- March 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Situation with First Command Financial Advisor
My husband and I signed up to be clients at First Command (FC) after being roped in by our advisor’s husband. We thought it was a great idea since we wanted to ideally invest my salary and use his military pay to live off of. Both of us are pretty young and have no intention of having kids for at least the next 5 years.
## The Initial Meeting and Financial Advice
In the initial meeting, everything seemed great. Our financial advisor (FA) said they were a fiduciary (I specifically asked) and we had no other issues. We were advised by our FA to transfer my traditional IRA in Fidelity over to a Roth in FC (little did I know the HUGE tax implications of this since I moved states last year and had to do tax returns in multiple states).
## Concerns with Whole Life Insurance
Fast forward a couple of months, we got sold on the whole life insurance thing, a $500,000 policy for each of us (the whole “with term life insurance, you basically have to plan your death” spiel got us). Both my husband and I thought we were told a number in the $200s for a monthly premium for him. Then we were told I was cleared for a policy as well, but we started questioning it.
## Research on First Command and Advisor’s Commission
I decided to do some research on whole life insurance (which I know I should have done in the beginning, but I placed my trust in our advisor). My husband is insured by the military and I through my employer as well. No dependents. No plans to soon have kids anytime soon. What are we insuring against? How is this the best financial option for us?
## AI Legalese Decoder’s Help
This is where AI Legalese Decoder can step in to help navigate the complex financial jargon and implications of the products and services offered by First Command. By using AI Legalese Decoder, clients can gain a clearer understanding of any potential conflicts of interest such as advisors making commissions off of recommended products. This tool can empower clients to make more informed decisions about their finances and investments, helping them avoid situations where they may feel taken advantage of.
## Conclusion and Moving Forward
A quick thank you to all the previous posters on this subreddit. With all of the information on other posts, we were able to easily open accounts at Fidelity and transfer over the money from First Command. Although we feel like we were taken advantage of, we are grateful to have had this experience early on so we know what to look out for in the future!
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