By 2023, the National Commission of the Retirement Savings System (Consar) prepares a series of changes in the operating rules of what are currently known as Afores promoters, which change companies, affecting the worker’s savings, but without caring about that, because they only seek to get their commissions for that type of movements.
For example, this 2022 has been a lousy year to change Afore and it is not advisable, due to the losses that the savings funds for the retirement of the workers have had, even so, the promoters seek at all costs to make these changes to collect their commissions and swell their customer ranks, even if that change makes savers lose money.
In fact, the savings of a worker in times like the present, can generate up to a 30 percent loss at the time of changing Afore. This occurs because we are in periods of handicaps, which, when changing companies, become a significant consolidated drop in the amount saved by workers.
Consar will eliminate the promoters
The characters that do the work of promoters of the Afores, will not be able to exist as we currently know them, by changing the operating rules, to turn them into pension agents, starting in 2023.
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This seeks that one of the effects is that the changes of Afores are reduced, which is the current main objective of the promoters, who seek with these movements to collect juicy commissions.
In addition, it is sought that through these changes savers have quality advice and useful information for better management of their pension funds.
It must be remembered that currently, the periods of capital losses that have impacted the funds for revenue add up to losses of more than 326 billion pesos.
That loss has a chance to be recovered if the worker is patient and waits for market volatility to subside, allowing savings to begin to recover.
However, when a worker changes from Afore – almost always at the insistence of an advisor – that loss becomes effective and the worker’s savings fall in real terms, so it is a change that harms the saver and that only benefits the adviser.
Currently, the advisors receive incentives from the companies, such as juicy commissions for the accounts that they add to the client portfolio of their Afores, and they do so without giving the worker the information that this change makes them lose money.
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