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Opinions on First Command. I am currently in BOLC and the First Command finance advisors seem to be putting on events here every few days. I met with them twice and they proposed an investment plan of purchasing life insurance (200k for 155 a month), 10 percent to tsp, and investing for short term stuff with an account through them that has a 5 ...
When I took a closer look at the funds they invested the client's money in, I realized they were paying the following fees: -acct maintenance fees - $25/acct/yr --plus an acct termination fee - $75/acct. -first command advisor fee - $750-$6000/yr.
As it turns out, First Command is incredibly predatory (anecdotally, and in my opinion). If you want out, here's how to do it: Cancel your whole life insurance. Seemed like a good idea at the time, I know. Call 1-800-658-9857 for Liberty National if that's who it's through. I had luck with the paper form that I found using Google, then faxed it ...
In addition, I put roughly $500/month in my HYSA. After meeting with the financial advisor at First Command, he made 3 primary recommendations with about $750/month in what he called "loose" assets (not currently allocated in a specific budget). Buy ~$350/month worth of whole life insurance. I'm really naive when it comes to life insurance, but ...
First Command Financial Planning. First Command Financial Planning, Inc. is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), all 50 states, and the District of Columbia. It is a member of the Securities Investor Protection Corporation (SIPC).
Simple. Open a Roth IRA somewhere else and they'll walk you through how to transfer that IRA. As far as the life insurance, just call and cancel it. You're likely out the money you put into it. Source: former First Command customer. I did the above steps and haven't looked back since. Alice_Alpha.
This is straight up highway robbery. My experience is generally people who were happy with First Command did not take the time to even do basic levels of homework regarding the stock market. May want to ask your question over on r/militaryfinance. They're not a scam in the sense that you do get what you sign up for.
Avoid First Command financial services at all costs. Decided to post this here instead of r/MiltiaryFinance to reach a larger audience. I wanted to share my experiences with using First Command for those SMs who are considering using their services. Long rant ahead…. After receiving a large reenlistment bonus I turned to the First Command in ...
After a flurry of nationwide investigations and congressional hearings, First Command Financial Planning, which sold the high-fee investments, was fined $12 million for making misleading statements. Reviews from current and former employees sound kind of mixed (HERE) They do, however, have an A+ rating from the BBB, with only one complaint ...
First command is predatory. They are purposefully steering you from TSP investments into products that are more expensive is in several ways: They charge asset under management fees AUMs - which take more than a percent off the top. Say a fund makes 20% you are only getting 19%.