Does it seem like your retirement accounts are the objects of attention these days? You’re not alone if you’ve noticed that many outside businesses are eager to connect with you to discuss your U-M retirement savings plans.
Although some of these inquiries may be legitimate planners hoping to get your business, others are not what they seem. With your savings at stake, take steps to ensure those you trust to handle your money are up to the task.
View these tips on selecting a legitimate financial advisor.
Unsolicited Communication? Be Cautious
Despite best attempts to prevent unsolicited offers and spam, these emails sometimes find their way into U-M inboxes. Often, they're sales messages pitching products or conferences. Others are offers to review your retirement investments.
Tip #1: If you receive an unsolicited communication, whether it’s an email, text or letter that offers a free review of your U-M retirement plans, be cautious.
Fidelity Investments and TIAA are the only businesses that administer U-M’s Basic Retirement Plan and its additional retirement savings plans. U-M is in constant contact with these businesses to ensure your investments are secure and performing as needed for your future.
Get Guidance from U-M-approved Partners
Fidelity and TIAA also offer free, one-on-one consultations to track your retirement savings accounts. The difference? These companies have a first-hand account of your savings because they track them every day.
The best way to connect with Fidelity and TIAA right now is virtually or by phone for safety purposes. Both, however, have offices in Ann Arbor and will open their doors for in-person meetings as soon as public health conditions allow.
Looks Can Be Deceiving
Tip #2: Even if it looks like a Wolverine, it might not be one.
Some outside vendors use the unmistakable block M logo in their digital messages or on their letterhead, which gives the impression that they’re a U-M partner. Others set up in buildings or outdoor areas on U-M campuses to offer their services. Again, be cautious. If it’s not Fidelity or TIAA, it’s not an approved U-M partner.
Most of these external vendors aren’t scammers; they’re simply looking for opportunities to increase their business. You’re not limited to working only with Fidelity and TIAA regarding your U-M retirement investments; however, do your homework before entrusting an unfamiliar business with your funds.
Bottom line: It’s your money, so be wise!
