Free Dinner

[Trailwalker]

I throw away a "free dinner" mailer about once per month. No dinner is worth a timeshare presentation. Did that once and never again. Financial seminars? I usually look at where it's being held and then throw it away. Last week, I received one for a restaurant that I like a lot in Wisconsin Dells. I didn't want to talk to anyone or give up personal info to sign up, but the process didn't ask for that and was all on-line. So far, I've just received a call to confirm that I'm showing up. Then a text to try to get me to show up 30 minutes before dinner starts "so that the event begins on time." I won't be late; but I'm not going to be early either. Dinner is tonight.

I'm glad to listen to a short pitch on annuities/long term insurance if that's what's coming. If I ever receive an inheritance, some of it might go into a simple annuity. Could it be any worse than that? Any tips other than trying to find a table near the exit and wearing my wallet in my front pocket?

 

[OldShooter]

I suspect that they are all different,but at the couple I've been to, they’ve been careful to make you sit through the pitch before they feed you. So running out early make cost you a steak.

The other interesting thing at one of them is the huckster had salted the audience with existing happy clients, one or two per table for four. Kind of sad, really; the client at my table really had no idea what he had invested in or whether it was a good idea or not. But he really liked the huckster.

 

[Car-Guy]

I went to several "financial/retirement" seminars before I retired... They were all pretty much the same (invest with us) except I got "free luncheons or dinners" at places I would have never gone on my own dime. Glad I went to "see" for myself...

 

[Dtail]

I have been to a few of them when they were at higher end restaurants and enjoyed asking the reps some well placed questions which they had difficulty answering, although in private.
The DGF doesn't really want to go anymore, so......

 

[zinger1457]

Turning 65 later this year and definitely seeing a big uptick in 'free' Medicare seminars with lunch/dinner included. Haven't been to one yet, doubt I'll go to any.

 

[jollystomper]

Any tips other than trying to find a table near the exit and wearing my wallet in my front pocket?

Dress neatly, but not too nicely .

 

[Helen]

Turning 65 later this year and definitely seeing a big uptick in 'free' Medicare seminars with lunch/dinner included. Haven't been to one yet, doubt I'll go to any.

I turned 65 last week. I have thrown out easily five pounds of Medicare brochures.

I wish I could find someone who understood both Federal BCBS and Medicare Part B.

 

[friar1610]

Went to one recently sponsored by a senior living company that is building a facility nearby. Any of the “pitch” was fairly low key. Only followup has been via email and then only to encourage us to visit the model units as they near completion. Wouldn’t have minded seconds of dessert but they were not offered.

 

[Midpack]

Most people don't know any better, so if 1 in 4 fall for the well constructed pitch, the cost of dinners for the 75% who don't bite is well worth it to them. I wouldn't waste my time even though I wouldn't buy their services, but you're entitled if a free dinner is worth it to you.

Just be polite and don't try to trap the presenter with tough questions, or they will discretely show you the door. Happened to us at a time share decades ago. And if you're goal is a free dinner, why make it hard for the presenter.

https://blog.aarp.org/money-talk/those-free-financial-dinner-seminars-may-give-you-indigestion

 

[Trailwalker]

Thanks for all of the feedback. I'll report back after the dinner tomorrow about how it went.

I won't be asking any questions. My wife made me dress more nicely than I wanted, but that's another issue.

 

[Graybeard]

I've gone to quite a few. All but one place (been to that place now 3 times for living trust update seminars and the food was not worth it all 3 times so no more of those seminars) the food was very good and worth the time. I haven't gotten any for a couple of years other than the place where the food is so so, I guess I'm too old having aged through that mid 60's time frame.

 

[MC Rider]

Went to one for a time share years ago.
Supposedly we would get tix to Hawaii, which turned out to be worthless.
On the plus side they let me and my friend go after the main pitch without trying to get us one on one for a hard sell. I suspect because we looked like we did not have money, also were 2 young guys, not a couple.


Dress like you are homeless.

 

[Dtail]

Most people don't know any better, so if 1 in 4 fall for the well constructed pitch, the cost of dinners for the 75% who don't bite is well worth it to them. I wouldn't waste my time even though I wouldn't buy their services, but you're entitled if a free dinner is worth it to you.

Just be polite and don't try to trap the presenter with tough questions, or they will discretely show you the door. Happened to us at a time share decades ago. And if you're goal is a free dinner, why make it hard for the presenter.

https://blog.aarp.org/money-talk/those-free-financial-dinner-seminars-may-give-you-indigestion

They don't show you the door, if one asks the difficult questions discreetly. Fun for me.

 

[Out-to-Lunch]

What is the down side of being shown the door, discreetly or otherwise?

 

[arcyallen]

This post is a friendly reminder to me how many financial seminars are yucky feeling, because this hasn't been my personal experience. I used to host the seminars with Edward Jones when I was an advisor. I'd invite clients and they were welcome to bring a guest. We put out a simple spread at the office and people would put together a plate, sit down, and we'd do an hour presentation with questions/conversations along the way. It was actually quite fun. At the end I thanked them, and that was it! A few days later I'd call each client to see if they had questions. I always looked forward to doing those seminars!

Now I get those seminar/dinner invites from other companies and think "Should I?" but decide against it.

 

[Midpack]

What is the down side of being shown the door, discreetly or otherwise?

The pitch is usually before the dinner or whatever inducement…

 

[Trailwalker]

Dinner

The pitch was before the dinner. although they did put out a flatbread and cracker basket with butter before the presentation. I have to confess that I was hungry at the 6 pm. start, so the basket had a serious dent in it before the hour talk was over.

I think it went about as well as possible from my own perspective with low expectations. The presenter, an older woman, was very down-to-earth and low key. She described herself as an independent financial services agent who wanted to help people address financial problems with a wide range of financial products, using the seminar to present the options available in broad terms. She addressed certain problems in the industry, specifically complicated products with high fees.

We were asked to to fill out an informational sheet with name, address, birthdate, email, cell, employed or not, and types of investments owned. She asked us all to "be adults" and put in the correct information, which I did except substituting age for DOB.

After the pitch, as dinner was being served, she came around and answered specific questions. My wife had a couple about funeral trusts and fixed index annuities.

Later, her assistant came around and offered to sign us up for an individual appointment at which we were to bring more specific documentation of cash flow and net worth. When I said that we weren't interested, she thanked us and told us we could change our mind and even sign up for another dinner if offered.

Dinner was fine. Bread basket, salad, choice of steak or salmon. No alcohol was served, and we were asked not to order alcohol. Dessert was a Belgium chocolate that our presenter handed to us at the table while thanking us for coming. My steak was excellent: a thick flat iron, prepared to the redder side of medium rare, which was perfect for me.

We topped off the evening with a brandy old fashioneded at Ishnala overlooking the lake with the bar to ourselves on a Tuesday night. Pretty nice evening for $15.

The information presented was not new to me, but it wasn't a waste of time either, reminding me of insurance vehicles to serve certain purposes. The psychological aspects to keep the audience engaged were interesting. Everyone can agree that we would rather have lower taxes, guaranteed no down side with more limited upside, and income streams to replace the pension leg of the three-legged stool.

The evening didn't change my own financial plan which is a simple one, using Wellington/Wellesley and enough Treasuries, etc. to ride out storms.

 

[Out-to-Lunch]

The pitch is usually before the dinner or whatever inducement…

Ahh, I see. Oh, well, TANSTASF[-]L[/-]D

 

[Amethyst]

Used to go, now and then, in the 2000's. Had some excellent dinners and decent presentations.

The dinners have gotten cheaper and cheaper over the years, and are no longer worth the time. The last one I attended, provided a tiny salad, a couple of rolls, and a choice of lasagna, a piece of chicken or a piece of fish (virtually nothing else on the plate). No coffee or dessert, and the beverages were help-yourself urns of ice water and iced tea

 

[jollystomper]

Trailwalker, thanks for the update!



Funny thing, today we received in the mail and invite to a similar type of dinner next month ("Surviving Retirement"). The restaurant is a very good one (took DW and the kids there to celebrate her birthday a few years ago, and it has often been used for things like retirement dinners or banquets for community organization). Choice of 5 different entrees. "No obligation, nothing will be sold". Dinner is after the presentation. We'll think about it...

 

[Koolau]

The free dinners I recall from the 00s were all trying to sell indexed annuities or the equivalent. They could never really explain how they worked in reality though they had these nice (theoretical) graphs showing how you couldn't possibly loose. As someone here pointed out, the fare tended to get cheaper over the years. I never bought any "product", thank goodness.

One time, I read every word of the prospectus of one of these nightmare investments. Though it was still difficult to understand, it was clear that it was a typical heads they win, tails you lose proposition. Fees would take away any possibility of really coming out ahead with such a travesty. Anyway, YMMV.

 

[Badger]

Went to one for a time share years ago.
Supposedly we would get tix to Hawaii, which turned out to be worthless.
On the plus side they let me and my friend go after the main pitch without trying to get us one on one for a hard sell. I suspect because we looked like we did not have money, also were 2 young guys, not a couple.
.

Dress like you are homeless.

We went to one of these in the NC mountains about 30+ years ago. We had to sit through a 1.25 hour hard sell but had one of the time shares to sleep in for a couple of days, a nice seafood buffet, and $50 gas money. Pretty good deal and we had a nice time in the mountains during leaf season. Then another time we went to the Keys and got a generic Pong computer game to hook up to the TV.
Never went to another offer again. That was enough.

Cheers!

 

[Time2]

You all must be on the rich people list I don't get financial seminars, I get seminars on how to save home energy. Layered aluminum backed insulation,
solar fans for the attic, and then a system to kill bacteria in the house. I did have a good steak at one seminar, a bit small, but good flavor and tender.
I find it a bit embarrassing to get a free meal and then walk away. But that is the plan.

 

[Car-Guy]

I find it a bit embarrassing to get a free meal and then walk away. But that is the plan.

I never felt embarrassed... I went to hear (and confirm) my suspicions. I only recall going to a few, of the many that were offered, and that was enough for me. I always felt the free meal was their cost of doing business to try and sell me on what they were offering.

The best one was my mega corp sponsored a 2 day financial planning/benefit retirement seminar for those employees over 55. They also gave us access to a financial advisory company for a year after we retired and that understood our companies post employment benefits and 401k investment options. Those were useful, and free.

 

[Turbo29]

A few years back a friend of mine was visiting and asked me to go with him to a timeshare presentation. He was going to get a free lunch and $100.

One of the salespeople started working on him after lunch and said, "This is not a run of the mill timeshare, this is in Scottsdale and will be a good investment." I saw on his face that he was starting to crack so I interjected, "If it is a good investment do you have documentation to show previous owners of timeshares around here who have sold at a profit?" The sales person gave me a nasty look and indignantly said, "This discussion is over!" Handed my friend a check for $100 and walked away.