gotten any of the gifts or freebies.
How about something for those of us that have been there for years, give us something TD Ameritrade!
9:26 pm (reply)
she’s sooo skanky!