New Command

Discussion in 'Off Topic' started by blackhawkmom, May 5, 2015.

  1. blackhawkmom

    blackhawkmom Member

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    Views and opinions on them and the investments? Company meets with service members and offers investment advice.
     
  2. scoutpilot

    scoutpilot Member

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    Do you mean First Command? Run far. Run fast.
     
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  3. kp2001

    kp2001 USMMA Alumnus

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    I have no personal background with First Command, but I remember having to sit through their talks and wonder how it was legal. Then there was this

    https://www.sec.gov/news/testimony/ts111705lr.htm
     
  4. Falcon A

    Falcon A Member

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    Like many things, it depends. I have been with them since 1984 and have received very good financial investment support and advice. I believe it depends on the character of the agent -- just like at most financial investment firms.
     
  5. scoutpilot

    scoutpilot Member

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    First Command sales reps were banned from USMA by the order of the SUPT when I was a cadet. That should tell you something.
     
  6. blackhawkmom

    blackhawkmom Member

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    Thank you and yes First Command ----spoke to Ensign ---1st red flag package --2nd red flag needed another checking account to send money thru--3rd red flag universal life policy-----thank you !
     
  7. scoutpilot

    scoutpilot Member

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    They're huge universal life hucksters.
     
  8. MemberLG

    MemberLG Member

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    Well, my experience with First Command made me more financially smart at some cost. What did I know as a brand new 2LT. They always ask if someone else will be interested in their service. My roommate gave them my contact information. The rep was a grad, told me that my BN Commander was a client. A nice demonstration of dollar cost averaging and life insurance. I am pretty sure I could have picked any mutual fund and made same return on the investment. It charged 50% of my first year payments as upfront fee and I am pretty sure the hidden mutual fund management fee was pretty high also. Sold me a whole life insurance and didn't clearly explain to me that half of the cost was for a rider that I can increase my insurance without medical exam.

    So lesson l learned was not to trust financial advisors, self educate myself about financial planning, and save.
     
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  9. blackhawkmom

    blackhawkmom Member

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    Thanks!
     
  10. blackhawkmom

    blackhawkmom Member

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    very true---just didn't like the hard sale tactic -- not many young service members know what questions to ask
     
  11. blackhawkmom

    blackhawkmom Member

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    True universal is ok unless you were in in '08 --or'11---and watch it closely --what deployed or young service member knows to do that
     
  12. blackhawkmom

    blackhawkmom Member

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    Thanks old friend!
     
  13. Falcon A

    Falcon A Member

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    No different than buying a car! Got to go in knowing what you want and what you don't want.
     
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  14. parentalunit2

    parentalunit2 Parent

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    First Command is horrible and very much maligned in the press. Extremely high load fees and terrible expense ratios on their investment products. The way they prey on military members who don’t know any better makes me sick. “Hi, I’m here from the government, just like you! And I’m here to help you!”

    But anyone over 18 can enter into a bad financial deal anytime they want. I certainly can’t stop them from hawking their products. Get yourself a subscription to Money magazine and do your own investing. That’s my no load, low expense ratio advice.
     
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  15. USMCGrunt

    USMCGrunt Member

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    I am going to have to agree with all the posters especially MemberLG. I did get a sound education at a cost. Dollar cost averaging, "pay yourself first," insurance types, "guaranteed insurability, etc. Recommended to speak to them by a Capt (I was 2LT) and thought it must be a good deal. Learned you can always do better. But the lessons were good. Looking back, my recommendation would be to steer clear but I would also recommend you seriously educate yourself on savings, investments and insurance in some way.
     
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  16. EDelahanty

    EDelahanty Member

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    Never do business with an outfit that charges a 50% commission up front, no matter how patriotic they say they are.
     
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