You won’t find us sitting in your teacher’s lounge, pointing to retirement charts and urging you to buy financial products you don’t need. If you work at a public school in Texas, you’ve likely seen these insurance agents on your campus with titles like “Retirement Benefits Specialists”. Salesmen focus on selling financial products because their pay structure is often based on commission. This system leads to far too many agents taking advantage of teachers for their own personal gain.
How Our Financial Advisers Are Different
Financial advisers have a legal obligation to put their clients’ needs first. Unfortunately, too many advisers, insurance agents, and planners have gotten away with putting their own financial interests ahead of their clients.
In June, 2017, a rule set to raise the standards for retirement savings advice went into effect. Under the Department of Labor’s (DOL) Fiduciary Rule, financial professionals will be held accountable to meeting legal and ethical standards. However, this rule will not be enforced until January 2018. This means you must continue to stay diligent about working with financial advisers.