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What are the best FA companies? Insurance?
Posted on 10/29/12 at 3:56 pm
Posted on 10/29/12 at 3:56 pm
If you are in the market for a Financial Advisor, what companies do you look at first? Same for life insurance, etc.
5
Posted on 10/29/12 at 4:09 pm to jeepfreak
As far as the life insurance is concerned, best is a relative term as it depends on what you are looking for. For just a general, overall ranking, you want to see a company who has been around for a long time (so they will be around when you die), has strong financial ratings, and a good history of paying claims.
Generally, I tell people to check out a northwestern Mutual, new York life, and Mass Mutual if they can. They are all three very strong companies with strong financials. MetLife would probably be below those three.
However, if you are just looking for the cheapest term insurance you can find, you can go look anywhere, because for the most part, term insurance is similar anywhere.
Furthermore, the agent is a big part of it. I know very good, and very bad agents at all of those companies I mentioned.
Generally, I tell people to check out a northwestern Mutual, new York life, and Mass Mutual if they can. They are all three very strong companies with strong financials. MetLife would probably be below those three.
However, if you are just looking for the cheapest term insurance you can find, you can go look anywhere, because for the most part, term insurance is similar anywhere.
Furthermore, the agent is a big part of it. I know very good, and very bad agents at all of those companies I mentioned.
This post was edited on 10/29/12 at 4:13 pm
Posted on 10/29/12 at 4:20 pm to GoCrazyAuburn
My dad worked at NYLife and Mass Mutual for over 15 years before going back into education. My life insurance is thru Northwestern and my LTC is thru New York Life. You can't go wrong with any of the 3. I would rate Mass Mutual a distant 3rd but thats on opinion and experience with them only.
Posted on 10/29/12 at 4:21 pm to jeepfreak
Auburn can answer the insurance questions. I will give my insight on FA. If you want to do it yourself Vanguard or Fidelity. If you want to hire someone I would suggest a fee based advisor that you feel comfortable with.
Posted on 10/29/12 at 4:22 pm to ThatsAFactJack
quote:
ThatsAFactJack
Agreed.
IIRC, NML & NYL were 1 & 2 respectively in benefits paid to policy owners last year.
Posted on 10/29/12 at 5:22 pm to jeepfreak
My FA is at Merrill Lynch. I am with him b/c of him, not the company. He is not only very good, he has our best interest at heart. Go with the person. The company doesn't matter.
Posted on 10/29/12 at 5:28 pm to jeepfreak
As far as life insurance goes, it depends on your needs. State Farm actually has some pretty good products and financially sound. My thought is find an agent you feel comfortable with..one who isn't looking for the biggest sale, also someone who is going to be around.
We are USAA people. As far as property and casualty, they are no longer the cheapest, but they are financially sound have always seemed to have our best interest at heart (we are 40 year members).
We are USAA people. As far as property and casualty, they are no longer the cheapest, but they are financially sound have always seemed to have our best interest at heart (we are 40 year members).
Posted on 10/29/12 at 5:29 pm to jeepfreak
quote:
If you are in the market for a Financial Advisor, what companies do you look at first?
Seek out an Registered Investment Advisor, fee only advisor. An independent advisor that doesn't charge commissions or have a monthly sale goal/requirement. Meet with a few of them until you find someone you believe in.
While there are good eggs at the major wirehouses, you will find they are few and far between and often do not possess the same open architecture investment strategy an independent advisor does.
Posted on 10/29/12 at 5:51 pm to Signature
Thanks for the responses guys. Lots of good advice. 
Posted on 10/29/12 at 7:19 pm to Signature
quote:
While there are good eggs at the major wirehouses, you will find they are few and far between and often do not possess the same open architecture investment strategy an independent advisor does.
Generally, I agree with this. We lucked up at Merrill Lynch
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