Also check out this link on definition of Financial Planner.
https://www.bogleheads.org/wiki/Financial_planner
10 replies (most recent on top)
I just had someone from cold call me over the weekend. I didn’t answer the phone, but I did a reverse lookup on the number out of White Plains. It was Prudential (The New York Financial Group). Avoid all cold calls from broker-dealers. Registered Investment Advisors (RIAs) are held to a higher standard as fiduciaries. Learn the difference between a broker-dealer and a RIA before you talk to anyone. And most importantly, avoid anyone who cold calls.
Two words for best resource on this: Bogleheads Wiki
https://www.bogleheads.org/wiki/Investment_adviser
Well, I can’t speak for whoever you or the other person was referring to, but I know this person has helped many PepsiCo Employees with their 401k’s and Pensions as well as mine. In some cases this person helped people move into early retirement. He is a FIDUCIARY, and does not charge by the hour. As far as commissions go, the way I understand it, Certified Advisers bill by the hour AND get Commissions, they double dip. In this persons case all commissions are at the same rate, so there is no incentive for this person to put you into something you do not want and the commission rates are used as a bases to determine their compensation by the company, you don’t pay a dime. This person only works by referrals. So, you decide, you want to go with someone who has helped other Pepsi people, or do you want to go search for someone over the internet, good luck with that.
Financial advisors trolling for clients on a layoff site.....just like an ambulance-chasing personal injury attorney. You should ask yourself, is this the kind of person you want to do business with?shiesty
If he doesn't charge by the hour, how does it get paid? Answer: commissions off the garbage he peddles. That means he's incentivized to provide advice that it's in his best interest, not his client's.
Word of advice, get a financial planner who acts as a FIDUCIARY for all of your accounts. They may charge hourly, but they're a heck of a lot cheaper than some shiesty advisor trolling the layoff pages. Choosing someome who is a Certified Financial Planner (CFP) is a good idea too. Anyone can call themselves a Finacial Advisor...even a DJ
I just read about what is going on over there at Pepsi. I am not an employee, never have been, but have been through this stuff plenty of times at other companies so I know what you are going through. If you know of anyone who has or will be terminated, there is a Financial Advisor that has been helping PepsiCo Employees for some time. He provides information and does not bill by the hour. I get no benefit by offering this info, but thought it could be helpful to you. Unfortunately the company does not offer information about him because he is independent and not affiliated with Pepsi. Since this is an anonymous site you might be uncomfortable sending information, which is fine, so then don’t, but good luck. If you are interested or know of anyone who might be and need some help you can reach out to me at haglero@hotmail.com and I will forward his contact information.
I just read about what is going on over there at Pepsi. I am not an employee, never have been, but have been through this stuff plenty of times at other companies so I know what you are going through. If you know of anyone who has or will be terminated, there is a Financial Advisor that has been helping PepsiCo Employees for some time. He provides information and does not bill by the hour. I get no benefit by offering this info, but thought it could be helpful to you. Unfortunately the company does not offer information about him because he is independent and not affiliated with Pepsi. Since this is an anonymous site you might be uncomfortable sending information, which is fine, so then don’t, but good luck. If you are interested or know of anyone who might be and need some help you can reach out to me at haglero@hotmail.com and I will forward his contact information.
You can roll your pension into an IRA.
There is a Financial Adviser, not affiliated with Pepsi, that has worked with a lot of X Pepsi Employees in the past with their Pensions and 401k's and general info. no cost, no commitment. If someone has their info could you let it be known
Accrued benefits are yours - you have a period of time after end of severance to exercise the lump sum option now or wait until you reach retirement eligibility requirements
No, your accrued benefits are yours.