Wednesday, October 27, 2004
Contractual Plans
Why are First Command's contractual investment plans a bad deal for investors?
Money Management Executive magazine lays the numbers out:
Fortunately, the bill banning such contracts, and providing more protection to military customers (actually expanding the supervisory authority of insurance commissioners so that military customers get the same protections and safeguards against unethical and abusive practices as everyone else) passed the house by unanimous voice vote, passed the Senate 96-3,and was signed into law by the President on October 23rd.
The senators opposed were McCain and Kyl (Republicans from Arizona) and Feingold (D-WI).
Meanwhile, a recent Army Times editorial on the subject, in which these contracts were presented in a negative light, was very careful not to mention First Command by name (First Command happens to be a major advertiser in the Military Times publications.)
So much for a commitment to transparency, or to the reader.
Thank you, Army Times, for selling out the soldier to protect your advertiser.
Splash, out
Jason
UPDATE: An earlier version of this post erroneously listed Feingold's state as California. I regret the error.
Money Management Executive magazine lays the numbers out:
Based on a 10-year contractual plan with payments of $100 a month, an investor would incur a total sales load of $1,080 on total investments of $12,000 over the life of the plan. Compounding this unappealing setup is the fact that sales loads can be collected on an accelerated basis. In that scenario, the distributor can deduct half of every $100 payment until the entire sales load has been paid.
For example, after 22 months and $2,200 in contributions, only $1,120 will have been invested while the broker will have pocketed $1,080. In the event that the participant cancels the plan, the broker gets to keep the entire sales load, with the investor getting shafted with a 50% loss. In traditional mutual funds, sales loads cannot exceed 8.5% with most funds capping them at 5.75%. These loads are deducted from contributions as they are made and cannot be accelerated. Thus, if an investor cancels an investment, the commission paid does not exceed 5.75%.
Fortunately, the bill banning such contracts, and providing more protection to military customers (actually expanding the supervisory authority of insurance commissioners so that military customers get the same protections and safeguards against unethical and abusive practices as everyone else) passed the house by unanimous voice vote, passed the Senate 96-3,and was signed into law by the President on October 23rd.
The senators opposed were McCain and Kyl (Republicans from Arizona) and Feingold (D-WI).
Meanwhile, a recent Army Times editorial on the subject, in which these contracts were presented in a negative light, was very careful not to mention First Command by name (First Command happens to be a major advertiser in the Military Times publications.)
So much for a commitment to transparency, or to the reader.
Thank you, Army Times, for selling out the soldier to protect your advertiser.
Splash, out
Jason
UPDATE: An earlier version of this post erroneously listed Feingold's state as California. I regret the error.
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