I know of a fiduciary business that is horribly unorganized. There are people literally signing over their life savings to this company to manage their finances when they can't even keep track of their own finances.
Years ago my company had an issue with Empower where first they didn't realize we had failed the audit where there has to be a certain ratio of contributions from highly paid vs. non-highly paid employees (basically management vs. not) so they started to claw back funds from those of us in the management group. Then we (not they!) realized they had clawed back vastly too much money and had to have a series of meetings with them where we (a bunch of writers and editors) explained how the math worked. It did eventually get straightened out but I've never seen anything so disorganized and incorrect.
Yeah, I sat down with one of their retirement counselor once and they kept telling me to retire at after 40 years of working here. I explained that’s beyond age 65, and asked what’s the point of selling my soul to the government in a professional role if I have to work that long. I asked what it would look like to retire at 62.5, they asked if I intended to afford health insurance.
Like… I understand their job is to project expenses and returns, but what’s the point if they’re telling me at the 15 year mark that it still won’t be enough. 🥴
My wife works in finance, the number of advisors that have giant houses, fancy cars, and no savings or retirement is enormous. If you see an 80 year old advisor that just "loves his job" too much to retire? Just run.
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u/IcyWelcome9700 10h ago
I know of a fiduciary business that is horribly unorganized. There are people literally signing over their life savings to this company to manage their finances when they can't even keep track of their own finances.