UC employees and retirees recently have reported unauthorized and misleading financial adviser solicitations. These messages, delivered through emails, invitations, and cold calls, often purport to help with retirement planning. Most are intentionally misleading and suggest that UC is endorsing their services.
It’s easy to confuse these unauthorized advisers with UC-contracted financial planning services. To be clear, UC contracts exclusively with Fidelity Investments for all financial education and guidance services through a dedicated team that is well-versed in UC retirement benefits and can meet UC members virtually or over the phone. Anyone interested in having a one-on-one consultation with a UC-dedicated workplace financial consultant can call 800-558-9182 or make an appointment at getguidance.fidelity.com/universityofcalifornia.
If you prefer to consult an outside investment adviser, it’s important to do your research. Always ask for and carefully read the adviser’s “Form ADV”, which registered investment advisers (RIA) must complete to register and file with the Securities and Exchange Commission and/or state securities regulators. The Form ADV reports each RIA’s professional background, including business, ownership, clients, employees, business practices, affiliations, current registrations, employment history, and disclosures about certain disciplinary events involving the individual.
You can view an adviser’s most recent Form ADV online by visiting Investment Adviser Public Disclosure (IAPD), an official US Government site, at adviserinfo.sec.gov.