Pilots, stop spending millions in 401k management fees!

How does an advisor manage your 401k?

For an advisor to manage your airline 401k, they move the money out of your 401k plan into a brokerage link. This allows them to bill on the brokerage link since they can’t bill your 401k plan directly. Keep in mind, if you move your money out of your 401k plan, you are going to be paying a lot more in fees.

If you pay someone to manage your 401k, by the time you’ve worked a 25-year career, you’re looking at potentially over $3 million in fees being paid if you’ve maxed out your 401k. That’s roughly $3 million in lost assets inside your 401k plan for underperformance, statistically and historically speaking.

Paying Pilots to Refer Pilots

Have you been approached by an advisor looking to manage your 401k plan? There’s a firm out there that pays pilots at Delta, American, and United to refer other pilots to them. If you fly with a pilot who brings up the topic of getting someone to manage your 401k, just be conscious that they might not be talking about this great thing, they might be getting paid to tell you how great that firm is for their benefit. This is a conflict of interest to keep in mind.

Our financial advisors put together FREE 401k allocations for most of the major airlines. To download yours, click here.

Contact us if you have more questions. Click here to schedule a consultation with one of our financial advisors.

Casey Smith
President, Wiser Wealth Management

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By Published On: February 1, 2024

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