403bwise Facebook Group Hits 12K
July 11, 2023
Four years ago when 403bwise transitioned from a .com to a non-profit we made the decision to sunset our long-running discussion board and create a Facebook Group. I was skeptical. In the wake of so many issues with Facebook, I was also uncomfortable. My wise partner Scott Dauenhauer thought we should give it a shot. We could control who had access, he pointed out. We could work to keep out sales agent and political discourse, he said. While some sales agent have lied to gain entrance they have largely been rooted out by our vigilant community. Proof that Scott was right occurred earlier today...
The Big Twelve O
That vigilant community just hit 12,000 members. And while we know not all 12,000 are active, there is plenty of advocacy action happening in the 403bwise Facebook Group. Before I detail some of our recent posts, I want to thank our members who are so giving of their time and so willing to share their tips and experiences. I want to especially thank the following:
Dan Dews — The go-to-guru for exiting bad vendors, and an expert in so many other areas
Jessica Logan — Upstate New York educator, overseer of our Advocacy Group, and just an all round fantastic person
Sue Comparato — Next Gen Personal Finance fin lit guru, and poster of so much helpful information
Ron Obey — Recently retired Minnesota educator and 403bwise Super Advocate
Ben Johnson — Super helpful Colorado teacher on way to a comfortable retirement
Recent Posts
Why does the 403bwise Facebook Group exist? Here are just two posts from the past few days...
Post 1
Hi folks! I’m 37 and finally ready to start investing now that I’ve got my student loans squared away. I’m in Massachusetts and I’ve been paying into the pension since I was 21 as well. Here’s my schools list of vendors:
AMERIPRISE FINANCIAL RIVERSOURCE EQUITABLE (FORMERLY AXA)
HORACE MANN LIFE INS CO
INVESCO OPPENHEIMERFUNDS
LINCOLN INVESTMENT PLANNING
METLIFE
SECURITY BENEFIT
What do you all think?
Sigh. Luckily a member suggested the excellent state 457 Smart Plan.
Post 2
Why is everyone saying to switch from Equitable? My other options are Holistic Planners, Voya, Lincoln Investments, Metlife (Travelers), New York Life, and Valic. Any ideas and why? I have 2 different accounts with Equitable, and a lot of years.
Because their fees are high.
Equitable is terrible.
They were fined $50 million by the SEC.
Most Popular Topic?
How to get out of a bad 403(b). Equitable is the company most want to escape. The topic is so popular Dan Dews created a How to Get Out of Equitable resource.
Perspective Fours Years Later?
While our podcasts, social media accounts, and website are popular, the 403bwise Facebook Group is where we can witness immediate improvement in the saving-for-retirement lives of so many members. Scott and I are so thankful for this community. On to 100k!
Stay wise and well (and join us as together we fix the broken K-12 403(b) plan)
