We speak with Daniel Alexander, CEO and Managing Director of Principal Review, a firm taking on the conflict of interest service and sales structures that exist within group sponsored retirement plans (ERISA and Non-ERISA including the 403(b) plan). Principal Review’s services include a Conflict of Interest Audit that identifies conflicted structures that serve to undermine the health of the plan and its participating employees. The firm then provides solutions to remedy the conflict.
https://www.principalreview.com/
retireaware.com (company blog)
Adam, a 27-year-old counselor from New Haven, Connecticut, was sold an AXA 403(b) five years ago. After reading The New York Times series on the 403(b), including Think Your 403(b) Plan is Bad? Talk to a Teacher, he started doing homework about his plan. He soon realized he was trapped in a high-fee plan. He reached out to us to see what can be done.
Connecticut Bill Would Force Fee Disclosures for Teacher Retirement Plans
Delia Fernandez, MBA and CFP®, is founder and president of Fernandez Financial Advisory, LLC, an independent, fee-only financial planning and registered investment advisory firm in Los Alamitos, California, which she opened in 1994. She helps individuals and small business owners plan and invest for their future. She describes herself as the "Kind of advisor she would like to use."
Delia is a frequent speaker to employee groups and is often quoted in publications such as the Los Angeles Times and The New York Times. She also is an instructor in the financial planning program at the University of California, Irvine’s Department of Continuing Education.
Our guest is Ryan Frailich, a fee-only planner from New Orleans and a former teacher, who was recently profiled in a March 16, 2018 New York Times story called Teachers and Annuities: A Questionable Match and Hard Products to Shed.
Ryan who operates Deliberate Finances, recently passed the CFP® exam and is now working on completing his 6,000 planning hours. He’s also a future member of the 403(b)wise Fiduciary Advisor Directory.
We discuss the launch of The 403(b)wise Fiduciary Advisor Directory.
The 403(b)wise Advisor Fiduciary Directory
Pod with advisor Dave Grant (#12)
Pod with advisor Inga Chira (#31)
Pod with advisor Tony Isola (#36)
Wait, the market goes down? Dan and Scott talk fluctuation, flu and media market fever.
Scott and Dan discuss increased 403(b) and 457(b) contributions, the raging bull market, and the Buffalo Bills finally making it back to the playoffs.
On October 21, 2017 a pretty damaging New York Times article came out about a company — TIAA or TIAA CREF — that we have long admired. We discuss.
Jeff bought three annuities in the late 90s because he wanted to diversify. Then he got wise. Jeff, a public school custodian, shares his remarkable story of extreme saving.
Wouldn’t it be great to know how much the investments in your 403(b) cost? Wouldn’t it be great to know if there were surrender charges and how long they last? Such a resource exists and it’s called 403bcompare.com We talk 403bcompare with Mike Wilson one of the architects of the site’s redesign.
In a bit of a surprise, Vanguard announced they will no longer be the record keeper of their small market 403(b) plans (less than $20 million). The firm also rolled out plan fee changes.
How The New Vanguard 403(b)7 Helps and Hurts
We interview Doug Lynam, director of Educator Retirement Services for Long View Asset Management. Doug was featured in a June 9, 2017 NY Times piece by one of our favorite writers Ron Lieber. Story was titled The Monk Who Left the Monastery to Fix Broken Retirement Plans.
The Monk Who Left the Monastery to Fix Broken Retirement Plans
An AXA 403(b) was not music to the ears of Elementary music teacher and his teacher wife. They have successfully moved to a lower cost option.
Scott helps Dan and his wife consolidate their many retirement savings plans from past and present employers.
Dan interviews a New Jersey teacher and his wife who are getting their financial lives in order. They discuss tackling debt, sharing money management duties, working multiple jobs, and, of course, being stuck with a bad 403(b).
David Martin, Vice President, Client Analytics and Research, Fidelity Investments, discusses the 2017 Higher Education Faculty Study.
Key takeaways:
Retirement Readiness Survey for Higher Education Professionals
Micah Hauptman is the financial services counsel at the Consumer Federation of America. Micah and his organization are fighting to save the Department of Labor’s Conflict of Interest Rule (a.k.a. the fiduciary standard) which is under assault by the Trump administration.
Conflict of Interest Rule Fact Sheet
Email comments to: EBSA.FiduciaryRuleExamination@dol.gov. Include RIN 1210-AB79 in the subject line of the message.
To President-Elect Trump: What If Everything You’ve Been Told About the DOL Fiduciary Rule Is Wrong?
The Committee For The Fiduciary Standard
We discuss the latest NY Times 403(b) article When Teachers Face the Task of Fixing Their Retirement Accounts. We also speak with Connecticut state representative Matthew Lesser (D) who is trying to improve 403(b) plans in the state.
Christina and Matt, two New York educators who live in Connecticut, discuss past investing mistakes, steps they are taking to save better, and they have questions about saving for college.
Beer
Misty Mountain IPA by Back East Brewery of Bloomfield, CT
Hurricane Kitty by Keegan Ales of Kingston, NY
Saturday Morning Cartoons Breakfast Cereal Milk Stout by Brew Rebellion of San Bernardino, CA
Double White by Marble Brewery of Albuquerque, NM
In episode 18, Ed Mills, a.k.a. "The Millionaire Educator" described how he and his teacher wife socked away more than $100,000 in 2015. In this episode, Ed describes how he and his family did what many dream of doing.
Accessing money prior to age 59 1/2
Dan interviews 23-year-old soon to be teacher Melissa of Albuquerque, NM. She is about to be married and she is about to enter the classroom full time. What should she know about saving for retirement?
Think Your Retirement Plan Is Bad? Talk to a Teacher
Even Math Teachers Are at a Loss to Understand Annuities
Nonprofit Employees, Already Underpaid, Face Special Challenges in Retirement
How to Fix a Retirement Plan at a School or Nonprofit
Mellody Hobson, president of Ariel Investments, and one of the most impressive women in finance, talks Cubs baseball, investments, the power of internships, and other really cool topics.
Ariel Investments
TED Talk: Color blind or color brave?
Vanity Fair interview with Mellody
Ariel Community Academy
Scott interviews retired teacher and reform advocate Steve Schullo about Los Angeles Unified School District's award winning 457(b) plan. They discuss what the 457(b) is, how it is different than a 403(b), how it is similar to the 403(b), and how Steve's work led to a strong plan for LAUSD employees.
Planner Tony Isola, CFP of Ritholtz Wealth Management, joins Scott and Dan to discuss the first two New York Times stories in a series on public 403(b) plans. They also take on the teacher bashing expressed in some of the comments to these stories.
Think Your Retirement Plan Is Bad? Talk to a Teacher
Claymation: What do a fox, a wolf, and sheep have to do with the 403(b)?
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” — Upton Sinclair
Our guest, Jennifer Polk, PhD, helps graduate students and PhDs achieve "career and life goals" often beyond academia.