As the adage goes, charity begins at home. And I hope that school district administrators and teacher unions will see this dire situation for what it is: an opportunity to take a stand for their colleagues. For too long, teachers have suffered at the hands of salespeople peddling investments with offensively high fees in their 403(b) plans. What is supposed to be a great benefit and a responsible way to prepare for retirement has turned into a deceptive dance, with teachers blissfully unaware Read on...
Break Free
One of the ways to assess how well an investment serves you, is to look at the fees. Yet many investors have no idea what they are paying. When teachers ask me to assess their current 403(b) plan investments, many are horrified to learn they are paying over 2%. How could they be unaware of the fees, you ask? It’s simple. I’ve come across many an investment statement has a line item that says FEES $0 (or a minimal administrative fee, like $30 for the year). Clearly, there Read on...
Nailing Financial Predators
“A prize fighter in a corner is told, hit where it hurts. Silver and gold.” - U2* Every time Tony and I have met with prospective clients who have come from traditional brokerage channels (literally, every single time) there is an uncomfortable point in the meeting where they are ashamed at the fact that they received no financial plan; no real coherent diversification strategy to minimize risks; no exit strategy as to when they can jump off the hamster wheel and enjoy the fruits of their Read on...
Pope Francis: The Best Case for Fiduciaries
Coming up on the (gasp) 30th anniversary of my graduation from Fairfield University, I find myself nostalgic for the courses that taught me so much beyond the classroom. The (late) Dr. Art Anderson gave his Sociology students much to chew on, including this nugget: “In the work world, all of you are ahead of the game. You have straight white teeth and a nice smile.” He wasn’t paying us a compliment though. Being a Jesuit school with an emphasis on education and social justice, the Read on...