They must be the good guys, right?
Stay away from FirstCommand! They sell themselves as "military-friendly financial advisors," but in reality they're just commissioned salespeople.
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.
One of the funds they had me in was so awful that when I went to liquidate it as part of transferring my assets to Vanguard, I found out that the fund had lost so much in value and so many people put in redemption requests that the fund had stopped distributions (TFCIX).
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.
Related Horror Stories
How My Financial Advisor Profited More Than I Did
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.
Not sure if I should trust financial advisor
I recently started seeing a financial advisor at First Command I met through a mutual family friend. The advisor is obviously very knowledgeable about retirement and investing, but I can't help but think the funds they are suggesting I invest in are more for their profit than my well-being.
They suggested a couple of accounts through Fidelity Advisor that have large percentages to invest in (some of the percentage goes to the advisor). The funds have a good history, but I can't tell if it's a smart move for me or if they are just trying to profit. Additionally, the advisor suggested a whole-life insurance plan.
They explained how they profit from it (basically, the cash value goes to them the first 2 years), but it still seems like a good plan to me.
Pushed to the Edge: How Three Financial Advisors Tried to Sell Me High-Risk Investments I Didn't Need
Had three different independent FAs try to sell me into high risk VCTs (despite being wholly inappropriate for my goals / financial position) - all I wanted was some one-off financial modelling that I couldn't figure out in a spreadsheet. I literally gave up trying to find an FA at that point.
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