I'm in the final phases of the "process" The only difference between a co like UBS and First Command, well there are several, but First Command gives you a book of business to help you get off your feet.
Since you are in charge of your office expenses this makes sense. Is there anyone out there that has any other info on this co or is currently going throught the process or have an office up and running or can help me with my run on sentences? Any input would be great.
First Command really focuses on the military. You are going to probably find tons of negative information on them. I’m not so sure how much of it is justified. They were very big into selling contractual plans. Do your homework.
It's pretty much a systematic investment plan where there are huge up front fees/commissions. The purpose of that supposedly is so that the client won't pull their money out. As the client keeps investing, the fees drop. After say 10-15 years, it's not much more expensive than a standard mutual fund. But if you need your money after 1 year, most of it's gone due to the fees. First Command got into a lot of trouble for selling them and so did Fidelity; they had a fund that First Command used.
FWIW, I'm not sure how you can put First Command and UBS in the same light. They are very, very different firms. UBS is a wirehouse, First Command preys upon the military, often using ex officers to get people to sign up. On top of the contractual plans, they push a lot of insurance.
[quote=adviseme]Thanks...sorry new to biz what is a contractual plan?[/quote]
They target military employees/retirees. I am in a military town and am familiar with them. You DON’T want to work for them. TRUST ME. They are a notch below Primerica. They are not even in the same league as UBS.
Ha. First Command and UBS don't even belong in the same sentence together, unless the sentence is, here are two companies that don't in any way resemble each other.
GOOG(le) First Command and NASD or First Command and SEC.
Both organizations had to sanction First Command for "conduct unbecoming former NCO's and officers" who were anything but "gentle" with their clients.
You can do much better than First Command, I assure you.
First Command no longer sells contractual plans, as Fidelity after the last round of NASD problems stopped offering the Destiny II Fund. They are still a chop shop that preys on the military – I’m working with some folks right now that were raped by this firm (literally have been saving for almost 20 years with this company in mutual funds and universal life – they are in a losing position on their funds. Lots of terribly expensive universal life insurance and terrible mutual funds. I don’t think their advisors receive much training and support. The only firm I can imagine that would be worse would be some penny stock boiler room.
I am a retired Military Officer and former enisted man–I can tell you that First Command is the worst place to ever work—I had to rescue many of my sailors from these people…they are dogs!
Agreed- they are a miserable firm. It is an exercise in sadness to explain how former military persons took advantage of them…