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Old 07-15-2015, 04:27 AM   #21
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we went to a david lerner dinner. great dinner but the products were not something that appealed to us. but we did give a look .
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Old 07-15-2015, 06:04 AM   #22
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Yes, I understand this is not a good investment option, but the curiosity in me wants to find out how a salesperson pitches a product like this to look so good when it really is not. Do they outright lie, do they only talk about the pros and not the cons...I don't know, but I just personally find it fascinating. It's similar to those time share pitches that seem to convince so many people to buy when everyone knows they are not a good deal.
How I would expect it to work (what I've seen before):
  • Performance excludes upfront fees (5%) and costs (1% per annum)
  • You get a garantueed payout of 2% per year "fixed income"
  • If underlying investments go up, you go up with a ceiling of e.g. 2% per year
  • If underlying investments go down, your capital is garantueed on a nominal basis (after costs)
  • Contract is for at least 10 years
.. so the pitch is: you'll get 2% payout per year and your capital is garantueed! In addition, there is a good chance you'll end up with more than you started with.

No lies, just erm ... pointing out the perks
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Old 07-15-2015, 06:31 AM   #23
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I have always felt those type of sales pitch dinners were good to network with and get the names of the attendees. Then when I decide to go into the snake oil business I will have already built a list of potential customers.
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Old 07-15-2015, 07:22 AM   #24
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One free dinner coming up for us July 28 and July 30 at Sugo Kitchen (we like this place a lot). The restaurant owner couple is one person Greek and one person Italian, and the food is delicious. The dinner menu on the invitation looked quite good. Unfortunately DW won't be here on those days so I can't/won't go.

Agree with all the comments about the sales item being pitched not being right for us.
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Old 07-15-2015, 08:21 AM   #25
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20% return over 10 years is not so great of performance. Simple rough math is 2% per year?
And exact math is 1.84%. That's a joke. He should at least promise something totally unrealistic, like 100% every quarter.
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Old 07-15-2015, 10:14 AM   #26
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Always fun to go to a free dinner. The food is usually OK, and sometimes very good.

As soon as Guy Nice makes his pitch, the only job left is to collect the sign-up sheets and smile.

Guy leaves if his significant other is not there. Sometimes you find he has gone to another room in the restaurant.

Some portion of the bill may be paid by his sponsor.
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Old 07-15-2015, 04:31 PM   #27
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I love these things. Usually a good dinner and quite entertaining. Seem to have dropped off recently (at least for me). In fact, we went to two in one week a while back ;-)
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Old 07-15-2015, 11:27 PM   #28
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We went to a few financial presentations early on, but the meals kept getting cheaper and without wine or even coffee, so now we throw away the invitations. Most of the attendees seemed pretty savvy, and were probably there for the meal.

There was little to no effort to engage anyone in discussion. They only want to set up appointments. I just ask them to e-mail me.
I've never been to one, but was starting to think I should go for a meal, but when the offer came it didn't even include a meal so I trashed it.
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Old 07-16-2015, 05:42 AM   #29
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I'm curious if anyone can shed some light on the investment he was referring to
Index annuity I'll bet. One of THE worst financial products on earth. The Ugly Truth about Equity Index Annuities
Either way it's a high-commission insurance product that he's hucking to all of the plate lickers who showed up for that snake oil pitch. These free-dinner seminar "advisers" should all be taken out and shot for robbing returns from people's retirement.
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Old 07-16-2015, 09:02 AM   #30
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Index annuity I'll bet. One of THE worst financial products on earth. The Ugly Truth about Equity Index Annuities
Either way it's a high-commission insurance product that he's hucking to all of the plate lickers who showed up for that snake oil pitch. These free-dinner seminar "advisers" should all be taken out and shot for robbing returns from people's retirement.
Interesting web site, thanks for sharing. So when he comes to my house next week, will he be presenting me with a glossy marketing fluff brochure, or will I have access to the small print terms and conditions that presumably disclose all of the fees and restrictions?
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Old 07-16-2015, 02:22 PM   #31
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Interesting web site, thanks for sharing. So when he comes to my house next week, will he be presenting me with a glossy marketing fluff brochure, or will I have access to the small print terms and conditions that presumably disclose all of the fees and restrictions?
This guy comes to people's homes? Yep, he's the worst of the worst. And he probably tries to get people to sign the papers on the spot.

They NEVER verbally disclose anything, but it's all buried in the prospectus fine print. If you're a securities lawyer then maybe you'll understand the law text in that prospectus.

Could also be indexed universal life insurance that he's selling. A dud too.
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Old 07-16-2015, 02:52 PM   #32
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This guy comes to people's homes? Yep, he's the worst of the worst. And he probably tries to get people to sign the papers on the spot. ...
Yep, in my experience, someone willing to come to your house for something like this is going to end up being very pushy.

I'll be very surprised if this turns out any different from what the posters here have described.

-ERD50
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Old 07-16-2015, 03:02 PM   #33
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Yep, in my experience, someone willing to come to your house for something like this is going to end up being very pushy.

I'll be very surprised if this turns out any different from what the posters here have described.

-ERD50
+1
About like getting an Amw*y pitch.
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Old 07-16-2015, 03:41 PM   #34
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I can't imagine spending any time on this stuff at all, especially if you are still working!!!!

I have so many better things to do than go out to some dinner presentation (I can afford to take myself out to eat) and then to have them visit my house and sit through a pitch? Arrrrgh!!!

I realize not everyone is the same, but I just had to say this. Life is too short for such crap!!!!
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Old 07-16-2015, 03:50 PM   #35
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I can't imagine spending any time on this stuff at all, especially if you are still working!!!!

I have so many better things to do than go out to some dinner presentation (I can afford to take myself out to eat) and then to have them visit my house and sit through a pitch? Arrrrgh!!!

I realize not everyone is the same, but I just had to say this. Life is too short for such crap!!!!
+10
For some these dinners and toying with the sales person may be a form of entertainment however not for me.
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Old 07-16-2015, 04:09 PM   #36
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Since I retired a couple of years before DW, I took up a hobby of attending noontime financial seminars for a while a few years ago. I met new attendees, listened to many lies and misdirections but also dined on some semi-good grub. I suppose I have attended a couple of dozen of these promotional deals and have been greatly entertained in the process.

I recommend that you all give it a try.

As Scott Burns once wrote about these freebies, "Enjoy the free meal, but don't drink the Koolaide."
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Old 07-16-2015, 04:20 PM   #37
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Dateline NBC did a story about these salesmen. NBCNews.com Video Player
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Old 07-16-2015, 04:21 PM   #38
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+1
About like getting an Amw*y pitch.

I was thinking Kirby vacuums.
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Old 07-16-2015, 04:29 PM   #39
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I was thinking Kirby vacuums.
Yes, they both dump filth on the floor! About the same, I would freak out in MY home. Glad the OP has much more patience than me.
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Old 07-16-2015, 05:55 PM   #40
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Interesting web site, thanks for sharing. So when he comes to my house next week, will he be presenting me with a glossy marketing fluff brochure, or will I have access to the small print terms and conditions that presumably disclose all of the fees and restrictions?
It sounds like from the estate thread you started re structuring trusts in a way that would save you hundreds of thousands in taxes that you are a pretty high net worth kinda guy. I bet the rep has already checked out your financials and will present a product that won't cost much in fees and that he won't make too much on commission so it will be very attractive as as the first stepping stone to getting all of your $$ as an account. Perhaps you can tell him you need to run any offering past your financial advisors: Early, Retirement, Dotcom.
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