Important Notice to Our Customers
To our loyal Customers:
The Independent Order of Foresters (“IOF”), the parent company of Foresters Equity Services, Inc. (“FESCO”), has decided to cease operations at FESCO and close the company.
This decision does not affect the value of your account.
It is anticipated this process will take several months to complete, after which FESCO will no longer have any Representatives or provide services to any accounts. Therefore, we wanted to communicate this to you now so that you can begin making arrangements to transfer your account(s) to another financial services provider. Thus, it is imperative that you contact your Representative or FESCO’s home office at 1-800-350-9885 for information and guidance on the steps necessary for your account. Your Representative may also be contacting you regarding this matter.
The following information is provided as guidance on the closing of FESCO and the future servicing of your account(s). If you have any questions or need additional information, please contact your Representative or FESCO’s home office.
When is this happening?
- FESCO will stop servicing customers and accounts on or about October 31, 2018. After this date, existing customers will no longer be able to execute transactions through FESCO.
- In order to transfer your account to another financial services provider typically you will need to complete paperwork provided by the new firm. Your Representative will be able to assist you.
- Effective October 31, 2018, FESCO will no longer accept new accounts or customers.
What do I need to do to ensure the seamless transfer of my accounts and services?
- Upon receipt of the required paperwork, FESCO will assist customers with an orderly transition of their accounts to other financial services providers.
- You may wish to continue to do business with your current Representative, in which case your account would need to be transferred to the Representative’s new firm. Your Representative may contact you to discuss this option. Of course, you may call your Representative directly to learn more.
- You may choose to do business with or consolidate your accounts at another financial services firm, in which case you will need to discuss the transfer of your account(s) with that firm and complete any required paperwork to effect the transfer.
- Alternatively, you may elect to close any account with FESCO, in which case, you should contact your Representative or our home office for assistance. Please note, that there may be tax or other consequences to liquidating the assets in your account. You should contact your financial advisor or a tax professional before exercising this option.
- Finally, please note that the account value for your account will be calculated on the day you make the transfer, switch, or liquidation of your account. This value may differ from your most recent account statement.
What happens if I don’t do anything?
If you fail to take any action with regard to closing or moving your account to another financial services provider before FESCO closes on or about October 31, FESCO will be removed as the firm servicing the account and will no longer be able to assist you. So, please give serious consideration to where you would like your account transferred and contact your Representative or our home office at your earliest convenience for assistance.
Whom can I call if I have questions?
Call your Representative or this toll free number (800-350-9885) to speak with a FESCO customer service representative. FESCO will continue to handle customer calls until November 30, 2018. After that date, calls must be placed to the fund or funds or insurance company where your money is invested.