AXA equitable ?

[nnkrealtor]

Does anyone know anything about AXA equitable? They are coming into my school system pushing their 403-b's. Anyone have any experience with them? fees,performance,etc.?

I have an old TSA with ING through employer that is earning approx 4% which beats the pants off of most things right now but in the long term isn't so good.

Thanks

 

[brewer12345]

I know the company reasonably well. They are a fairly strong insurer, but they tend not to be terribly loow cost (quite the opposite). I would expect a focus on annuities inside the 403B and a fairly high expense ratio.

 

[jayc]

DW has them for her 403b. Poor performance, high fees plus $30/year from every employee. We tried for 6 months to roll a portion to her IRA account while she is still working. They gave us such a run around we gave up. We use the Guaranteed Interest Acct. They do crank out a lot of paper with very little information about their performance. Remember thay are an insurance company which would explain alot.

 

[travelover]

They handle the 401(k) for the city in which my nephew is a firefighter. I coaxed him to verify what annual fees they were charging him and the answer was north of 3% - not a typo.

 

[plex]

Who needs to scam people when they will pay and keep paying 3% just to receive a packet of useless papers?

 

[dgoldenz]

Good company for large life insurance cases, don't know much about their other business.

 

[Roostershooter]

I have a little experience with that group and it has not been pleasant. My wife had an IRA account with them and the performance was so bad, we called to have the account balance transfered to a Vangard account. The AXA rep, said, I have a package that will guarantee you 6% a year or the better of the market with great choices in mutual funds. Long story short, when the market was up over 6%, things were great. Then the market tanked, then guess what, no 6% guarantee. Our situation may be an isolated one, but I would recommend to look elsewhere. And we are locked into the account for a total of 9 years or there is a penalty for withdrawl. So far, we are only down 12K.

 

[dgoldenz]

I have a little experience with that group and it has not been pleasant. My wife had an IRA account with them and the performance was so bad, we called to have the account balance transfered to a Vangard account. The AXA rep, said, I have a package that will guarantee you 6% a year or the better of the market with great choices in mutual funds. Long story short, when the market was up over 6%, things were great. Then the market tanked, then guess what, no 6% guarantee. Our situation may be an isolated one, but I would recommend to look elsewhere. And we are locked into the account for a total of 9 years or there is a penalty for withdrawl. So far, we are only down 12K.

Sounds like an annuity with an income rider guaranteed at 6% (which is low compared to the rest of the market anyway). Accumulation is not guaranteed at 6%, otherwise everyone would buy it. Always read the details.

 

[Nords]

Accumulation is not guaranteed at 6%, otherwise everyone would buy it. Always read the details.

Wonderfully helpful and comforting advice to a first-time poster... just in case he didn't already figure it out from the company he gave his money to.

The fact that your chosen avocation requires this type of admonishment indicates how incoherent and perhaps even deceptive its product advertising has become. Because if it was easy to understand then everyone would buy it.

 

[dgoldenz]

Wonderfully helpful and comforting advice to a first-time poster... just in case he didn't already figure it out from the company he gave his money to.

The fact that your chosen avocation requires this type of admonishment indicates how incoherent and perhaps even deceptive its product advertising has become. Because if it was easy to understand then everyone would buy it.

If only I could monitor the actions of every agent and financial advisor....but I can't. I told him what he likely has and he may not have known that since it seemed to be his impression that there was no actual 6% guarantee.

Of course, I only offer EIA's that are fixed and do not allow for any principal loss, so I can actually sleep well at night.