MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

We Went to a Steak Dinner Annuity Pitch. The Salesman Wasn’t Pleased.

MarkMark
in Off-Topic
"LOS ANGELES — The pitch arrived in my aunt’s mailbox, just after her 80th birthday and in the wake of a few frightening weeks for retirement investors.

“Tired of the stock market roller coaster ride? Want to protect your principal and lock in interest earnings?” the invitation read.

It offered the opportunity to hear all about it at a “complimentary gourmet meal,” featuring “New York steak.” Even better, it would be at a restaurant in Granada Hills that her mother, Vi, had loved."

Of course most visitors to the MFO website should know how this turns out in the end by now. This submission is for those who have never attended one of these events, who may be considering such an event right now, or those who will most assuredly get invited when you reach the magic age.

By Ron Lieber of the NY Times:
https://www.nytimes.com/2018/11/30/your-money/retirement-annuities-steak-dinner.html?emc=edit_th_181201&nl=todaysheadlines&nlid=200074251201

Comments

  • catch22catch22
    Thanks, @Mark This is a good article to forward to one's mailing list of friends and family for their knowledge.
    I receive one of these dinner mailers every month; from four different "investment" organizations. I've not attended any dinners, and always; for the fun of it, do a FINRA check on the organization and the individual. I just checked an individual a few weeks ago. His record over 20 years was clean, but the current organization he works for had 6 violations/fines over the past 8 or so years; basically for not paying attention to their sales folks placing products improperly to the "customer". The fines amounted to $120K, all with the standard claim of "no wrong doing, or other"......we'll just pay the fine and remain in business......thank you very much.
    I've been asked over the years about these dinners and the product pitch. My standard reply has been, "If this were a pitch for the last vehicle you would ever need to purchase or a medical breakthrough to prolong a quality life, would you not want a second or third opinion?"
    I don't have annuities and do not claim that there may not be a place for such an additional account in one's overall monetary portfolio; but as the article suggests, that a disinterested third party should also offer an opinion based upon the full disclosure of an individual/family as to their financial status and needs.
    Regards,
    Catch
  • AndyJ
    edited December 2018
    Good article. Pitches for annuity sales events, along with those for hearing aids and car/home/health insurance, plus the seasonal specialty -- partisan screed election mailers -- make up the bulk of the paper portion of the recycling I'm taking to the bins this morning.
  • TedTed
    @MFO Members: I don't know what this couple is complaining about, at most of these dinners they serve rubber chicken !
    Regards,
    Ted
  • MarkMark
    Those aren't for eating Ted, they're for throwing at the speaker/salesperson.
  • TheShadowTheShadow
    @Mark

    Or sounds a lot like the Svengoolie tv show!
  • hank
    Great drawing too,:)
  • BobCBobC
    A client told me she and her husband had signed up for one of these. I suggested she ask just one question to the salesperson, “Will you provide a signed statement that you serve your clients as a fiduciary and that you do not receive any form of commission income?” She later said he asked her to define “fiduciary “, which she did, surprising him. He then said “How can you question my integrity, you don’t even know me.” She said she told him “That’s why I am asking.” To which he responded that she was causing confusion and he never did answer her original question. They walked out. I told her she deserved a gold star, and she said she didn’t think the salesman thought the same thing. LOL!
Sign In or Register to comment.