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Wealth advisers pounce on retirement nest eggs of American Air pilots
Old 08-12-2013, 08:31 AM   #1
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Wealth advisers pounce on retirement nest eggs of American Air pilots

No big surprises here, but still is makes me

Wealth advisers pounce on retirement nest eggs of American Air pilots | Reuters

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When American Airlines dumped about $3.5 billion of retirement money into the laps of its pilots late last month, the winners were the wealth managers who got a piece of the action.
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Old 08-12-2013, 09:39 AM   #2
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The sales calls would be annoying, but it's not rocket science to take a lump sum pension and roll it into an IRA. Especially since pilots are relatively affluent and probably already have some experience with investing.
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Old 08-12-2013, 09:43 AM   #3
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Originally Posted by Which Roger View Post
The sales calls would be annoying, but it's not rocket science to take a lump sum pension and roll it into an IRA. Especially since pilots are relatively affluent and probably already have some experience with investing.
I wouldn't count on that. I have spent my career surrounded by highly educated, well compensated professionals with well above average math skills. I am no longer surprised when someone making safely in the six figures admits they aren't in the 401k plan and are in debt. I come across many who are almost totally financially illiterate.

My FIL was one of these. He was a VP of a substantial company and also retired as an AF brigadier. When DW and I took over his finances, he barely had any assets. There was only enough for about 6 months of care even counting on his pension income. We sold his house which financed his and my MIL's care until they passed away.
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Old 08-12-2013, 02:16 PM   #4
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I wouldn't count on that. I have spent my career surrounded by highly educated, well compensated professionals with well above average math skills. I am no longer surprised when someone making safely in the six figures admits they aren't in the 401k plan and are in debt. I come across many who are almost totally financially illiterate.
+1

I have had a number of engineer friends in the same boat, just don't want to mess with it and let somebody else manage their investments for them and don't mind paying the cost. To each his own I guess.
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Old 08-12-2013, 08:08 PM   #5
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I can only speak about my Megacorp, but I firmly believe the financial advisers were getting insider information about who was leaving. Pehaps not an "official" leak but possibly from friendly moles.
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Old 08-13-2013, 07:39 AM   #6
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I can only speak about my Megacorp, but I firmly believe the financial advisers were getting insider information about who was leaving. Pehaps not an "official" leak but possibly from friendly moles.
That's not surprising. HR knows who's leaving and often knows before the person that is leaving. That information is pretty much common knowledge to anyone in HR. All it takes is for someone to have a friend or relative in the FA business. It wouldn't surprise me if some FAs are willing to pay "finder fees" for tips.

HR knows what people are paid and if they are enrolled in the 401k. They don't have access to the actual balances but it should be easy to classify a person has "likely or unlikely" to have a pile in their 401k.

Even regular coworker could be the source but they wouldn't have the financial information of HR.
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Old 08-13-2013, 08:27 AM   #7
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I can only speak about my Megacorp, but I firmly believe the financial advisers were getting insider information about who was leaving. Peharps not an "official" leak but possibly from friendly moles.
I'm sure that one benefit seen by the firm that my Megacorp contracts with to provide us with free financial advice is identifying who has resources and are retiring or planning to retire.

One good thing my Megacorp has put in place is that the firm cannot "cold call" or send out anything beyond their monthly newsletter, and are only to be in more contact with you at your request.
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