First Command Advisory Services focuses on providing military families with financial planning and investment management services. It currently oversees more than $12 billion in assets under management (AUM).
Ranked as a 2019 Military Friendly Top 10 Brand, this financial advisor firm has more than 70 offices worldwide and many are near military installations.
First Command Advisory Services Background
First Command Advisory Services has been in business since 1958. Today, it exists as a wholly owned subsidiary of First Command Financial Services, Inc. That company is owned by First Command Employee Stock Ownership Plan.
First Command Advisory Services Client Types and Minimum Account Sizes
The firm works exclusively with individuals, corporate entities and trusts. To establish an investment advisory relationship, you’d generally need a minimum account balance of $20,000 to $50,000, depending on the program.
Services Offered by First Command Advisory Services
First Command Advisory Services specializes in portfolio management and financial planning services. The company offers both together through its tailored professional services (TPS) program. They can provide advice on such topics as:
- Tax management
- Investing and savings
- Funding college expenses through 529 plans
The firm also has a banking division which can provide clients with credit cards and other types of accounts.
First Command Advisory Services Investment Philosophy
The firm primarily utilizes mutual funds, variable annuities and variable life insurance products. However, the firm would tailor an investment portfolio to the individual's financial situation and risk tolerance.
Although it generally avoids investing client assets in individual equities and bonds, the firm may turn to these investments if it deems them appropriate to the client.
Fees Under First Command Advisory Services
First Command charges a total TPS fee based on the client’s income, the complexity of the services provided and other factors. This fee typically ranges from an annual $750 to $6,000. That said, the firm does not charge TPS fees to active duty military members.
First Command Advisory Services Awards and Recognition
First Command has been recognized as a 2019 Military Friendly Top 10 Brand.
What to Watch Out For
First Command is affiliated with various financial services firms such as broker-dealers and insurance companies. So its advisors may earn commissions by recommending products from such vendors in addition to the advisory fee they charge clients. This poses a conflict of interest. That said, the firm has a fiduciary duty to work in the best interests of its clients.
First Command Advisory services has been involved in some disciplinary events. According to its Form ADV, an advisor affiliate may have made a false statement or been unethical in its business practices. An advisory affiliate also may have been found to be in violation of investment-related regulations or statutes. These events occured during the past ten years. You can learn more by reading the firm's Form ADV.
Tips for Finding the Right Financial Advisor
- If you want to expand your search for the right financial advisor, be sure to use our matching tool. It connects you with up to three local advisors based on your individual needs.
- Before you sign on the dotted line, make sure your potential advisor is qualified. For instance, some have industry certifications and are held to higher standards. A certified financial planner (CFP), for instance, is required to provide financial planning advice as a fiduciary and in your best interest.
All information was accurate as of the writing of this article.