My free dinner and sales pitch

[Ready]

I'm sure I'm the exception here, but I get no pleasure from driving off the lot with a brand new car, but find it exceptionally stimulating to spar with the car sales people during the negotiation process. When they finally agree to my number, the game is over and I feel a bit of a letdown that the best part of the process is ending.

So I could care less about whether he paid for my dinner (which was mahi-mahi by the way, not a big steak fan). But the opportunity to have some fun with him...priceless.

 

[mickeyd]

Not true in all cases for these free dinners, but there may be some rebate of "advertising" dollars to the FAs from the insurance companies they shill for...

That's true enough but only if the "producer" has a history of selling the insurance product at a rate that makes them all a lot of $. Nothing wrong with being motivated by making money, but logic says that all of these costs are located in the marketing section of the budget.

The free lunch being consumed today is being paid for by current customers of the FA.

 

[mathjak107]

View attachment 22027

Well done, sir, well done. Excellent selection of timeframe, and kudos for ignoring dividend returns. Clearly, Variable Universal Life has done well for you these past 15 years.

you are correct , i just re-checked . the last 15 years saw 1.82% real returns dividends included, not the 2.20 we were up to earlier . .

basically my new money i added did fine but anything prior pretty much was at a crawl the last 15 years in large caps or a total market fund which is basically a s&p 500 fund because of weighting .

i am not saying linked insurance policy's are good . just saying the last 15 years has basically been way below average dividends included. .

 

[fritz]

I've read this thread through today, beginning to end - have looked at it a couple of times before. I have attended a couple of these type of dinner/sales pitches myself. First time was by myself out of curiosity, and the 2nd time was for a teaching moment for my wife (dangerous and stay away) if I should not be around. The second pitch was at a steak house Each time was not the same people/company and in different areas of the country (we've moved a lot over the years for career advancement)

I did not read this posted in replies on this topic, so I thought I'd put it out there for the benefit of the readers. I became aware that not all attendees for the free meal and presentation are off the street "Plate Lickers" (I really liked that comment posted on this thread earlier). Some had to be plants working for the company that the presenter works for, or just free-lancers out to rob his thunder and eat his free dinner as well. Got a couple of business cards and offers to help us with our investments from people pretending to be attendees. One was single and the other was an older couple. As mentioned, the presenter left after his pitch. I assumed this was to take the pressure off and for his assistant to get the information on potential pigeons. He ate alone in a separate area, but not out of sight of anyone leaving the presentation. I am surprised that they did not ask for our mailed invitation, as it gave us the opportunity to leave them with made up information on the card collected by his assistant. Guess they just write off people like us and make enough off those they hook.....

 

[target2019]

Fritz,
Good points you make...
At first I was suspicious, as I could not understand an FA giving away so much for so little in return. I thought there must be a lot of plants. I did find that on a few occasions I would stick around and overhear attendee A talking to the FA in very friendly way. One gentleman did tell me he was a current client.

There is a significant percentage of plate lickers. Some go on all sorts of expeditions for free weekends, like listening to real estate deals, and other interesting things.

So yes, I am a plate licker. I do listen, don't argue, and usually enjoy watching others. I usually count heads, and try to estimate the total cost of that one night. I usually conclude that the FA needs just one convert, who will probably stick around for a few years until they realize something is amiss.

If there are 25 in attendance, and the meal is decent, the out-of-pocket cost might be $750.00? That's chump-change.

 

[brewer12345]

I have always wanted to go to one of these dinners for entertainment value, but I have never received an invite. Either I am too young, or the letters after my name keep me off the mailing list.

 

[Walt34]

I have always wanted to go to one of these dinners for entertainment value, but I have never received an invite. Either I am too young, or the letters after my name keep me off the mailing list.

I guess I'm too low class as I don't get any invites either. It must be that because I don't have any letters after my name. I've even taken to opening junk mail letters if it looks even remotely like it'll be one of those invites but so far no joy.

 

[target2019]

Not sure what letters after your name could influence this. It's zip code plus age - that's my best guess. I guess MD might get you a few more points.

 

[mathjak107]

we went to a few david lerner dinners.

good food and they do put on a very lively presentation.

they have all the answers for all the hecklers that go.

while the presentations are interesting and sound great it is more in what is not said that tells the story .

i can see how those with no knowledge succumb to the allure of the presentations .

 

[brewer12345]

Not sure what letters after your name could influence this. It's zip code plus age - that's my best guess. I guess MD might get you a few more points.

Heh, CFA. I know my dedicated Schwab rep is sufficiently cowed that he has not called me in over a year.

 

[Bestwifeever]

Experienced salespeople are not like Captain Ahab after Moby Dick. They are looking for an easy, quick sale. It's a game of numbers. This agent must a be a rube, anyone who depends on production to support his family would have been gone weeks ago. There are always potential customers who will buy the product, not reluctant brides who want to tease.

Ha

I did not think this was necessarily an experienced salesman--Just one who is using the OP in turn for refining his own sales presentation skills and who might have an inkling of the OP's not too shabby assets so who doesn't mind the back and forth because of the remote possibility of now and future sales. But never mind.

 

[pb4uski]

It's entertainment. Pure and simple....

Perhaps you should consider a hobby of some sort.

 

[kcowan]

We got an early exposure to these sales presentations in Miami. We "won" 3 days free in a Miami Beach hotel. We just had to get there on our own. They were selling swampland for development of home sites. We were headed there for our honeymoon. Spent 3 hours eating buns and resisting offers. The property deed was selected for us "carefully" (next one off a pile on a table by the entry door).

It was an early lesson in sale scams but we did get everything we were promised. And most important, an early inoculation against subsequent schemes.

 

[mickeyd]

Perhaps you should consider a hobby of some sort.

That sorta was my hobby for a while.