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AmEx Plays Its Winning Card

By Mara Der Hovanesian

"GROWTH BUSINESS." Selling the financial-planning unit also rids Chenault of ausiness rife with potential conflicts. Until 1999, AmEx advisers were encouraged to sell in-house products such as mutual funds and insurance policies, mediocre performers at best. Since then, the unit has been hit by Securities & Exchange Commission enforcement actions and clients' class actions for allegedly failing to adequately explain investment offerings, not awarding certain bulk-rate discounts, and selling inappropriate financial pl

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