A worse firm than Jones?
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?
RU sure you dialed the right number?
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).
They probably have better equity research than Jones
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.
[quote=jonesescapee]They probably have better equity research than Jones[/quote]
They don't do individual stocks dumbass, they are Series 6 licensed....
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.
[quote=noggin]
They don't do individual stocks dumbass, they are Series 6 licensed....
[/quote]
nothing seems to get by those boys (and gals in green)
[quote=jonesescapee]They probably have better equity research than Jones[/quote]
Maybe Jones should follow suit
[quote=noggin]
[quote=jonesescapee]They probably have better equity research than Jones[/quote]
They don't do individual stocks dumbass, they are Series 6 licensed....
[/quote]
Maybe Jones should follow suit, but then again I need Skrainka to tell me when to get out of the market
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.
First Command made the front page of this week's Investment News:
http://www.investmentnews.com
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