A worse firm than Jones?
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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?
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).
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