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Brokers target Early Retirees
11-05-2007, 06:56 PM
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#1
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 816
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Brokers target Early Retirees
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A todos los amantes del mundo. No importa el color de su piel, la pasion es universal.
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11-05-2007, 07:10 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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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.
Happily retired since 2009, at age 61. Best years of my life by far!
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11-05-2007, 09:07 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
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 Quote:
Originally Posted by Cattusbabe
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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.
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11-05-2007, 09:11 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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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
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11-05-2007, 09:18 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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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..........
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11-05-2007, 09:22 PM
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#6
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Recycles dryer sheets
Join Date: Oct 2007
Posts: 156
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If he is a good friend hope you persuade him to let you
have a discussion with the 1% advisor.
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11-05-2007, 09:36 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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An old saying. You can't teach someone nothin that don't know nothin.
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11-05-2007, 10:03 PM
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#8
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Recycles dryer sheets
Join Date: Oct 2007
Posts: 156
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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
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11-05-2007, 11:58 PM
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#9
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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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.
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11-06-2007, 04:23 AM
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#10
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Full time employment: Posting here.
Join Date: Oct 2007
Location: New York
Posts: 898
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Quote:
Originally Posted by bssc
The 9% SWR scares me.
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At 9%, isn't that an UWR?
__________________
Money's just something you need in case you don't die tomorrow.
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11-06-2007, 10:58 AM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,186
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"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
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11-06-2007, 11:19 AM
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#12
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Recycles dryer sheets
Join Date: May 2007
Posts: 121
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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.
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11-06-2007, 11:20 AM
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#13
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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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.
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11-06-2007, 11:21 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,305
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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.
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Life is GREAT!
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11-06-2007, 12:13 PM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,186
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Quote:
Originally Posted by megacorp-firee
WOW ... this really shows that the general public does need education on investments.
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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
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11-06-2007, 12:35 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,603
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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?
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FIRE'd since 2005
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11-06-2007, 04:32 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,305
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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.
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Life is GREAT!
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11-06-2007, 05:22 PM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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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..........
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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.........:)
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11-06-2007, 06:12 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,305
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Quote:
Originally Posted by FinanceDude
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..........
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... liars yes... idiot? ... thinking it's the greedy ones who actually buy into this return rate.
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Life is GREAT!
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11-07-2007, 01:18 PM
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#20
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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__________________
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.........:)
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