Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Brokers target Early Retirees
Old 11-05-2007, 07:56 PM   #1
Full time employment: Posting here.
Cattusbabe's Avatar
 
Join Date: Apr 2006
Posts: 814
Brokers target Early Retirees

This is really ugly.

The pitch: Retire early. The catch: Brokers want your cash - USATODAY.com
__________________

__________________
A todos los amantes del mundo. No importa el color de su piel, la pasion es universal.
_______________

La tavola e il letto non hanno restrizioni.
_____________
Any day your on this side of the grass is a good day.
Cattusbabe is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-05-2007, 08:10 PM   #2
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,900
That's awful!!!

I'm speechless.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 11-05-2007, 10:07 PM   #3
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 831
Quote:
Originally Posted by Cattusbabe View Post

Sad there are always shysters like that lurking around the financial (lack of) services industry.

Didn't read far enough to see if they have sued the broker and his employer for such outlandish activity. Should be able to win something back in court---after much more worry and dread and emotional toll.
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
RetireeRobert is offline   Reply With Quote
Old 11-05-2007, 10:11 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,473
Seems like lots of folks are just sitting ducks. Articles like this get posted here at least once a year. I don't know why folks are so gullible. I guess money management is such a mystery, that they are easily led astray.

Folks just have to work at a place for a decade or two and amass a good 401K, and suddenly they are an easy target.

Audrey
__________________
audreyh1 is offline   Reply With Quote
Old 11-05-2007, 10:18 PM   #5
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
A friend of mine was just left 3M+ in cash and a house after the death of his MIL. I gave him a list of a few books to read and told him to call Vanguard. A month later he told me he just went to an advisor and he's only charging him 1%. I asked him what the advisor did with the money and he said he had no idea.

You can lead a horse to water..........
__________________
73ss454 is offline   Reply With Quote
Old 11-05-2007, 10:22 PM   #6
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 156
If he is a good friend hope you persuade him to let you
have a discussion with the 1% advisor.
__________________
wcv56 is offline   Reply With Quote
Old 11-05-2007, 10:36 PM   #7
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
An old saying. You can't teach someone nothin that don't know nothin.
__________________
73ss454 is offline   Reply With Quote
Old 11-05-2007, 11:03 PM   #8
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 156
Well I would look at it more like it is letting the advisor
know that someone else is also concerned, so don't screw up.
Kind of like a curve ahead sign. Nice to know such friends exsist
__________________
wcv56 is offline   Reply With Quote
Old 11-06-2007, 12:58 AM   #9
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,929
Amazing. An ex-gf is from Houma and probably knows them. The 9% SWR scares me.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 11-06-2007, 05:23 AM   #10
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: New York
Posts: 898
Quote:
Originally Posted by bssc View Post
The 9% SWR scares me.

At 9%, isn't that an UWR?
__________________
Money's just something you need in case you don't die tomorrow.
Maurice is offline   Reply With Quote
Old 11-06-2007, 11:58 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
"In the first few years after Ray handed over his nest egg to Morgan Stanley, his portfolio soared as the market boomed."

Geee..... I did this all by myself without an advisor. Rode it up, rode it down and finally recovered.

I think most on this board are plenty smart enough to know how to ride risky equity investments up and down the cycle without paying someone to do it for them! Why, I bet most of us could even figure out how to get scared and sell at the bottom!
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 11-06-2007, 12:19 PM   #12
Recycles dryer sheets
 
Join Date: May 2007
Posts: 121
I have quite a few ex co-workers that have lost most of their retirement. I fought and argued until I was blue in the face with a couple of them, but they would not listen. An investment broker was promising them 36%, and they lined up like sheep to slaughter. One or two lucky ones died, the rest are now out working or looking for work.
__________________
limpid lizard is offline   Reply With Quote
Old 11-06-2007, 12:20 PM   #13
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
Articles like that keep reminding me that the time I spend educating myself about finances is time well spent... Two weeks ago, my MIL was invited by a friend to attend a personal finance seminar targeting divorced retirees (mostly women)... They got a free lunch and a hard sale by some hot shot "financial advisor" in his 20's. He tried to scare them into insurance products, annuities, and expensive investment options provided through a second class insurance company. My MIL in particular is uneasy wih her current financial situation as a new divorcee in her 60's and the annuity part of sale pitch got her attention... Luckily she left the "seminar" without signing anything... Right now her money is invested in one of VG target retirement fund and if she really wants to go the annuity route, I would want her to first take a look at VG annuity options.
__________________
FIREd is offline   Reply With Quote
Old 11-06-2007, 12:21 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
WOW ... this really shows that the general public does need education on investments ala gov'ment new pension laws. ... I kept on envisioning sheep to the slaughter as I read the article. ... very disturbing.
... PT Barnum seems to have been correct.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 11-06-2007, 01:13 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by megacorp-firee View Post
WOW ... this really shows that the general public does need education on investments.
And it shows that the general public has greed as a primary driver........ Greed is the enabler that allows scam artists, financial advisors and other low lifes to do their evil work........
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 11-06-2007, 01:35 PM   #16
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Wow .... get caught in a ponzi scheme and kick the cat sue mega corp? What ever happened to PERSONAL RESPONSIBILITY?!?!

On the bright side, the dude with the 8.5% withdrawal rate probably SPENT more than he LOST. What are these people smoking?
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 11-06-2007, 05:32 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
In my youth (a coupla years ago, as I was gathering info), I had a 'free dinner' and a follow up meeting with the FA. This is after I had already set things up ... and was curious as to what others were advising. So my DW and I go to the meeting with the FA and he starts to tell me about getting guarenteed 25% ... I asked a few questions on how this was possible and got a bunch of mumbo jumbo ... needless to say I tuned out for the rest of the meeting, thanked him, and got outta there. In the car, my DW asked me if we looked THAT dumb. My reply was '... that we learned something today ... , stay away from that guy, watch your wallet, and look both ways before crossing'.

The sad thing about this is that there were quite a few nice folks at that 'free dinner' and I am sure that there were some casualties.

I think the gov'ment should put a warning label on these guys... or a BIG RED F on their foreheads.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 11-06-2007, 06:22 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Seems intriguing that this story surfaces after how many years? Any advisor promising 25-30% returns is an idiot and a liar, wouldn't you think?

Seems to me there's bad eggs in all professions, but personal investing sells more columns..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 11-06-2007, 07:12 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Quote:
Originally Posted by FinanceDude View Post
Seems intriguing that this story surfaces after how many years? Any advisor promising 25-30% returns is an idiot and a liar, wouldn't you think?

Seems to me there's bad eggs in all professions, but personal investing sells more columns..........
... liars yes... idiot? ... thinking it's the greedy ones who actually buy into this return rate.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 11-07-2007, 02:18 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by megacorp-firee View Post
... liars yes... idiot? ... thinking it's the greedy ones who actually buy into this return rate.
The stuff I saw and heard from 1998-2000 was truly astonishing..........

At least I'll know when the next bear market is about to hit, when my 65+ year old clients want to know about how to make 30% a year because "everyone's doing it"..........
__________________

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Journalist needs some early retirees... dyan.machan Hi, I am... 8 07-07-2007 11:11 AM
Keeping Early Retirees Afloat Helen Health and Early Retirement 19 06-30-2007 09:20 AM
Are there any early retirees with small pension??? huutrinon Hi, I am... 16 06-05-2007 11:01 AM
need to speak to early retirees mbenjamin2 Other topics 36 02-23-2006 08:32 AM
MD early retirees??? txdoc Hi, I am... 0 07-19-2003 04:28 PM

 

 
All times are GMT -6. The time now is 04:14 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.