My free dinner and sales pitch

[target2019]

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.

 

[robertf57]

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 ;-)

 

[Sunset]

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.

 

[ETFs_Rule]

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.

 

[Ready]

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?

 

[ETFs_Rule]

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.

 

[ERD50]

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

 

[MRG]

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.

 

[audreyh1]

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!!!!

 

[powerplay]

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.

 

[mickeyd]

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."

 

[ETFs_Rule]

Dateline NBC did a story about these salesmen. NBCNews.com Video Player

 

[Accidental Retiree]

+1
About like getting an Amw*y pitch.

I was thinking Kirby vacuums.

 

[MRG]

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.

 

[Bestwifeever]

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.

 

[Ready]

I know it sounds strange, but I'm looking forward to the visit. I enjoy meeting new people and discussing things. I'm one of those people who actually enjoys negotiating with car salespeople. I think I enjoy the negotiation more than I enjoy actually taking delivery of the car. And I'm pretty good about asking open ended questions that allow people to demonstrate to me whether they know what they are talking about or not.

I know what my options are for fixed income investments. So he's going to have to demonstrate to me how his solutions are better than what I currently have. And I'm happy to give him the opportunity to do so. But I'm not easily sold, so it will be up to him to determine how hard he wants to make a sale.

I suspect he will just thank me for his time and move on if I don't immediately jump at what he has to offer. We'll see.

 

[Ready]

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.

Interesting thought, but where would someone go to find out how much I'm worth? I'm not a public figure that anyone would care to track. Is my financial information that readily available? I suppose he could make some assumptions by looking up the value of my home, but is there any way to dig beyond that?

 

[ETFs_Rule]

he's going to have to demonstrate to me how his solutions are better than what I currently have.

Insurance salesmen use all of the same lies and red herring arguments. Their favorite is to ignore diversification into bonds. They'll talk about stocks in 2008, never mentioning that if you had a low risk portfolio of only 33% stocks they you were in plus territory for the year 2008. Their last line of defense is to say "annuities are guaranteed -- bonds and stocks aren't". You can counter that by saying "never bear too much risk or bear TOO LITTLE risk". Bear too little risk and it will cost you a LOT of money after 10, 20 years or more. Then they'll talk about "the bond bubble". But bonds and stocks balance each other out. Money has to go somewhere. If bonds fall then money will tend to move more to stocks. When stocks fall money will run to bonds. That's why you own both. History says that a balanced portfolio will protect you from bond or stock declines.
They also love to be ambiguous about the word "return" when referring to interest payment rate. Ask them about return on investment.

 

[pb4uski]

I was thinking Kirby vacuums.

They are the worst. I finally made up a story that we had to leave for a meeting to get the guy out of the house.

 

[Lakewood90712]

To Ready, If you must go through, after all the advise to the contrary, change the meeting place to a Starbucks. Don't let him into your home, and don't meet at his office. those two places are where they are most comfortable.

 

[ETFs_Rule]

With free advisers you get what you pay for: the most expensive advice (free or paid for) that you will ever get!

Here's a little thing you can do to punk this adviser. Tell him that you are really interested in index funds and have already made up your mind that you want to invest in index funds. Ask him what index funds he has to offer. Index funds don't pay any broker commissions so he should be out the door in short order.

 

[ERD50]

...
I know what my options are for fixed income investments. So he's going to have to demonstrate to me how his solutions are better than what I currently have. And I'm happy to give him the opportunity to do so. But I'm not easily sold, so it will be up to him to determine how hard he wants to make a sale.

I suspect he will just thank me for his time and move on if I don't immediately jump at what he has to offer. We'll see.

Do you really expect to learn anything at all?

I'm pretty sure that if I go to a Ford dealer, the salesperson is going to try to sell me on the virtues of a Ford. They are not going to point out that Chevy makes a model that might be a better fit for me and my money.

I don't need to spend time in a Ford showroom to verify this.

What's the point?

-ERD50

 

[Meadbh]

To Ready, If you must go through, after all the advise to the contrary, change the meeting place to a Starbucks. Don't let him into your home, and don't meet at his office. those two places are where they are most comfortable.

+1

 

[mathjak107]

SPY has returned 32% in the past 2 years, 60% in three years - that's 'sideways'? Let me know hen he predict an 'up' market!

-ERD50

but for all we moved the s&p has returned 2.10% in real return the last 15 years . we did a whole lot retracing on any older money .

 

[Amethyst]

Why? People come for the free dinner. They are adults. They know the dinner is not actually "free" and that there will be a sales pitch. They don't have to *fall* for the pitch. The pitchmen/women make them aware of a product, and unlike 20 years ago, there is an Internet they can use to research the advertised product before buying.

Amethyst

These free-dinner seminar "advisers" should all be taken out and shot for robbing returns from people's retirement.