an article in the NYT about annuity pitch steak dinner

[Elbata]

Being cheap as I am, I'd go. But being vegan, a free sweet potato (if I was lucky enough to be offered one) would really not be worth my time. I guess I could bring the steak home for my doggies.

[GravitySucks]

I went to one that was at a place DW and I would go once a year after we were FI. Expected and got a better than average meal, though not up to the places normal quality.
The night includes a presentation from an attorney who after I checked on him I used for my will and POA. The FA sales guy gave a fifteen minute talk and let it go at that. His A/V equipment failed and he just handed out some business cards and chalked it up to a bad day. Found out DS called him and he was honest enough to tell her his firm didn't fit her. That got me to save his card in case I ever decide I need an FA.

[jazz4cash]

I’m going to an estate planning seminar tomorrow. They are serving Continental Breakfast, does that count? I almost prefer presentations that provide a light meal or snacks. No pressure. My favorite was the box lunch seminars Fido no longer offers. While I might enjoy a free steak dinner, I don’t think I would learn anything and DW would be miserable. It’s interesting to watch the interaction between the presenter and the prospects but they usually require spouse to attend if married.

[MarieIG]

Well I went to two, a week apart; a few years back. I got a call from my account representative at TD Ameritrade "inviting" me to them. I was curious, so I dragged DH to them

One turned out to be for Fisher Investments. The next was for bonds.

I was seated upfront at the Fisher presentation; and my questions to Fisher were about their fees; and about their performance. To the best of my recollection, they started at 1.5%; but if you went over a certain level; they reduced the charge. (No, I did not shout out, "WOW, YOU CHARGE A LOT" ) I don't remember the details with regard to their performance levels; other than when asked, they dragged out a chart to show they lost less during some periods of stock market drops, and that they protected their investors. I got some calls from Fisher and TD after that meeting, but was not tempted. I stopped answering the phone when I saw who was calling.

Regarding the meeting about the bonds, that was an in-house rep. Even he seemed dejected about some of the low income levels at the time. I did not get the impression that there were any shills at our table. Same group of attendees each time. All (at least reportedly) TD customers; and more interested in talking about their own investments than what was being presented.

Will I ever attend any in the future? I don't know. Maybe after I retire. Right now I don't have the time and my DH makes better steak than any restaurant.

[jazz4cash]

But how was the steak?

[MarieIG]

Quote:

Originally Posted by jazz4cash But how was the steak?

Good.

[jazz4cash]

Jackpot! Choice of Ruth's Chris or another steakhouse I've never been to. Invitation is to "A Timely Learning Seminar for IRA and 401(k) Owners. I think the answer will be "Buy An Annuity". I'll probably pass.

[Helena]

.

Over the years I have attended many "free meal seminars", listened to the sales spiel, had a nice meal and left without committing to anything.

.

[Sunset]

I got invited !!!
This is terrific as it's been the first time in many years (if ever) to get invited.

It's also a sign our neighborhood has gone up in value ? As I heard they only send the invites to certain area's.

It's for Ruth's Chris Steakhouse. . I've never been there ... ymmmm !!

[Dtail]

Quote:

Originally Posted by Sunset I got invited !!! This is terrific as it's been the first time in many years (if ever) to get invited. It's also a sign our neighborhood has gone up in value ? As I heard they only send the invites to certain area's. It's for Ruth's Chris Steakhouse. . I've never been there ... ymmmm !!

Ruth Chris is one of our favorite steak places, for the few times we eat steak out.

[CaptTom]

I got one today that's a little different.

Free dinner at a local restaurant "Immediately following our digestive health seminar."

There's a list of digestive system symptoms, along with the suggestion to "Learn what you can do to restore your gut function, naturally and WITHOUT DRUGS"

It's "Presented by Wellness & Functional Medical Expert" so-and-so, "L.A.C, M.A.O.M."

Being familiar with pseudo-medical "cures" and "natural" remedies, I have no interest.

I'm guessing this guy isn't even a chiropractor, since he doesn't have a "Dr." prefix. The acronyms after his name imply some sort of affiliation, which Google suggests may be acupuncture related. If so, it's disappointing that acupuncturists are getting into this phony medical scam game, along with (dishonest) chiropractors. These few bad apples give their entire fields a bad name.

Anyway, it's a new one on me, so I figured I'd pass it along.

[Huston55]

Quote:

Originally Posted by CaptTom I got one today that's a little different. Free dinner at a local restaurant "Immediately following our digestive health seminar." There's a list of digestive system symptoms, along with the suggestion to "Learn what you can do to restore your gut function, naturally and WITHOUT DRUGS"

Well, at least you know he’s not full of $h!t.

[jazz4cash]

Quote:

Originally Posted by Sunset I got invited !!! This is terrific as it's been the first time in many years (if ever) to get invited. It's also a sign our neighborhood has gone up in value ? As I heard they only send the invites to certain area's.

Could be. Or, could be due to recent market volatility causing folks to be nervous about equity investments. That’s certainly been the tone of several infomercials on radio and TV lately.

[socca]

Quote:

Originally Posted by MarieIG I was seated upfront at the Fisher presentation; and my questions to Fisher were about their fees ...

I would love to go to one of these seminars and ask the presenter, "Would you please throw up a spreadsheet showing how hosting these seminars results in a long-term net profit for your company?" Nothing else the presenter would have to say would be of much interest. After asking such a question, I doubt that I would be invited back any time soon.

BTW: a large number of "free" meals are offered locally by wealth managers via snail-mail and ads in the local newspapers. This is a surprisingly popular way for such folks to troll for new clients. I sometimes wonder how much the people who call are pre-qualified before being allowed to attend. Too many people looking only for a free meal could turn these seminars into an unprofitable enterprise for their hosts.

[Nick12]

A wealth manager who needs to drum up business by selling seminar tickets and making money by book royalties is someone I would avoid. There is a sucker born every minute. Although if a free good meal is thrown in, I would still go.

[MarieIG]

Quote:

Originally Posted by socca I would love to go to one of these seminars and ask the presenter, "Would you please throw up a spreadsheet showing how hosting these seminars results in a long-term net profit for your company?" Nothing else the presenter would have to say would be of much interest. After asking such a question, I doubt that I would be invited back any time soon. BTW: a large number of "free" meals are offered locally by wealth managers via snail-mail and ads in the local newspapers. This is a surprisingly popular way for such folks to troll for new clients. I sometimes wonder how much the people who call are pre-qualified before being allowed to attend. Too many people looking only for a free meal could turn these seminars into an unprofitable enterprise for their hosts.

I strongly suspect that I was prequalified due to the invitation coming through TD Ameritrade. I have an account there. Based on the cars in the parking lot, DH and I were the poorest attendees. I am not sure how screening is done when the ads are placed in the paper.

[Huston55]

Quote:

Originally Posted by MarieIG I strongly suspect that I was prequalified due to the invitation coming through TD Ameritrade. I have an account there. Based on the cars in the parking lot, DH and I were the poorest attendees. I am not sure how screening is done when the ads are placed in the paper.

If you mean your car was the least expensive, then you were more likely the ‘richest.’ Having a super expensive car means ‘money spent’ not ‘money saved.’ Basic MND stuff.

[scrabbler1]

Quote:

Originally Posted by scrabbler1 I had one more thing to consider. I asked my ladyfriend if she wanted to go and she said she did. The two advertised dates were already full so they added a third one in early February we will attend. She has no money to invest so there is no way she can be pressured to do anything moneywise. I will surely post here or in a new thread about the event after it ends.

Okay, here's what happened with the free dinner event run by the investment guy.

My ladyfriend and I didn't go to the one on SS in early February. My ladyfriend was sick that week so we didn't go. I was going to this one only because she wanted to go.

The man running these events had one on Medicare in late February and neither of us were interested. He then held one last night about IRAs and it did interest me so I went, without her.

I learned what was on the menu and didn't really care for it, so I passed on the dinner. He told me before hand I could not ask for a different entrée, so I ate dinner before I got there at 6:30.

There were about 25 people there scattered among 6 tables although I was alone at my table in the back. His presentation was good, he covered a lot of stuff about IRAs. I was most interested in what he had to say about doing Roth IRA conversions.

It wasn't a high-pressure sales pitch, at least during the presentation. He did ask us to hold any questions until he finished his slide show which lasted about one hour. The dinner had not yet been served. I had written down a few things I wanted to say in an expected Q&A after the slide show, but instead he began visiting the other tables, making pitches for later one-on-one consultations. The meal began to be served.

I had no desire to wait another 15+ minutes for him to make his way to my table, so I packed up my stuff and split. I dropped off with him a feedback sheet with my comments and questions and bid my good-byes.

Declining the meal was helpful because it got me out of there quickly.

[athena53]

Quote:

Originally Posted by MarieIG I strongly suspect that I was prequalified due to the invitation coming through TD Ameritrade. I have an account there. Based on the cars in the parking lot, DH and I were the poorest attendees. I am not sure how screening is done when the ads are placed in the paper.

I'm guessing that registration is by phone and maybe the person you call asks some screening questions. It's possible to lie, of course, but I hope most people wouldn't be that deceptive.

Like a previous poster, I used to live in a wealthier Zip code before DH and I downsized 3+ years ago. I love the house we bought, but it's in an area with poorer average demographics. The mailings offering "free gourmet dinners" have dropped off drastically so at least in the case of mailings it's based on Zip Codes.

I've also seen mailings and banner ads starting with, "If you have $500,000 or more to invest..." So, that's another way to sort out people not in their target audience.

[socca]

Quote:

Originally Posted by athena53 I've also seen mailings and banner ads starting with, "If you have $500,000 or more to invest..." So, that's another way to sort out people not in their target audience.

The local ads and mailings often say, "Appropriate for investors with net worth greater than $1M", which is a warning that the hosts are trolling for accredited investors who may be sold a very risky private placement. Other ads say, "No financial advisors please", which is an indication that the hosts don't want any uncomfortable questions.

So, who is the ideal attendee at such a seminar? From the perspective of the host, perhaps Wealthy, Ignorant, Passive, and Trusting (handy acronym: WIPT). The unlucky folks who get scammed become (Less) Wealthy, Ignorant, Passive, Embarrassed, and Depressed (handy acronym: WIPED).

I have no idea how many people transition from WIPT to WIPED, but all I know is that there are many opportunities for free meals out there.