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How My Financial Advisor Profited More Than I Did

Original source

No horror story, they just made more money out of me than I made out of them, so in a way they taught me a useful lesson. This was back in the 90s, when we were all simpler folk.

ISSUES
High Fees

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I thought I was doing the right thing as a new officer for my financial future by promptly going down to the local First Command office and signing up for their investment and life insurance products (they sponsor events on base and their "advisors" are prior military, so they must be the good guys, right?), but it took me 12 years to realize I was being taken for a giant ride.

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I've since moved all my assets to Vanguard, but I still have $2K in TFCIX languishing back at FirstCommand because I still can't redeem those shares to this day. Bottom line is that you can do a lot better for yourself elsewhere; don't give these guys your hard-earned money.

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