I'm an agent with Transamerica Financial Advisors. The previous employee directed me here and asked that I post a little something to let the recently laid off (and about to be laid off employees) that if you have questions or need help with your retirement from Verizon, that we can offer consultation for free. I can do in person or you can ask questions over the phone or email. We literally are right across from the Oxnard Verizon building. If anyone wants help to understand options, tax rules, protection from the markets, we can help. So sorry to see so many loyal workers getting pushed out and left without education and help. You can reach me at 888.966.0874 ext 701 or email me at nichole.went@gmail.com. Again, if you have questions, I can easily answer them over the phone or respond to an email.
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@helpinghand - you are a champ, this is good stuff. Thanks for the post and clarification
Thank you, Anonymous183941. I do have the best intentions. I didn't even know this site existed until a Verizon employee asked me if I could offer my help on this site. I only offered to help by answering questions. I was laid off many years ago and I wished someone would have given me some help. Instead I lost half my investment due to the markets and liquidated the rest to help my parents who lost their home (hence my switch from medical device marketing to finance). Most of the folks on this site are in different states; I couldn't directly help unless I was licensed in that state. I simply said I could answer questions if someone was a little too busy or intimidated to sit down with a financial professional. That being said, I gave a way to contact me and reinforced that I could answer questions over the phone or email. I pride myself on educating people of share classes, fees, expenses, vehicles that defer taxes or grow exempt (like a Roth), etc. I go into the schools and talk to 11th and 12th grade students about student loans and debt. I don't do it because I think some 17 year old has a monster account for me. I do it so they might have a shot at understanding debt and what lies ahead if they are educated. I can teach someone in 8 min to read and understand mutual funds so they can make their own informed decisions during working years and in retirement. I certainly hope the folks on this see my good intentions and don't misunderstand it. I did speak to two people already. I answered their questions and nothing more. Good luck to all and remember education is the key to any financial planning.
That's Hilarious. I had financial planners (2 of them) from Transamerica trying to put me into their mutual funds with expense ratios as high as 2.30% while at Vanguard I have them in Admiral Shares at 0.05%. So that means for every $100,000 @ 2.30% = you pay or lose $2300 per year in fees VS. $100,000 @ 0.05% = you pay only $50 per year. This is from Kiplinger's magazine and it explains how Vanguard has the lowest fees & costs. "Instead of being owned by a money-management firm (or a bank or an insurance company), it was set up essentially as a co-op, to be owned by the shareholders of its funds. Unlike other fund companies, Vanguard makes no profit. It sells all of its funds without loads, or commissions, and the company insists on ultra-low fees because that’s what the owners want and because lower costs lead to better results." Good luck to all :))
I got laid off a few years ago from a Major Pharmaceutical Company and I had financial planners lining up at my doorstep and it was a great learning experience. My employer had it's 401k via Fidelity as do many other large companies so here's what I found out. I did meet and speak in-depth with 4 financial planners who at the time thought their products and services were second-to-none. Now remember this was the beginning of 2013 so you could pretty much pick any mutual fund or ETF and it would perform well. The most important thing for any and everyone to remember is that the fees associated with financial planners is HUGE. Not only the 1% to 1.5% that they will take right off the top but all of them will try to put you in funds with extremely high expense ratios s.
Nichole - posting like this may be a slippery slope for you. Let's assume you have all positive intentions here, but people are tense and there is a lot of pissed off people here. Imagine a group of posters slamming your post and declaring that you are trying to profit from the calamity that hit many Verizon folks (after all we are in the middle of major layoffs). I am truly not saying that you have any bad intentions, but putting your name out here might backfire. I hope that our folks remain civil and this does not pan out to be a bad thing for you, just wanted to give you my unsolicited advice.
Be careful with Fidelity, they may advise you to do what works for Fidelity but may not be the best option for you. It's good to have an adviser, but be careful.
If you have a good planner, your fees each year will be a tax deduction if you itemize
Happens all the time. All be very careful if an advisor wants your to use more than 15% of your money for an annuity. Bank or planner gets paid a lot for them. Also Fidelity has its pros and cons too. They advertise cheap services but if you look close enough it comes to the same cost as a good financial planner.
I knew this would start to happen. (Financial advisors getting wind of layoffs). BUT I recommend RIF'd people at /near retirement age to STRONGLY consider a financial planner/advisor. The severance package goes fast and health benefits? COBRA is expensive!!! Pension/401k questions? Fidelity Investments(who manages for Verizon) is availabe 24x7 and will help you understand the distribution options we may not have paid attention to when we were working. Also take advantage of FREE Financial IRA help at your own bank.
Thanks Nichole - I do not need your services, but it's appreciated anyway