ATTENTION MILITARY: Stay away from First Command!! Use Army Community Services (ACS) or your branch's version of financial planners, they're free. Then go see a reputable life insurance company to complete your financial plan.
My wife and I were clients for several years, but finally came to our senses after learning more about First Command. They were censured by the Securities and Exchange Commission (SEC) and ordered to pay a fine of $12 million for misleading (lying to) military members concerning their investment plans (link below). But even after getting caught, they never admitted to any wrong-doing, and still maintain their innocence. If you're wrong, Man/Woman up, and say you're wrong. Their misconduct was featured in the New York Times, Kiplinger, and Stars and Stripes, to name a few. Congress even amended a few laws to prohibit the predatory behavior of companies like these guys on military installations. Numerous examples of this company's stellar record are a Google search away.
https://www.sec.gov/news/press/2004-170.htm
Beware of their genius marketing strategy:
1. Buy influence in our military by hiring retired generals and senior NCOs from all services to serve on both their Board of Directors and Military Advisory Board (links below) Smart move, since around one-third of all general officers and military officers are or were their clients.
https://www.bloomberg.com/research/stocks/private/board.asp?privcapId=13413195
https://www.firstcommand.com/military-advisory-board.htm
2. Recruit retired and former military officers as their sales force, in order to exploit their rank and existing relationships within our military
3. Continue to sell terrible whole-life insurance policies and under-performing mutual funds under the guise of being a financial advisor.
The investments they recommend/sell consistently under-perform the market average, and again, the life insurance they peddle is garbage. It's over-priced from companies with mediocre to poor credit ratings or with troubled pasts. Midland National Life Insurance Company, for example, was sued multiple times, in multiple states for unethical and criminal behavior. Genworth is in serious financial trouble and needs a bail-out of over $1 Billion.
None of the insurance companies they use (links below) are in the top 50 (COMDEX Score) when it comes to credit ratings. The better the credit rating, the better chance that company will be there for your family. Of all the reputable insurance companies out there, is this what our military and their families deserve?
https://www.firstcommand.com/insurance/insurance-productproviders.htm
http://toplifeinsurancereviews.com/life-insurance-ratings-2018/
I seriously wonder how this company is still in business and question the judgement of our senior leaders (retired and active) who allow their good names and reputations to be exploited by First Command.
For the advisors working here: News Flash!!! You all are doing a huge disservice to your brothers / sisters-in-arms and our Military families. Many of who trust you by virtue of your former rank and military service. If you've worked there for more than a few months and don't realize this, you have no business handling other people's money or using the title, Fiduciary. If you truly desire to act in your client's best wishes, call every one of your clients, apologize to them personally. After calling all of your clients, quit and find a better company or maybe another career.
Bottom Line: Our military, veterans, and their families deserve the best, and this company is not it. Not by a long-shot. read more