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Old 01-11-2019, 12:04 PM   #41
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Not sure if 500, 502 or 505 are different enough to even waste breath on.
Its not other then he was only able to read off a script and did not even know the answer to his question
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Old 01-11-2019, 12:31 PM   #42
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About once a quarter we get an invite to these held at a very nice restaurant. I have been tempted to go, but I don't feel comfortable going to waste someone else's time (I am getting a good meal out of it so I do not see it as a waste of time). I'd probably bring my tablet and surf the web or play games during the presentation portion, totally ignore it, and try to run out as fast as possible. Also, I get enough cold calls from folks interested in separating me from my money, I do not need more coming.


Of course, as the saying goes, "never say never..."
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Old 01-11-2019, 12:38 PM   #43
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Just got back from the mailbox. DW got two free dinner offers, two different "advisor" groups. Both mailings were clearly from the same market firm.

This is out of control.
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Old 01-11-2019, 02:25 PM   #44
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Its not other then he was only able to read off a script and did not even know the answer to his question
I'm guessing that if you asked 100 forum members that the vast majority would have said 500.
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Old 01-11-2019, 02:43 PM   #45
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Never thought about going for the "free" food and treating the pitch as "entertainment" of sorts. Maybe if we are bored sometime. But like spam, direct mailing, or many other marketing techniques, it catches enough business for them to make it worth their time. Just not sure it is worth ours...but I'm actually tempted to be a plate licker now.
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Old 01-11-2019, 02:45 PM   #46
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I'm just hugely thankful that we don't get such solicitations... I'm sure that DW would want to go to get the "free" lunch or dinner.
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Old 01-11-2019, 02:51 PM   #47
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I have gone to a couple of the more expensive ones. Guilty, but good food.
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Old 01-11-2019, 02:52 PM   #48
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I'm just hugely thankful that we don't get such solicitations... I'm sure that DW would want to go to get the "free" lunch or dinner.
I get the mail every day and I throw the free dinner invites away before I come back in so she can't see them.
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Old 01-11-2019, 03:03 PM   #49
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DW and I attended our first variable annuity steak dinner a couple weeks ago. While I resisted the temptation for my invitations she approached it with the same zeal she did with timeshare hucksters in Florida. How could we lose.
Dressed to the nines she drug my ragged tail to the dinner. We soon were seated next to another couple at a table for four. Nice. However it was soon apparent that they were shills and we were the mark. They've been retired for 24 years and still attending these functions?

The presenter started with charts showing the volatility to stock market returns and how this could kill your retirement. What set off the BS detector was when the presenter asked about what advisors tell you to do when the market tanks, the carefully spotted shills ALL responded - "Stay the Course". The couple at our table then informed us they had lost fortune in 2009 and this guys father saved them from further loses.

Ouch. I bit my tongue and took copious notes through the rest of the presentation. Long story short- never lose money and capture a portion of the stock market returns. Yeah we all know those numbers. Invest a huge chunk in treasuries (or CD's) a portion in S&P 500 covered by the interest on the treasuries etc..... and you'll beat this high fee proposition.

Since they bought me a decent steak I saw no need to call them out. However when pressed DW simply told the shills at our table that I must be a financial genius because she never saw any losses in the stock market because we didn't sell at a loss. EVER. And I thought she wasn't paying attention.
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Old 01-11-2019, 03:11 PM   #50
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DW and I attended our first variable annuity steak dinner a couple weeks ago.
Have not been to a variable annuity steak dinner....They are all Fixed Index Annuity dinners.....
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Old 01-11-2019, 03:20 PM   #51
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^^^^ I'm sure that they would be glad to sell you either.... or both.
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Old 01-11-2019, 04:29 PM   #52
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...We soon were seated next to another couple at a table for four. Nice. However it was soon apparent that they were shills and we were the mark...
Interesting. Never thought they'd team up two-on-two. A few plants in the audience maybe, but your own personal shills? Wow!

I wonder how much they pay the shills. Maybe a good side hustle there...

Actually, at the two of these I've been to (one time share, one annuity sales pitch) I actually felt bad for the other couples seated near us. Especially if they ask questions. Maybe I still feel it's rude to contradict the presenter who just bought me dinner. I don't want to come out and say "this is BS" so I'll say something like "I don't really see how the numbers would work for us."

I guess they count on us marks being polite like that.
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Old 01-11-2019, 04:42 PM   #53
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Interesting. Never thought they'd team up two-on-two. A few plants in the audience maybe, but your own personal shills? Wow!

I wonder how much they pay the shills. Maybe a good side hustle there...

Actually, at the two of these I've been to (one time share, one annuity sales pitch) I actually felt bad for the other couples seated near us. Especially if they ask questions. Maybe I still feel it's rude to contradict the presenter who just bought me dinner. I don't want to come out and say "this is BS" so I'll say something like "I don't really see how the numbers would work for us."

I guess they count on us marks being polite like that.
Yeah, I concluded that we'll take this presentation under advisement. I am surprised that there has been no follow up. They dropped at least a hundred bucks on us for no good reason. It confirms that there must be a heck of a commission for the conversions.
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Old 01-17-2019, 11:27 AM   #54
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What’s Your Time Worth?

Reading this thread makes me think of Darrow Kirkpatrick’s blog post on determining what you time is worth: https://www.caniretireyet.com/financ...ur-time-worth/

He does it to help decide whether to spend time on financial mgt and other tasks. But, one does give up time for these ‘free’ dinner pitches, or other such offers, so it seems applicable.

I have never attended a ‘free dinner’ sales pitch; the 2-4 hrs for $100-$150 (for 2 people) never seemed like a good investment of our time, knowing we wouldn’t be buying. However, up the ante enough and you’ll get my interest. For example, offer me 5 nights in a $2000/nt 2BR/2BA oceanfront suite on Maui @ $500/nt for listening to a 1.5 hr timeshare pitch, and I’m in. . That’s $2,500/hr for me plus same for DW. Not sure I’d do the timeshare thing again but, I was pretty happy with deal at the time and, $2,500/hr is a bit more than I made while working.
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Old 01-17-2019, 11:34 AM   #55
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Reading this thread makes me think of Darrow Kirkpatrick’s blog post on determining what you time is worth: https://www.caniretireyet.com/financ...ur-time-worth/

He does it to help decide whether to spend time on financial mgt and other tasks. But, one does give up time for these ‘free’ dinner pitches, or other such offers, so it seems applicable.

I have never attended a ‘free dinner’ sales pitch; the 2-4 hrs for $100-$150 (for 2 people) never seemed like a good investment of our time, knowing we wouldn’t be buying. However, up the ante enough and you’ll get my interest. For example, offer me 5 nights in a $2000/nt 2BR/2BA oceanfront suite on Maui @ $500/nt for listening to a 1.5 hr timeshare pitch, and I’m in. . That’s $2,500/hr for me plus same for DW. Not sure I’d do the timeshare thing again but, I was pretty happy with deal at the time and, $2,500/hr is a bit more than I made while working.
One has to eat dinner, so if it is at a steakhouse close by, good for me, plus love to compare their knowledge with what I know already.
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Old 01-17-2019, 11:38 AM   #56
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I enjoyed reading this article. The content will not surprise anybody here.

"We went to a steak dinner annuity pitch. The salesman wasn't pleased".

https://www.nytimes.com/2018/11/30/y...ness&smtyp=cur
In Orlando Florida there are many time share presentations where a free good meal is offered and usually includes free tickets to Disney or Universal. 2-3 hours of time but worth it. Someone in the group always get suckered into buying into one of the sales pitches.
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Old 01-17-2019, 11:48 AM   #57
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If DW wants to try a restaurant we haven't been to, we'll often go. I haven't found any obvious shills in the audience, but have found some people that we might find fun to hang around with. During the down-time, after the presenter packs-up, we've often had some nice conversations. It's just a bit awkward to try to catch-up with these folks at some later time. Our best option was a couple that told us of their usual hang-outs and usual nights. But they're like 25 miles away, so we never went.


So rather than focus on the "cost" of my time, I like to leverage the "value" the pitch man offers to us all: rounding up people of our age, of our socioeconomic stratus, that might have similar interests.
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Old 01-17-2019, 12:02 PM   #58
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We have never went to one but got a offer recently so we are going in a few weeks. I won’t do timeshares anymore because they get too rude and aggressive.
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Old 01-17-2019, 03:14 PM   #59
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I've speculated while sitting through free dinner pitches. Say, 36 in attendance at $35 a pop. Add a tip, and you're over $1500 for the night. There could be some wine, and better meat. But let's say the FA is out $2500 for the night. Some percentage of the expense is covered by ad dollars. And those annuity salesman? Their company kicks in to allow them some floor time.
If just one attendee brings 1M to the FA, we're talking at least $7500 new advisory income. Even with a few shills, several plate lickers, and me, it is profitable.
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Old 01-17-2019, 08:50 PM   #60
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Just got an invite today. Choice of one of two nights they are offering a nice dinner at a local restaurant. We went to one at the same place a couple years ago. One of us had a nice steak and one a nice salmon meal. This is a different company making the sales pitch, but probably the same message.....invest with them.

If the weather is good, I think we might attend. Night out on someone else's tab. I don't feel that I'm taking advantage of them as THEY are the ones extending the offer. They must have gotten my name somewhere and decided to spend 'two meals' on me and take a chance. It's called marketing/selling/business.

Like someone else said, who knows, I could very well learn something about funds, retirement, investments, etc. Just so that I don't JUST take their word for it. And NO, they won't be getting any of my funds.
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