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DustinVoss

AIG/Valic rep claims he is a fiduciary

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Our boss here in Chicago informed us that a rep from Valic/AIG would be visiting our school 4 times this yr to help teachers set up supplemental retirement in their 403b/457. I emailed the rep ahead of time and asked him if he was a fiduciary and, if not, if he would sign a fiduciary pledge. He claimed every advisor with AIG is a fiduciary. How do I confirm this claim is true?

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He really did not answer your question, for good reason. These days, everybody claims some sort of fiduciary status.  There is no way to confirm. 

I think asking insurance company reps questions is a waste of time because they are trained 24/7 to give you the answer you are looking for, no matter what the question. 

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I think the DOL fiduciary rule was pretty much negated (or maybe just delayed) by the current administration.  So a salesman saying he is a fiduciary really has no legal meaning that I know of.

 

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He is lying.

An advisor only has a fiduciary responsibility to a client if they explicitly sign paperwork with the client and that paperwork explicitly defines exactly what it means to be a fiduciary.

Still, even with a fiduciary, a client is still paying the salary of another person. That’s expensive, profit margins are already narrow, and anybody can handle an all-in-one fund on their own and most can handle a 3 fund portfolio. 

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