Teachers Sue Nationwide Insurance Company for Overcharging.
Just recently, in the National Underwriter, there was an article in
July of this year that shows that Nationwide and their selected
associates actually based their decisions to invest in certain mutual
funds on how much they were going to get paid for their services,
rather than on what was objective and prudent through their evaluation
as they looked at the merits of various funds and did not keep in front
of their view the best interest of the plan participants.
The
conclusion is that when the wolf is tending the sheep, the wolf is
going to have a lot of fun. Whenever you have your money in with
somebody else, it's so important for you to watch over them and make
sure that they have your best interest. If not, then take you money
away from them.
The school teachers signed a master contract
that everything had to be through Nationwide and, as a result, they
couldn't make that change. Nationwide knew they had a captive audience
and so they could make the changes they wanted.
This was my
interpretation as I read the article, but it just shows it is so
important for us to know the rules and to always look at the big
picture.