Managed union pension plans. We had a public city pension fund as a client. Our plan members of this specific plan were made up people who would likely resemble 90% of her constituents. The fund was for city employees of a transportation union, controlled by employees who held union offices. They hated their corporation, hated their own national leadership, hated us, hated banks, hated anyone who tried to help them make good financial decisions and keep their money invested for the long term.
When the market crashed (2-3 times over the years) they always thought they should get a refund, that we stole their money or that their union stole their money (which isn’t too far off the Mark in some instances). Needless to say we literally fired them as a client in the end because they simply didn’t get it and after 4 failed lawsuits and being forced to pay our attorney’s fees we couldn’t manage a plan that wasted employee retirement money on frivolous lawsuits. They always pulled their money out at the bottom, put it back in at the top, cashed out or borrowed from their assets and didn’t understand anything. You couldn’t even give the individuals any advice - they just wanted to spend the money now.
The president of the union and fellow employee went to lunch with us doing planning, signing paperwork, etc., over the years and eventually they turned on him because someone learned his balance was the highest in the company. He always contributed the max, never touched it and retired early. In the end they all believed he stole their money somehow, that we gave him money or some other crazy conspiracy.
This is how the left has controlled these people their entire lives - lying to them and making them believe everyone is out to get them - creating a victim mentality vs being leaders and giving them the tools and education to succeed in life from just about every angle. Needless to say the democrat controlled city leaders eventually scrapped all plans, underfunded their pension and laid them all off - sending the balance to the PBGC, which runs defunct pensions for the gov.
Managed union pension plans. We had a public city pension fund as a client. Our plan members of this specific plan were made up people who would likely resemble 90% of her constituents. The fund was for city employees of a transportation union, controlled by employees who held union offices. They hated their corporation, hated their own national leadership, hated us, hated banks, hated anyone who tried to help them make good financial decisions and keep their money invested for the long term.
When the market crashed (2-3 times over the years) they always thought they should get a refund, that we stole their money or that their union stole their money (which isn’t too far off the Mark in some instances). Needless to say we literally fired them as a client in the end because they simply didn’t get it and after 4 failed lawsuits and being forced to pay our attorney’s fees we couldn’t manage a plan that wasted employee retirement money on frivolous lawsuits. They always pulled their money out at the bottom, put it back in at the top, cashed out or borrowed from their assets and didn’t understand anything. You couldn’t even give the individuals any advice - they just wanted to spend the money now.
The president of the union and fellow employee went to lunch with us doing planning, signing paperwork, etc., over the years and eventually they turned on him because someone learned his balance was the highest in the company. He always contributed the max, never touched it and retired early. In the end they all believed he stole their money somehow, that we gave him money or some other crazy conspiracy.
This is how the left has controlled these people their entire lives - lying to them and making them believe everyone is out to get them - creating a victim mentality vs being leaders and giving them the tools and education to succeed in life from just about every angle. Needless to say the democrat controlled city leaders eventually scrapped all plans, underfunded their pension and laid them all off - sending the balance to the PBGC, which runs defunct pensions for the gov.