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Why doesn't anybody care about retirement?
Old 09-18-2007, 03:17 PM   #1
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Why doesn't anybody care about retirement?

I just started working as a financial adviser and I was so excited to help people plan for retirement. It was something I always thought about. Finances have always been a passion for me (I started saving for college when I was 4 yrs old)

But all I get is rejection. "Not interested right now." WHEN will you be? When retirement is knocking on your door?

What do I do to put some fire in their bellies? Or is there nothing I can do to make my generation see that they shouldn't hang all their retirement plans on Social Security and one 401K--if they have one?
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Old 09-18-2007, 03:32 PM   #2
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IMHO you are asking your question to the wrong forum. The people at this forum understand the need to be FI. Some have achieved FI at an early stage; some at a later stage; and some are still working on it, but all the people here understand or they would not be here.

Now if your real concern is "Why are they not knocking on my door and requesting my services as an FA?", that is a different question.
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Old 09-18-2007, 03:46 PM   #3
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What do I do to put some fire in their bellies? Or is there nothing I can do to make my generation see that they shouldn't hang all their retirement plans on Social Security and one 401K--if they have one?
You mean, like, shouldn't they buy some variable universal life insurance from you to guarantee they'll have a successful retirement?

What problem do you see with relying on SS and 401k's to fund retirement?
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Old 09-18-2007, 03:57 PM   #4
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What do I do to put some fire in their bellies?
How about posting a picture of a 70 year old Walmart greeter with a caption - "Your future?"
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Old 09-18-2007, 04:19 PM   #5
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If you're making cold calls, you might as well get used to rejection. If you were to call me, I wouldn't bother explaining the details of how I am already planning for retirement. You'd get a "no thanks/not interested" from me, probably followed by a request to be taken off your call list, or more likely a more heated question of why you called in the first place since I'm on the Do Not Call list.

How about trying to hook up with local companies, unions, etc, to give "no sell" presentations on retirement planning. Leave your contact information, and offer a free consultation. Anyone who calls stands a good chance of being a client. Treat them well and they may refer other people to you.
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Old 09-18-2007, 04:23 PM   #6
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I've always been amazed that people don't care about retirement. I've known both people in their twenties and fifties who switched to work from the public sector (schools and state and federal agencies) to private entities doing the same work and maybe making $1,000 or $2,000 more in their new job---but with no pension (whereas they could have gotten 60 to 90% of their ending salaries had they remained working for the government). It seemed like they weren't going to worry about retirement until they turned 60!
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Old 09-18-2007, 04:30 PM   #7
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If you were to call me, I wouldn't bother explaining the details of how I am already planning for retirement. You'd get a "no thanks/not interested" from me, probably followed by a request to be taken off your call list, or more likely a more heated question of why you called in the first place since I'm on the Do Not Call list.

.
That is exactly how I respond.

Just got interrupted while making this post by another Cold Call. My dissatisfaction was expressed to the caller.
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Old 09-18-2007, 04:45 PM   #8
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35 years ago I was an entry level office slave just out of college whom no financial planner would consider as a prospect. But a friend in the dean’s office became a stock broker and was so hungry for commissions she set up a meeting for me and two co-workers. She sold them a go-go fund which I followed for many years and later called me again and said, "have I got a fund for you." I bought into it (large cap) and am forever grateful that she taught me about mutual funds. I lucked out as that fund became no-load after a while and then went back to load leaving my account as no-load. I still keep about a year’s worth of expenses in that fund.
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Old 09-18-2007, 06:14 PM   #9
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You also need a track record. My niece was hired by a Cdn bank as an 'financial advisor'. She tried to sell me. My response:
1) What is your net worth.
2) Why so low compared to mine?
3) What can you offer me that I can't do myself (for a lot less $$)
4) How do you add value?

Can you answer any of these questions? I like #2, especially for FA's my age.

I'd advise sticking to your own age group. Maybe there #2 won't be a big problem. Be sure to have a good answer to #4. I hope you talk to my kids (as long as annuities and whole/universal life insurance aren't mentioned).
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Old 09-18-2007, 06:41 PM   #10
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If you're just looking for folks to sign up, I would focus my attention on the mid-40's to mid-50's folks who have just "woken up" to see that they need to save for retirement and/or their kids' college. Probably plenty of fish there.

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Old 09-18-2007, 06:46 PM   #11
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Originally Posted by workin4me View Post
I just started working as a financial adviser and I was so excited to help people plan for retirement. It was something I always thought about. Finances have always been a passion for me (I started saving for college when I was 4 yrs old)

But all I get is rejection. "Not interested right now." WHEN will you be? When retirement is knocking on your door?

What do I do to put some fire in their bellies? Or is there nothing I can do to make my generation see that they shouldn't hang all their retirement plans on Social Security and one 401K--if they have one?
Because your average person is now a idiot, who can tell you how many touchdowns Peyton tossed on Sunday, but cannot even point their own country out on a map.
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just curious, moderators...
Old 09-18-2007, 06:56 PM   #12
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just curious, moderators...

Is this the same person?:

Quote:
Originally Posted by workin4me View Post
I was so excited to help people plan for retirement. .. Finances have always been a passion for me.
as this, a certain "Andy H"?:

Quote:
I'm passionate about getting people ahead in life..
Quote:
..talking to families about money is an absolute passion.

http://www.early-retirement.org/foru...iff-29645.html


Sorry --so cynical am I-- but, man.. to me that word ("passion") stinks to high heaven. It means "beware, BS of the first order to follow..". Shouldn't give away the store (my attuned survival/defense mechanisms), but I was just stricken by the similarities in language. Probably better if I clam up; the more time Mr. H or any of his followers spends here, the less time they are out touting who-knows-what to the unsuspecting masses.

[Apologies if I am mistaken. Please feel free, everyone, to follow your "passions"!!!]
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Old 09-18-2007, 07:10 PM   #13
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Quote:
Originally Posted by ladelfina View Post
Is this the same person?:



as this, a certain "Andy H"?:

Quote:
I'm passionate about getting people ahead in life..
Quote:
..talking to families about money is an absolute passion.

http://www.early-retirement.org/foru...iff-29645.html


Sorry --so cynical am I-- but, man.. to me that word ("passion") stinks to high heaven. It means "beware, BS of the first order to follow..". Shouldn't give away the store (my attuned survival/defense mechanisms), but I was just stricken by the similarities in language. Probably better if I clam up; the more time Mr. H or any of his followers spends here, the less time they are out touting who-knows-what to the unsuspecting masses.

[Apologies if I am mistaken. Please feel free, everyone, to follow your "passions"!!!]
Good points.

Also agree that working on retirement plans are not an issue on this forum.

Finally, we really don't want everybody to ER. We need them working to pay into SS and other taxes.

Let's end it here.
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Old 09-18-2007, 07:19 PM   #14
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we really don't want everybody to ER. We need them working to pay into SS and other taxes.
Hee hee.. met my match in the cynicism dep't.
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Old 09-18-2007, 07:25 PM   #15
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Hee hee.. met my match in the cynicism dep't.
Me three.
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Old 09-18-2007, 07:38 PM   #16
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You mean, like, shouldn't they buy some variable universal life insurance from you to guarantee they'll have a successful retirement?

What problem do you see with relying on SS and 401k's to fund retirement?
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Old 09-18-2007, 07:44 PM   #17
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Originally Posted by ladelfina View Post

Sorry --so cynical am I-- but, man.. to me that word ("passion") stinks to high heaven. It means "beware, BS of the first order to follow..". Shouldn't give away the store (my attuned survival/defense mechanisms), but I was just stricken by the similarities in language. Probably better if I clam up; the more time Mr. H or any of his followers spends here, the less time they are out touting who-knows-what to the unsuspecting masses.

[Apologies if I am mistaken. Please feel free, everyone, to follow your "passions"!!!]
Having just read the Rob B thread I was wondering the same thing - and a passion for VULs?
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Old 09-18-2007, 09:03 PM   #18
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What problem do you see with relying on SS and 401k's to fund retirement?
I see a problem with putting all your eggs in one basket or even just 2....but 2 is better than one. I see a problem with ppl my age and younger relying solely on SS because I personally think the SS system is headed for trouble considering that in 1945 there were 42 workers for every social security beneficiary. By 2031 there will be 2.2 workers for every beneficiary.

And then in my past experience, I worked for companies that put in generous matches into your 401K but you had to work with the company for 15 years or more in order to keep the match....in this day and age for young ppl (ex. college age) that's a long time. Plus it did no good for those who were "just passing through" and using the job as a beginner job. Sure you can transfer your 401K but you lost all the match money.......I just think it could be invested better while you're young and still not in your "career", moving from one job to the next every 5 years or so....

That's all......SS isn't bad. 401K's are great. But I believe in a healthy, robust portfolio.
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Old 09-18-2007, 09:09 PM   #19
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IMHO you are asking your question to the wrong forum. The people at this forum understand the need to be FI. Some have achieved FI at an early stage; some at a later stage; and some are still working on it, but all the people here understand or they would not be here.
No duh. I was just venting. Wanting some advice. Thanks.
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Old 09-18-2007, 09:18 PM   #20
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Is this the same person?:


Sorry --so cynical am I-- but, man.. to me that word ("passion") stinks to high heaven. It means "beware, BS of the first order to follow..". Shouldn't give away the store (my attuned survival/defense mechanisms), but I was just stricken by the similarities in language. Probably better if I clam up; the more time Mr. H or any of his followers spends here, the less time they are out touting who-knows-what to the unsuspecting masses.

[Apologies if I am mistaken. Please feel free, everyone, to follow your "passions"!!!]
Well I suppose I'll accept your apology. Sorry I used the wrong word and offended you so badly. That was the first one that came to mind that fit the best. And what word would you have liked me to use that wouldn't have pushed your cynicism button?
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