Monday, July 10, 2017

Everything Wrong With 403(b) Markets In One Slimy Vimeo Video

I subscribe to Google Alerts and recently I was alerted to a Craigslist ad that was recruiting people to sell commission based index annuities to unsuspecting teachers in Chicago.

I clicked on the link and then found a video.

It's a bit long, but gives you some insight into the thinking and compensation and marketing practices of these sales agents. No mention of doing real financial planning or teaching people to do real financial planning.

It's everything that is wrong with this industry in one video.



2015-12-23 11.22 Webinar Now from Chris Reid on Vimeo. It's time these practices were stopped. These people are not fiduciaries, they do not have educators best interest in mind. Nor are they qualified to provide competent financial planning (as demonstrated by a lack of credentials).

Scott

Thursday, April 20, 2017

In K-12 403(b) plans, employees and their unions can be their own worst enemy

Great piece by Investment News Journalist Greg Iacurci. Did you know the following about the NEA?:

In 2015-16, Security Benefit paid an annual base fee of $2.84 million, according to the filing. That fee can increase between 5% and 10% per year if Member Benefits "achieves some or all of mutually agreed upon market-opening and program promotion goals," the document said.
I applauded the NEA for signing on with the AFL-CIO in support of the DOL's Conflict of Interest Rule, let's hope they take that focus inward and start cleaning house.

In K-12 403(b) plans, employees and their unions can be their own worst enemy