an article in the NYT about annuity pitch steak dinner

[MarieIG]

I would love to go to one of these seminars and ask the presenter, "Would you please throw up a spreadsheet showing how hosting these seminars results in a long-term net profit for your company?" Nothing else the presenter would have to say would be of much interest. After asking such a question, I doubt that I would be invited back any time soon.

BTW: a large number of "free" meals are offered locally by wealth managers via snail-mail and ads in the local newspapers. This is a surprisingly popular way for such folks to troll for new clients. I sometimes wonder how much the people who call are pre-qualified before being allowed to attend. Too many people looking only for a free meal could turn these seminars into an unprofitable enterprise for their hosts.

I strongly suspect that I was prequalified due to the invitation coming through TD Ameritrade. I have an account there. Based on the cars in the parking lot, DH and I were the poorest attendees. I am not sure how screening is done when the ads are placed in the paper.

 

[Huston55]

I strongly suspect that I was prequalified due to the invitation coming through TD Ameritrade. I have an account there. Based on the cars in the parking lot, DH and I were the poorest attendees. I am not sure how screening is done when the ads are placed in the paper.

If you mean your car was the least expensive, then you were more likely the ‘richest.’ Having a super expensive car means ‘money spent’ not ‘money saved.’ Basic MND stuff.

 

[scrabbler1]

I had one more thing to consider. I asked my ladyfriend if she wanted to go and she said she did. The two advertised dates were already full so they added a third one in early February we will attend.


She has no money to invest so there is no way she can be pressured to do anything moneywise.


I will surely post here or in a new thread about the event after it ends.

Okay, here's what happened with the free dinner event run by the investment guy.

My ladyfriend and I didn't go to the one on SS in early February. My ladyfriend was sick that week so we didn't go. I was going to this one only because she wanted to go.

The man running these events had one on Medicare in late February and neither of us were interested. He then held one last night about IRAs and it did interest me so I went, without her.

I learned what was on the menu and didn't really care for it, so I passed on the dinner. He told me before hand I could not ask for a different entrée, so I ate dinner before I got there at 6:30.

There were about 25 people there scattered among 6 tables although I was alone at my table in the back. His presentation was good, he covered a lot of stuff about IRAs. I was most interested in what he had to say about doing Roth IRA conversions.

It wasn't a high-pressure sales pitch, at least during the presentation. He did ask us to hold any questions until he finished his slide show which lasted about one hour. The dinner had not yet been served. I had written down a few things I wanted to say in an expected Q&A after the slide show, but instead he began visiting the other tables, making pitches for later one-on-one consultations. The meal began to be served.

I had no desire to wait another 15+ minutes for him to make his way to my table, so I packed up my stuff and split. I dropped off with him a feedback sheet with my comments and questions and bid my good-byes.

Declining the meal was helpful because it got me out of there quickly.

 

[athena53]

I strongly suspect that I was prequalified due to the invitation coming through TD Ameritrade. I have an account there. Based on the cars in the parking lot, DH and I were the poorest attendees. I am not sure how screening is done when the ads are placed in the paper.

I'm guessing that registration is by phone and maybe the person you call asks some screening questions. It's possible to lie, of course, but I hope most people wouldn't be that deceptive.

Like a previous poster, I used to live in a wealthier Zip code before DH and I downsized 3+ years ago. I love the house we bought, but it's in an area with poorer average demographics. The mailings offering "free gourmet dinners" have dropped off drastically so at least in the case of mailings it's based on Zip Codes.

I've also seen mailings and banner ads starting with, "If you have $500,000 or more to invest..." So, that's another way to sort out people not in their target audience.

 

[socca]

I've also seen mailings and banner ads starting with, "If you have $500,000 or more to invest..." So, that's another way to sort out people not in their target audience.

The local ads and mailings often say, "Appropriate for investors with net worth greater than $1M", which is a warning that the hosts are trolling for accredited investors who may be sold a very risky private placement. Other ads say, "No financial advisors please", which is an indication that the hosts don't want any uncomfortable questions.

So, who is the ideal attendee at such a seminar? From the perspective of the host, perhaps Wealthy, Ignorant, Passive, and Trusting (handy acronym: WIPT). The unlucky folks who get scammed become (Less) Wealthy, Ignorant, Passive, Embarrassed, and Depressed (handy acronym: WIPED).

I have no idea how many people transition from WIPT to WIPED, but all I know is that there are many opportunities for free meals out there.

 

[Nature Lover]

Got a local mailing recently from UBS....appropriate for those with savings of $2M or more. The advert took a new approach....a Ruth's Chris gift card worth $300, if you come to the UBS office to attend the Advisor's seminar. Not for me - I prefer to cook my own steaks anyway. BTW, I looked up UBS's fees and there's a complicated assortment of services...with AUM charges as high as 2.5%. (Run away!)

 

[Dtail]

Got a local mailing recently from UBS....appropriate for those with savings of $2M or more. The advert took a new approach....a Ruth's Chris gift card worth $300, if you come to the UBS office to attend the Advisor's seminar. Not for me - I prefer to cook my own steaks anyway. BTW, I looked up UBS's fees and there's a complicated assortment of services...with AUM charges as high as 2.5%. (Run away!)

I love Ruth Chris but not enough for a UBS office visit.

 

[Rianne]

Just got a mailer for a gourmet dinner at a popular Italian restaurant. I'm thinking about it. How do they know who to send these to? Where do they get your savings or NW? And if I go, and see someone I know...well that would be uncomfortable since we're cheap like the M$ Next Door.

 

[CaptTom]

I don't think they make you prove your net worth. Just mass mailing to everyone in a targeted zip code or neighborhood.

What if you see someone you know? Laugh it off. I'm just here for the free food. They don't know I don't belong. That sort of thing.