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Admin

Admin
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  1. 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.
  2. 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
  3. Savers Celebrate As Stocks Go On Sale!
  4. Steve, This is such great information. - Dan
  5. 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
  6. 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
  7. My experience with TIAA Traditional: http://403bwise.com/wisecracks/entry/309
  8. 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.
  9. 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)
  10. Admin

    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
  11. 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
  12. 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
  13. I really wish TIAA would come out with a detailed response.
  14. Hey All, Scott and I just had perhaps our most interesting podcast ever. Enjoy... Teach and Retire Rich podcast #53: Custodian Cleans Up His 403(b): From annuities to a high six figure balance.
  15. Admin

    Forum Upgrade

    Thank you for kind words. Love the chart, Steve. So hopeful for people to be able to see this. - Dan
  16. EdLaFave, The internet is full of over the top hyperbole. We really don't want that here. Folks might begin to think you have ulterior motives. - Dan
  17. Latest Wisecracks: TIAA Thoughts
  18. Tony et al, Sorry for the access issues. As I mentioned, we have seen a heavy spike in traffic (most likely because of the TIAA story). Thanks for your patience! - Dan
  19. Hey Tony, All the activity has caused some issues with the board's availability. We are actually researching some fixes/alternatives. We will keep everyone in the loop if we make any changes. - Dan
  20. Hey Ed, I think "disgusting" is a bit harsh. I too am disappointed they are not loudly championing the fiduciary rule. These companies are not perfect and there are issues and challenges behind the scenes that we may not always be privy to. I am with Steve in proudly stating that I will keep my money with TIAA, and Vanguard (and Fidelity) for the rest of my days baring some reason to change. Steve also rightly points out TIAA's multiple efforts to change truly ridiculous California legislation that directly hurts teachers. I documented my issues moving money from Vanguard and they actually tweeted an apology to me. Let's not make the perfect the enemy of the damn good. :) - Dan
  21. This conversation makes me so proud of this board. GRW, your tenacity is to be admired. I think you have nothing to lose by pursuing action. It's doubtful anything concrete will come out of it but as Tony mentioned: too many teachers are too timid about this stuff. I know you are not a teacher but instead are helping your wife. But your efforts are helping all teachers. I would pursue the two tracks you mention (press AXA, seek to add a better choice). I have posted some resources below: How a 7th grade teacher got a better 403(b) choice K-12 Story: I have an AXA 403(b). Help! (share with employer) NY Times series on 403(b) woes California dreaming of better 403(b) plans (again) touches on issues Steve raised
  22. Hey All, As Steve points out we do want to avoid political discussion that strays into opinion. If we are stating factually what one political party or the other is doing or advocating I think that is fine. We just have make sure we avoid emotion and accusation. Ed, feel free to edit your post(s) that you think may be too political. Thanks again for everyone's participation here. - Dan p.s. I am with Steve in advocating for voting. I think we can also vote with our dollars. That is who we choose to do business with.
  23. If true this is sad and frustrating.
  24. Tony, It's true. I did feel guilty. It was like breaking up with a long time partner. Yet the breakup isn't total. Basically my fixed assets are with TIAA and my equities are with Vanguard and Fidelity. For my wife, it's also equities in Vanguard and Fidelity. It seems very similar to what Steve is doing. To Vanguard's credit they did tweet the following below. As you point out, I probably slipped through the cracks because of their tremendous growth. Vanguard‏Verified account @Vanguard_Group Oct 9More 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.
  25. I Moved Money Out of Vanguard by Dan Otter
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