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Admin

Admin
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  1. I thank Steve Schullo for sharing this article. Brief in University of Pennsylvania 403(b) Lawsuit Points Out Differences From 401(k)s An amici curiae brief filed by the American Council on Education and other higher education associations details the history of higher education 403(b) plans. My Take: It’s an interesting argument being made by the American Council on Education: original design of University retirement plans permitted/acknowledged movement of faculty + 403(b) plan just different than 401(k). On one hand, I fear defendants in any K-12/non-ERISA lawsuits could use a similar argument: plan is different; high fees are part of the culture, but other argument would not fly: plan designed for employee movement. I suspect most K-12 teachers stay in place or move among one state. - Dan
  2. https://403bwise.com/k12/story/382
  3. Agreed. Let's hope he's successful!
  4. Some Colleges Bail from TIAA, Objecting to Increase in Fund Fees Groups in Wisconsin, Virginia combine members’ retirement assets to gain scale after TIAA raised fees on small clients. BTW: Will need subscription to read entire article.
  5. Great resource for teaching Personal Finance

    Super helpful. Thanks for sharing.
  6. LAUSD financial literacy workshop report

    Thanks, Steve. You, Sandy and the other organizers should be very proud. What a great event!!
  7. The NY Times and Tara Siegel Bernard and Ron Lieber, in particular, are killing it with this 403(b) series.
  8. Good idea. Do you have any contacts?
  9. Finally (!) a directory of fiduciary advisors for the 403(b) and 457(b) audience. 403(b)wise launches the 403(b)wise Fiduciary Advisory Directory Public 403(b) plans are notorious for expensive 403(b) products pushed by non-fiduciary sales agents. “Teachers, professors, nurses, and those who work at educational institutions, and non-profits don’t know who to trust when it comes to financial advice,” said Dan Otter, a teacher, and founder of 403(b)wise.com, a website that provides news and information, and advocates for better 403(b) plans. “It’s long been my goal to provide a resource of fiduciary advisors who understand the 403(b) and 457(b) plans.” The directory launched March 1, 2018 with eight CFPs®. In addition to being a CFP®, each has agreed to sign The 403(b)wise Fiduciary Pledge. Individuals who have been authorized to use the CFP® certification have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. The minimum designation for inclusion in the directory is a CFP®. Currently 403(b)wise is not accepting applications from Registered Representatives or those licensed to sell insurance. The directory will will only feature fee-only, fiduciary financial advisors. For more information on applying to The 403(b)wise Fiduciary Advisory Directory.
  10. We've cloned Scottyd

    Cloning takes years off your life (in a good way!).
  11. We've cloned Scottyd

    New Wise : Speaking Directly (About Advice and Cloning)
  12. Retire Early

    First of all, congratulations on how well you have planned for early retirement. Well done. Health care is always the biggest concern in this country when contemplating an early exit (sigh). I wouldn't be able to comment on the language of your employer's health care policy, but have you looked at the "Obamacare" exchanges in your area? This could provide a bridge to eligibility. Dan Otter
  13. Good summary of various financial professionals from Daily Worth: Excerpt: CFP. A Certified Financial Planner has earned professional certification from the U.S.-based Certified Financial Planner Board of Standards or one of its international counterparts. To use the designation, a financial planner must meet education, examination, experience and ethics requirements, as well as pay an ongoing certification fee. You might consider hiring a professional with the CFP designation if you are looking for someone to manage your investments or assist you with financial planning. (In order to sell securities, the professional must have a FINRA license.) CRPC. A Chartered Retirement Planning Counselor has completed a study course and examination from the College for Financial Planning and has in-depth knowledge of retirement planning. These professionals are trained in various sources of retirement income, retirement cash flow, asset management, estate planning and other related topics. RIA. A Registered Investment Advisor is an investment advisor who is registered with the Securities and Exchange Commission or a state’s securities agency. RIAs are held to a fiduciary standard, meaning “they must put the needs of their clients above their own,” Gabrielsen says. “They must put their clients in what they believe to be the best and lowest cost investments, regardless of how it impacts the advisor.” Other advisors, such as those on the broker-dealer or insurance sides of the business, are held to a suitability standard, which means they are allowed to sell a client a product that benefits the advisor as long as it is also suitable for the client’s needs. Professionals with the CFP, CRPC or other designations will be held to a fiduciary standard if they work at a RIA firm. click here to read entire story. --- Dan Otter
  14. How To Find The Right Financial Pro

    Finally (!) a directory of fiduciary advisors for the 403(b) and 457(b) audience. 403(b)wise launches the 403(b)wise Fiduciary Advisory Directory Public 403(b) plans are notorious for expensive 403(b) products pushed by non-fiduciary sales agents. “Teachers, professors, nurses, and those who work at educational institutions, and non-profits don’t know who to trust when it comes to financial advice,” said Dan Otter, a teacher, and founder of 403(b)wise.com, a website that provides news, information, and advocates for better 403(b) plans. “It’s long been my goal to provide a resource of fiduciary advisors who understand the 403(b) and 457(b) plans.” The directory launched March 1, 2018 with eight CFPs®. In addition to being a CFP®, each has agreed to sign the 403(b)wise Fiduciary Pledge. Individuals who have been authorized to use the CFP® certification have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. The minimum designation for inclusion in the directory is a CFP®. Currently 403(b)wise is not accepting applications from Registered Representatives or those licensed to sell insurance. The directory will will only feature fee-only, fiduciary financial advisors. For more information on applying to the 403(b)wise Fiduciary Advisory Directory
  15. This Index Card Says It ALL

    Savers Celebrate As Stocks Go On Sale!
  16. 2017 Return, costs and asset allocation

    Steve, This is such great information. - Dan
  17. Hey all, It's finally happening: We are launching an Advisory Directory made up of CFPs knowledgeable in the 403(b) and 457(b). If you know any advisors who might be interested please share: http://403bwise.com/advice/advisor_request It will take time to build a national network but we are confident we can help provide a valuable resources for those looking for quality advice. - Dan
  18. Vanguard 403b Services A Mess

    Hey Tony, I am thanking you for both sharing this and helping this person. I am also pointing out that I have had trouble with them as well. It may take the Newport folks some time to get up to speed. But again, this is good info for the 403(b) community. - Dan
  19. TIAA Traditional

    My experience with TIAA Traditional: http://403bwise.com/wisecracks/entry/309
  20. Vanguard 403b Services A Mess

    Tony, thanks for helping this person, and thank you for sharing your experience here. I love Vanguard. I got to meet John Bogle; he's written me several kind notes; and at one time it looked like Vanguard was going to sponsor 403bwise. Vanguard has saved me tens and maybe ultimately hundreds of thousands of dollars. But I too had some issues with them as I documented in this Wise story. To their credit the acknowledged this via Twitter (posted below). Let's hope my issue and the one Tony documented is isolated. Vanguard‏Verified account @Vanguard_Group 9 Oct 2017 Replying to @teachretirerich @meridianwealth and 8 others We're sorry for any inconvenience, Dan. We appreciate you taking the time to give this feedback & have shared it with the appropriate team.
  21. What are my options before I leave job?

    You mention in the title about leaving your job. Is that something you plan to do soon (within next few years)? If so, you may want to wait until you move on. At that point you can roll the AXA funds into a Rollover IRA with Vanguard, or Fidelity, etc. - Dan Job Change and the 403(b)
  22. Aspire?

    Hi Radase, We did a podcast on Aspire: http://teachandretirerich.libsyn.com/episode-11-mark-luckinbill-of-aspire-financial-services-0 NEA has notoriously taken advantage of teachers over the years http://403bwise.com/wisecracks/entry/30. In fact they were sued for this: http://www.nytimes.com/2007/07/17/business/17suit.html They do now have a lower cost option but until they cease their high fee arrangement via Security Benefit I would avoid them if possible. I think you are better off looking at Fidelity or Vanguard via Aspire. TIAA has been in the news for some very poor business practices. I have written about this http://403bwise.com/wisecracks/entry/315 and we just released a podcast about it http://teachandretirerich.libsyn.com/episode-54-tiaa-troubles. I happily use their fixed annuity account as you will read. Good to see you have some improved choices. - Dan
  23. TIAA, FIdelity and NEA (Security Benefit)

    I know all about TIAA's issues. As I said, because of SB's past and current behavior (other products) I am dubious. Have they ceased offering their other products/practices? Why reward that behavior when you have Fidelity for low cost mutual funds and TIAA for it's fixed annuity? I didn't say you have to use TIAA. But I happily do for the fixed portion of my portfolio: http://403bwise.com/wisecracks/entry/309
  24. TIAA, FIdelity and NEA (Security Benefit)

    You have two very strong choices (Fidelity and TIAA). As far as Security Benefit/NEA goes, I would be dubious: http://403bwise.com/wisecracks/entry/30 and http://www.nytimes.com/2007/07/17/business/17suit.html
  25. Tiaa Ny Times Article

    I really wish TIAA would come out with a detailed response.
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