By MyPerfectFinancialAdvisor
Every investor and consumer have money issues that are unique to them, but certain occupations do result in common financial implications that are specific to those in that career. If you are a current or retired member of armed forces, there are ramifications to your financial life that are not common to others.
An obvious unique aspect to being in the military is the potential to being in harms way. The United States government does provide for an inexpensive life insurance policy, which is good. However, you may want to consult with an advisor that understands the full spectrum of possibilities in case of partial disability or delays in obtaining post-service employment along with what government programs there are when leaving the military.
There are many unique financial aspects to wearing the uniform including cash-flow impacts to family while being deployed, the specific health care programs, retirement benefits, the Veterans Administration and more. Thankfully there are many advisory firms and financial institutions that focus on those in the armed forces. The below firms are mentioned because of their focus on those in the military, but they are not clients of MyPerfectFinancialAdvisor. Our matching algorithm does ask investors if they are members of the armed forces, so they can be matched to subscribing advisors that cater to this niche.
There are firms both well-known and large as well as smaller without a national brand, and there are individual advisors at household name firms that focus on military clientele. What they have in common is an interest in serving those that have served. Here are just a few:
Founded in 1922, in order to use this firm, you or direct family members must have served. USAA is often thought of for their insurance offerings but in fact have a wide variety of financial services including advice, investing, credit cards, loans and savings products and in fact have over 30,000 employees. They do not have assigned financial advisors per se, but can give personalized guidance. They are a mutual, meaning their customers own the firm.
FirstCommand was founded in 1958 and has over 600 financial advisors all around the country, each with their own dedicated client base and offers a full spectrum of financial services including advice, brokerage, insurance and banking. While the vast majority of their clients (and advisors) are current or former military, it is not a pre-requisite to use their services.
In 1933, Navy Federal Credit Union was founded to help those in the Navy save more effectively. Today more than 10 million military and related families use this mutually-owned non profit with banking, loan, credit cards and other related products. Their rates and benefits are normally better than competing non-military organizations and service is a pre-requisite to be a customer.
Regardless of the specific benefit, be it working with a personalized advisor or an institution with preferred rates, it is worth the time and effort to seek out providers that understand and cater to those who have worn the uniform and served.
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