Why is Wall Street Taking Advantage of Our Medical Heroes/Angels???
June 16th, 2020
In light of all the insanity that COVID has inflicted on our medical community you would think that Wall Street would lend a helping hand…
As the Federal Reserve bails out the financial industry, the BIG BANKSTERS continue LEGALLY STEAL from hardworking medical professionals.
What do I mean by LEGALLY STEAL. Simple.
They force bad investment options onto the people that are have to save for their retirement via their 403b plans.
BAD INVESTMENT OPTIONS are HIGH COST INVESTMENTS. These high HIDDEN FEES offer NO VALUE to investors.
This is the equivalent of buying Cheerios for $10/box when you could buy the same box of Cheerios for $2 from a low cost reseller!!!
So who benefits??? The BIG BANKSTERS
Wall Street intentionally tries to makes personal finance complex & confusing. They bury the details of hidden fees & expenses in pages of fine print.
The #1 thing you need to analyze prior to allocating your hard earned money into your investment options is the EXPENSE RATIO. You will not find this number on your account statement!!! This is done by design (imo). They bury the details to frustrate and intentionally confuse you into submission
To accept what the financial salesman that forced upon you. The commission based structure that Wall Street has created pits them AGAINST YOU. These inherent conflict of interest puts the financial salesman’s best interest 1st. YOU LOSE!!!
It does not have to be this way!!!
CHANGE STARTS RIGHT NOW
DEMAND LOW COST INVESTMENT ALTERNATIVES
How to determine the expense ratio of your investments? GOOGLE
1. GOOGLE the investment option your plan offers (American Beacon Small Cap Value Fund R6 Class)
2. Determine the investment’s ticker symbol (AASRX)
3. GOOGLE the ticker symbol (AASRX)
4. GOOGLE Finance (a GREAT FREE RESOURCE) will provide an investment ‘SUMMARY’ that exposes the EXPENSE RATIO
The next part takes some experience. Find a like-kind investment alternative compare expense ratios:
in this example:
Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX)
AASRX = 0.80% EXPENSE RATIO
VSAIX = 0.07% EXPENSE RATIO
.73% LEGAL THEFT PER YEAR!!!
Lower costs = more returns
Every penny you save on expenses is a penny that stays in your pocket—where it belongs.
Expense ratios affect your bottom line
OVER TIME THESE HIDDEN FEES CAN AMOUNT TO 100s of THOUSANDS of $$$
Don’t take my word for it research it for yourself here from VANGUARD
This continues to happen because Wall Street refuses to adopt the FIDUCIARY STANDARD. As medical professionals you adhere to the Hippocratic Oath of DO NO HARM.
Wall Street continues to fight against the FIDUCIARY STANDARD = THE BEST INTEREST OF CLIENTS (less $$$ for the BIG BANKSTERS)
They hide behind Regulation BI to once again (imo) confuse the investing public. Financial Salespeople merely have to meet the low bar of an investment being SUITABLE for a clients investments needs. This enables salesman to force poor investment options onto our medical heroes!!!
The Financial Salesman that created this plan DO NOT WORK IN YOUR BEST INTEREST = FIDUCIARY!!! They are agents of a BIG BANK, therefore they work for them & themselves NOT YOU
During my 20+ years on Wall Street as a professional Short Seller I analyzed countless individual companies to search for pricing imperfections in the market. During this time I earned several securities licenses including Series 7, 24, 27, 55 & 63. I draw attention to this because (imo) security licenses ARE A JOKE in terms of difficulty to obtain in terms of education required & degree of difficulty to pass exams. Holders of these licenses are nothing more than financial salesman not dedicated to ongoing continuing education (imo) that CFP, CFA & CPA holders must adhere to!
Tomorrow I will reveal the details of the RWJBarnabas Retirement Plan in terms of detailing the hidden fees & low cost alternatives to the choices that have been forced upon you.
If you would like me to analyze your employee retirement plan for FREE please contact me