If you attended one of the General Membership Meetings this year you may recall in my Treasurers report that your Local Executive Council would like to increase the return on investment for the Locals reserve funds. We are seeking to invest conservatively with a hope of modest returns that are better than the .5% savings account rate we are currently receiving. I briefly discussed that it was decided to hire a “Fiduciary” Investment Advisor as opposed to an Investment “Broker” to manage these funds. I have attached a 2:30 video which explains the difference between the two. After watching the short video I think you’ll understand why we made this decision. I strongly suggest watching the video as it may be of help with your personal investments as well.
I also stressed the importance that the investment advisor we select have no association with any LEC/AMFA member as not to create a conflict of interest. We have obtained a list of investment advisors from the National Association of Personal Financial Advisors (www.napfa.org) and selected 3 advisors. I will be meeting with these advisors in the coming weeks and will report back the LEC with the information I obtained. If needed, I will meet with more advisors in order to obtain a list of 3 advisors in which the LEC can vote on to hire.
I will have more information to share at the May 26th General Membership Meeting and/or through future email updates. If you have any questions feel free to contact me.
AMFA Local 4
AMFA Local 4 9624 S. Cicero Ave No. 356 Oak Lawn IL 60453