A worse firm than Jones?

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Jun 9, 2006 2:06 pm

It's true, there may be one it's called First Command; formerly known as USPA&IRA; anybody ever heard of or had experience with?


Care to share their story?

Jun 9, 2006 2:13 pm

RU sure you dialed the right number?

Jun 9, 2006 3:44 pm

There's a First Command in my town.  They prey on naive military folks and sign them up with those contractual plan mutual funds (i.e. Fidelity Destiny, AIM Summit, etc).

Jun 9, 2006 3:46 pm

They probably have better equity research than Jones

Jun 9, 2006 4:04 pm

Yeah, I think they have something like 10% loads on their funds(contractual plan)...there were a few pretty rought articles on First Command in the WSJ 2-3 years back.  I think their justification was that they help folks who wouldn't save in the first place to invest on a regular basis.  You may be able to find these articles on the Internet.  When I read them the first time, it was pretty repulsive.  There are a few guys in my city with this firm.  This is a big military town.

Jun 9, 2006 11:49 pm
jonesescapee:

They probably have better equity research than Jones


They don't do individual stocks dumbass, they are Series 6 licensed....

Jun 10, 2006 5:42 am

First Command was sanctioned by the NASD/SEC several years ago for numerous violations to include predatory sales practices (scaring those military persons who were getting sent to Afghanistan and Iraq) into buying insurance/annuities products.


Check out these websites for more information:


http://www.sec.gov


http://www.nasd.com


The NYTimes wrote several scathing articles about First Command as well. The author was Diane Henriques.

Jun 10, 2006 6:44 am
noggin:

They don't do individual stocks dumbass, they are Series 6 licensed....



nothing seems to get by those boys (and gals in green)   

Jun 12, 2006 9:23 am
jonesescapee:

They probably have better equity research than Jones


Maybe Jones should follow suit

Jun 12, 2006 9:25 am
noggin:
jonesescapee:

They probably have better equity research than Jones


They don't do individual stocks dumbass, they are Series 6 licensed....



Maybe Jones should follow suit, but then again I need Skrainka to tell me when to get out of the market

Jun 12, 2006 10:01 am

What caught my eye was one of the trade mags had their b/d survey and they were listed.  These guys are 1099 independent contractors that pay their rent, utilties, admin salary, mkt expenses etc..., then you see their payout is like a bank - .25 - .35 bps.  How the hell do they make money, even on contractual fund deals; which I don't believe they can do now.

Jun 22, 2006 3:15 pm

First Command made the front page of this week's Investment News:



http://www.investmentnews.com