"Guaranteed" Investment

[misanman]

I don't know exactly how I let this happen but a couple weeks ago I allowed a sales rep to see if he could reduce our insurance costs. He came today to deliver the "results" and it turned out that he couldn't beat my existing rate.

The problem is that he switched over to a discussion of tax preparation (I do my own), estate planning and investment planning. His card says "Chartered Retirement Planning Counselor". He proposed that I consider "guaranteed" investments. He wouldn't say what they are specifically except that Certificates of Deposits are an example. Claims they offer the investment vehicles (my term) from over 100 companies. In response to my question he denied that they were annuities.

He wants to come back next week to review my goals and propose a plan. I think this must be mostly hooey but I'm also curious to know what in the world he's talking about.

Any thoughts on what he's going to try and sell me? Other recommendations? Is a CRPC a legitimate title. He's from Financial Services of America and he admitted this would be commission based.

 

[pb4uski]

Sounds like life insurance or annuities to me. You are wise to be cautious.

 

[brewer12345]

Should be quite entertaining, but you might need to load the 12 gauge with salt rock to get rid of him.

 

[M Paquette]

Any thoughts on what he's going to try and sell me? Other recommendations? Is a CRPC a legitimate title. He's from Financial Services of America and he admitted this would be commission based.

Variable Universal Life, and maybe a nice flexible premium deferred fixed index [-]annuity[\-] subaccount. :-(

Recommendations? Cancel the appointment. If you do go, for Ghu's sake don't sign anything. Collect the literature for later study. Do NOT believe the example you are shown match anything likely to happen out in the real world.

Take a look here: http://www.bogleheads.org/wiki/Category:Retirement_Planning

Good books:
http://www.bogleheads.org/wiki/Bogleheads'_Guide_to_Retirement_Planning
http://books.google.com/books?id=eiPO0bHN68AC


The title is as legitimate as anything I might make up. One of my business cards says I am a Family Office Private Investment Manager. I love laser printers and card stock...

OK. It's a real title...
Definition of 'Chartered Retirement Planning Counselor - CRPC'
A professional designation awarded by the College for Financial Planning to individuals who complete a study program and pass a final multiple-choice examination. Successful applicants earn the right to use the CRPC designation with their names for two years, which can improve job opportunities, professional reputation and pay. Every two years, CRPC professionals must complete 16 hours of continuing education and pay a small fee to continue using the designation.

However... Here is the web site to sign up for the whole e-mail based course and multiple choice final exam.
http://www.cffp.edu/portal/alias__rainbow/lang__en-us/tabid__3353/desktopdefault.aspx


Mmmm.... Commissions...

 

[Mulligan]

Should be quite entertaining, but you might need to load the 12 gauge with salt rock to get rid of him.

I knew if I was patient, someone would have a response to this question that would make me laugh. That was a good one Brewer!!

 

[73ss454]

The problem is that he switched over to a discussion of tax preparation (I do my own), estate planning and investment planning. His card says "Chartered Retirement Planning Counselor". He proposed that I consider "guaranteed" investments.
.

The thing he want's guaranteed is his commissions. Don't waste your time!

I get at least 5 letters and post cards a week from folks who want me to come to their meetings. The last one I got said he would pay me 100 bucks just to sit with me and go over my retirement.

IMHO you should read a retirement book instead of wasting time with this guy.

 

[sheehs1]

How old is he? Perhaps he's just telling you "what he has been told".

 

[james7]

The thing he want's guaranteed is his commissions. Don't waste your time!

I get at least 5 letters and post cards a week from folks who want me to come to their meetings. The last one I got said he would pay me 100 bucks just to sit with me and go over my retirement.

IMHO you should read a retirement book instead of wasting time with this guy.

You are doing much better than me. The most I was ever offered was a free dinner at an upscale restaurant. As a matter of fact, I just threw several tickets away that came in today's mail.

 

[traineeinvestor]

I usually tell them I am available to discuss over a coffee in Starbucks - at least a get a free drink and a pastry and an excuse to get out of the office for half an hour or so. For the guys selling real estate off plan I can sometimes swing a lunch.

Needless to say - don't sign anything!

 

[panacea]

The title is legitimate. Not a difficult designation to obtain but probably better than not having it. However, it's what you do with it that counts and I'm confident that you don't need what's he selling. It's certainly some sort of annuity or insurance based product. He's not pitching CDs, that's for sure. I wouldn't sit through the presentation unless you were curious. Or you could schedule an appointment with Kirby instead- at least you'd get a room vacuumed for free.

 

[FinanceDude]

Maybe he's one of those "Bank On Yourself" "advisors".........

 

[Walt34]

I get at least 5 letters and post cards a week from folks who want me to come to their meetings. The last one I got said he would pay me 100 bucks just to sit with me and go over my retirement.

I think for $100 I'd go ahead and let him give his talk, then take DW out to a very nice dinner.

We only get the one for dinner at a local so-so restaurant. I feel so deprived.

 

[RockyMtn]

Any thoughts on what he's going to try and sell me?

Whatever he makes the highest commision on!

 

[FinanceDude]

Whatever he makes the highest commision on!

 

[SJ1_]

The thing he want's guaranteed is his commissions. Don't waste your time!

Agree - A great book on Investments by John C Bogle who started vanguard explains investments in very simple terms. I would highly recommend reading
it.
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits)

John C. Bogle

 

[FinanceDude]

Insurance products are SOLD, not BOUGHT.

 

[Bestwifeever]

...
I get at least 5 letters and post cards a week from folks who want me to come to their meetings. The last one I got said he would pay me 100 bucks just to sit with me and go over my retirement....

I like this! It gives new meaning to fee-only financial advisors--they pay us the fee, we don't pay them.

 

[73ss454]

I like this! It gives new meaning to fee-only financial advisors--they pay us the fee, we don't pay them.

Yeah, it's a cool deal but who want's to sit and listen to the BS.

 

[haha]

You guys must be on some very upscale lists. I have had only one invitation like any of these since I quit working. (Like 25 years) I asked the presenter where he got my name but he parried the request. The dinner was at Ruth's Chris, it stank, and the talk was long and very boring. No where worth the trade.

I did learn to never eat at Ruth's Chris again, although our downtown location has a nice happy hour that I go to sometimes. Amazing how many people sit down at the bar and drink 3 drinks in a half hour to 45 minutes to get up their courage to face whatever comes next, or to wipe away the work day just ended.

Ha

 

[misanman]

The title is legitimate. Not a difficult designation to obtain but probably better than not having it. However, it's what you do with it that counts and I'm confident that you don't need what's he selling. It's certainly some sort of annuity or insurance based product. He's not pitching CDs, that's for sure. I wouldn't sit through the presentation unless you were curious. Or you could schedule an appointment with Kirby instead- at least you'd get a room vacuumed for free.

Thanks for all the advice - and some good chuckles as a result. I agree it's got to be based on insurance some way, since I can't see that anything else fits. I haven't decided whether to cancel or whether to go ahead with it just out of curiosity - maybe play with him a bit.

Many years ago a Prudential guy wanted to prepare a free financial plan for us. For some reason we let him. Amazingly, the report showed that the solution to every financial problem was insurance.

 

[easysurfer]

When someone says "Guaranteed Investment" that would raise some red flags. Kinda like someone saying "high return - no risk".

Maybe you should ask him:

1) Is he invested in that himself

2) If not, why not since it's "guaranteed"

 

[ripper1]

I don't know exactly how I let this happen but a couple weeks ago I allowed a sales rep to see if he could reduce our insurance costs. He came today to deliver the "results" and it turned out that he couldn't beat my existing rate.

The problem is that he switched over to a discussion of tax preparation (I do my own), estate planning and investment planning. His card says "Chartered Retirement Planning Counselor". He proposed that I consider "guaranteed" investments. He wouldn't say what they are specifically except that Certificates of Deposits are an example. Claims they offer the investment vehicles (my term) from over 100 companies. In response to my question he denied that they were annuities.

He wants to come back next week to review my goals and propose a plan. I think this must be mostly hooey but I'm also curious to know what in the world he's talking about.

Any thoughts on what he's going to try and sell me? Other recommendations? Is a CRPC a legitimate title. He's from Financial Services of America and he admitted this would be commission based.

Never open the door to strangers.

 

[Nords]

I wouldn't sit through the presentation unless you were curious.

I haven't decided whether to cancel or whether to go ahead with it just out of curiosity - maybe play with him a bit.

What, you built the suspense up to a fever pitch and you're not going to tell us the thrilling conclusion?!? You have to go now, and you have to take notes!

Tell him you're going to post all of his comments and documentation here for our critique... and the letters after our names are "FIRE".

 

[misanman]

Update on "Guaranteed" Investment

Well, I met with this guy again today. Lot's of discussion of goals, risk tolerance, etc. He still hasn't given me a clue as to what he's selling which is somewhat frustrating. There's been some benefit (to me) of being forced to articulate my financial ideas.

He did say that he thought I could self insure for LTC. I was thinking that we were marginal with respect to this so I was interested in his comment although he didn't provide any data to back up his observation.

I can't believe I agreed to meet with him again next week, but he's supposed to bring a recommended "plan" so at least that should bring things to some sort of conclusion.

 

[FinanceDude]

Well, I met with this guy again today. Lot's of discussion of goals, risk tolerance, etc. He still hasn't given me a clue as to what he's selling which is somewhat frustrating. There's been some benefit (to me) of being forced to articulate my financial ideas.

He did say that he thought I could self insure for LTC. I was thinking that we were marginal with respect to this so I was interested in his comment although he didn't provide any data to back up his observation.

I can't believe I agreed to meet with him again next week, but he's supposed to bring a recommended "plan" so at least that should bring things to some sort of conclusion.

Keep us informed..........