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American Fidelity Assurance Company

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Just posted a new Wise Cracks story about American Fidelity Assurance Company. Highlights:

 

 


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  • Company offers quality 401(k) plan for employees
  • Company's AFAdvantage Variable Annuity product charges 2.42% + $15 + has 8-year surrender charge
  • Company is fighting AB 1949, which seeks to allow competitive bidding in California 403(b) plans

 

 

Dan Otter

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Great analysis, Dan! It saddens me that I, too, am not surprised.

 

I just want to add that a lot of people confuse American Fidelity (insurance, high fees) with Fidelity Investments (low fees).

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Hey kat92128,

 

You are right about that confusion. Thanks to BrightScope and www.403bcompare we have powerful weapons to bring transparency to these issues. DOL fee disclosure rules for the 401(k) will also bring attention this issue.

 

Dan Otter

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Fidelity does not always equal low fees-especially in 401k land. They are as bad as anyone. I am working with a small business right now that pays roughly 3% in fees all in with Fidelity. We are replacing that plan with one that is 1.3% which includes the cost of all admin (compliance, filing, etc) the company had been doing themselves!

 

That is why they, along with every other provider, have been fighting the regs change coming later this year.

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Fidelity does not always equal low fees-especially in 401k land. They are as bad as anyone. I am working with a small business right now that pays roughly 3% in fees all in with Fidelity. We are replacing that plan with one that is 1.3% which includes the cost of all admin (compliance, filing, etc) the company had been doing themselves!

 

That is why they, along with every other provider, have been fighting the regs change coming later this year.

 

 

As a clarification I am writing about American Fidelity Assurance Company (an Oklahoma City-based insurance firm) and not Fidelity Investments of Boston.

 

Dan Otter

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