Orchidflower
Thinks s/he gets paid by the post
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If it is a con man, nothing like sending the invite to a guy who was a policeman....
Dinner/investments
- Thread starter Stevewc
- Start date
Leonidas
Thinks s/he gets paid by the post
Research on the information on the invitation is not very encouraging for this to be even close to being something I want to invest in. I'll do this in parts as I get the time:
The invitation says that, let's call her April Doe of Doe Wealth Management, will be giving workshop and insurance sales presentation. There is a toll-free number of Doe Wealth Management and a big BBB logo.
Others may disagree, but my experience is that anyone who flaunts BBB membership is almost certainly either a scammer, or the type of business that the BBB is allegedly supposed to protect against. People that go out of their way to tell you they are honest, are usually not honest at all.
The BBB does have a record for Doe Wealth Management, run by a Mr. Paul Doe. A website link, local address and telephone number are provided, along with the information that this particular business "...specializes in financial planning annuities and life insurance", and may require licensing from the Texas Department of Insurance. Business start date provided is Dec 2008, BBB membership is April of this year.
The website is bogus. The link is good, but it's just a generic piece of junk that must come with BBB membership that simply reiterates the same information from the BBB.
The address is an office suite rental outfit. The kind of place, where for a monthly fee, they will answer your phones, handle incoming mail, and rent you out a desk or meeting room when and if needed. There are hundreds of businesses using the same suite number.
Google finds nothing for the toll-free number.
Google only finds the BBB and bogus web-site when queried for the local telephone number.
DBA/assumed name database for the county shows no filing for April or Paul Doe, or Doe Wealth Management. There is a Doe Wealth Management with articles of corporation filed with the state, but it is in another city and all the names associated with it make me conclude it has nothing to do with April or Paul Doe.
The state department of insurance does show several April Does, and one of them, April Rochelle Doe, has the same insurance license number as provided on the invitation. This April Doe gives an address in Biloxi, MS. She is licensed as an individual life agent with a valid license issued in August of 2009, and appointed to represent lines for:
More to follow.
The invitation says that, let's call her April Doe of Doe Wealth Management, will be giving workshop and insurance sales presentation. There is a toll-free number of Doe Wealth Management and a big BBB logo.
Others may disagree, but my experience is that anyone who flaunts BBB membership is almost certainly either a scammer, or the type of business that the BBB is allegedly supposed to protect against. People that go out of their way to tell you they are honest, are usually not honest at all.
The BBB does have a record for Doe Wealth Management, run by a Mr. Paul Doe. A website link, local address and telephone number are provided, along with the information that this particular business "...specializes in financial planning annuities and life insurance", and may require licensing from the Texas Department of Insurance. Business start date provided is Dec 2008, BBB membership is April of this year.
The website is bogus. The link is good, but it's just a generic piece of junk that must come with BBB membership that simply reiterates the same information from the BBB.
The address is an office suite rental outfit. The kind of place, where for a monthly fee, they will answer your phones, handle incoming mail, and rent you out a desk or meeting room when and if needed. There are hundreds of businesses using the same suite number.
Google finds nothing for the toll-free number.
Google only finds the BBB and bogus web-site when queried for the local telephone number.
DBA/assumed name database for the county shows no filing for April or Paul Doe, or Doe Wealth Management. There is a Doe Wealth Management with articles of corporation filed with the state, but it is in another city and all the names associated with it make me conclude it has nothing to do with April or Paul Doe.
The state department of insurance does show several April Does, and one of them, April Rochelle Doe, has the same insurance license number as provided on the invitation. This April Doe gives an address in Biloxi, MS. She is licensed as an individual life agent with a valid license issued in August of 2009, and appointed to represent lines for:
- ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
- AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY
- ING USA ANNUITY AND LIFE INSURANCE COMPANY
More to follow.
mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I received an email from USAA a few weeks ago (I'm a 40 year member) advising me of a "retirement planning seminar" (no meal, just refreshments) to be held at a local resort hotel. I attended it yesterday and it was well attended by mostly retired military folks (I assume). Very basic 1 hour, no pressure at all pitch with excellent "resort-like snacks".
There were plenty of USAA financial planners on the fringes of the venue and it looked like many of the attendees were taking advantage of the opportunity to chat one-on-one with them.
Of all the many financial dog and pony shows that I have attended in the past few years, this one was the lowest of low key with zero sales pressure. Many of the folks there seemed to be somewhat knowledgeable about the subject matter, but none of them seemed to be in the class of E-R posters. I think I was the first to depart.
There were plenty of USAA financial planners on the fringes of the venue and it looked like many of the attendees were taking advantage of the opportunity to chat one-on-one with them.
Of all the many financial dog and pony shows that I have attended in the past few years, this one was the lowest of low key with zero sales pressure. Many of the folks there seemed to be somewhat knowledgeable about the subject matter, but none of them seemed to be in the class of E-R posters. I think I was the first to depart.
Leonidas
Thinks s/he gets paid by the post
Continuation of my pre-dinner investigation findings.
Armed with my host's full name and address in Biloxi, I found indications she was an attorney at one point. But the Mississippi state bar has no information about her (neither does Texas, nor Louisiana a state where she filed at least one lawsuit). She claims to be a Notre Dame Law grad - I would have expected more economic utility from that degree.
Hubby, as I assume Paul Doe is, has been a insurance salesman for at least ten years. Licensed in Texas and Miss., his prior employer in this field was at a "retirement income specialists" firm that was selling annuities. That firm according to their state license records, sells insurance for a number of different companies, many of which have a history of AG lawsuits and fines for annuity sales practices. The firm is also associated with NEXT Financial, which was recently fined by FINRA for poor supervision of affiliates which did not prevent churning in clients' accounts.
Mr. and Mrs. Doe now advertise as financial planners with no mention of insurance sales in their YP ad and other listings.
Being the suspicious type, all of this leads me to believe that the dinner invitation is from a husband and wife team of insurance salesmen. Hubby, having learned that all financial planning and retirement needs can best be filled with a high-commission insurance product, has taught the business to his wife (whose legal career was apparently not going anywhere). They have come to the big city and coughed up the bucks for fliers, dinners, someone to answer their phone, and they're waiting for the suckers to go for the worm.
Also, they claim to be providing brokerage services through Woodstock Financial in both the dinner invitation and their YP ads. Since Woodstock is apparently a member of FINRA and SIPC and the National Ethics Bureau, they liberally sprinkle that in their advertisements in a way that would make a less-than-cautious reader think that the Doe Wealth Management firm is the one that is the member business. Of course a check with FINRA and the NEB show no record for the Doe's or their company.
So, a question for those of you who have been to such dinners. Do they check names against a list of people they know they invited? I think I want to use an assumed name on this deal just to prevent any further contact after the educational dinner for my DW.
Armed with my host's full name and address in Biloxi, I found indications she was an attorney at one point. But the Mississippi state bar has no information about her (neither does Texas, nor Louisiana a state where she filed at least one lawsuit). She claims to be a Notre Dame Law grad - I would have expected more economic utility from that degree.
Hubby, as I assume Paul Doe is, has been a insurance salesman for at least ten years. Licensed in Texas and Miss., his prior employer in this field was at a "retirement income specialists" firm that was selling annuities. That firm according to their state license records, sells insurance for a number of different companies, many of which have a history of AG lawsuits and fines for annuity sales practices. The firm is also associated with NEXT Financial, which was recently fined by FINRA for poor supervision of affiliates which did not prevent churning in clients' accounts.
Mr. and Mrs. Doe now advertise as financial planners with no mention of insurance sales in their YP ad and other listings.
Being the suspicious type, all of this leads me to believe that the dinner invitation is from a husband and wife team of insurance salesmen. Hubby, having learned that all financial planning and retirement needs can best be filled with a high-commission insurance product, has taught the business to his wife (whose legal career was apparently not going anywhere). They have come to the big city and coughed up the bucks for fliers, dinners, someone to answer their phone, and they're waiting for the suckers to go for the worm.
Also, they claim to be providing brokerage services through Woodstock Financial in both the dinner invitation and their YP ads. Since Woodstock is apparently a member of FINRA and SIPC and the National Ethics Bureau, they liberally sprinkle that in their advertisements in a way that would make a less-than-cautious reader think that the Doe Wealth Management firm is the one that is the member business. Of course a check with FINRA and the NEB show no record for the Doe's or their company.
So, a question for those of you who have been to such dinners. Do they check names against a list of people they know they invited? I think I want to use an assumed name on this deal just to prevent any further contact after the educational dinner for my DW.
audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Leonidas - can't resist playing a detective!
We used to enjoy our neighborhood Texas Land and Cattle Company. Unfortunately, a couple of my long-time faves are no longer on the menu - particularly the smoked/barbecued quail. Haven't had decent quail in a long time.....
Audrey
We used to enjoy our neighborhood Texas Land and Cattle Company. Unfortunately, a couple of my long-time faves are no longer on the menu - particularly the smoked/barbecued quail. Haven't had decent quail in a long time.....
Audrey
Usually. Especially if they're organizing the seating by putting a rep of the appropriate experience next to someone who (before the dinner) asked a question about a specific problem or asset class.
TeeRuh
Recycles dryer sheets
Well this thread has made me pull the trigger. Have threatened to attend one of these for some time and I've just signed up for next Tuesday. Will report back then. (I'm not putting myself to far out as this is a high end Pappas chain joint that I could walk to if I wanted to.)
t.r.
t.r.
Carnage
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Never went to a dinner for investments, but I got pulled into a "job opportunity" when I was scrambling for work after graduating from college. This was after 9/11 so the economy was poor and there were at least 100 people attending this lecture.
Near as I could tell it was for an internet portal scheme, where companies would pay you if customers purchased goods and found them through your web portal that you paid to set up.
Anyways, 5 minutes in, it was evident that it was a scheme and the lecturers were pushing the lecture quite hard with the super-duper-happy enthusiasm. The first breakout came like 15 minutes in and about 10 of us ran for the elevator....no idea what the remaining 90 were doing staying.
Near as I could tell it was for an internet portal scheme, where companies would pay you if customers purchased goods and found them through your web portal that you paid to set up.
Anyways, 5 minutes in, it was evident that it was a scheme and the lecturers were pushing the lecture quite hard with the super-duper-happy enthusiasm. The first breakout came like 15 minutes in and about 10 of us ran for the elevator....no idea what the remaining 90 were doing staying.
FinanceDude
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Come up to Milwaukee, I go to 2-3 a year.........
And how do people get invited to these things?
FinanceDude
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I get invites in the mail. Apparently, the lists being bought are not screnned too well, since I still get them a couple times a year. Usually, I don't identify myself, I just see what's going on. However, I did go to one held by an insurance guy that said, and I quote: "Think of your whole life insurance policy cash value as the BOND portion of your portfolio"...........
He was a real "winner".........
I get invites in the mail. Apparently, the lists being bought are not screnned too well, since I still get them a couple times a year. Usually, I don't identify myself, I just see what's going on. However, I did go to one held by an insurance guy that said, and I quote: "Think of your whole life insurance policy cash value as the BOND portion of your portfolio"...........
He was a real "winner".........
My mom works for a large insurance company in the Milwaukee area that we won't name and um... that's how they sell it to everyone. Then they encourage you to borrow from it.
I'm curious what behavior gets your name/address on these lists; are there things I can avoid or embrace that will see my names start to show up?
FinanceDude
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Well insurance is NOT an investment, the NAIC would have a heart attack if they heard anyone say that via a complaint, and they would lose their license.
I know which company that is........your secret is safe with me..........but no, he wasn't an agent from that company..........
Mostly they are screened either by zip code or property values. I used to get more but I guess the economy is bad so maybe less freebies.........
FinanceDude
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Oh boy, and someone probably fell for that...
Hopefully, noone did. After the seminar, I talked to the guy. Turns out he had only been an agent for less than a year, and this is the seminar his company GAVE HIM to put on..........
TeeRuh
Recycles dryer sheets
I get quite a few invites and they are always for the "55+" crowd. Maybe AARP sells my name/address??
saluki9
Thinks s/he gets paid by the post
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I'm still getting them, which is strange because I am licensed.
Pretty nice places too, I've eaten my fair share of free steaks at Mortons and Ruth Chris.
Presentations are nothing terrible, mostly selling managed accounts from the large wirehouses.
Pretty nice places too, I've eaten my fair share of free steaks at Mortons and Ruth Chris.
Presentations are nothing terrible, mostly selling managed accounts from the large wirehouses.
mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
What would be the reason? They just want to give their spiel to as many folks as possible and know that the math is on their side. If they make 1 sale per 20 invitations (or whatever the number is),they can make enough to be able to finance the next dinnerfest and keep a bit for themselves.
What other sales opportunity on a Tuesday afternoon can a fella give his best sales effort to several dozen potential prospects who believe that they have been especially selected to hear his wisdom?
TeeRuh
Recycles dryer sheets
No free lunch.
Well I said I'd report on my experience so here goes. I did NOT expect such a long presentation (American Tax Advisors). I did not get my meal until 2.5 hours after arriving. Key observations:
1. If you're self-conscious about such things don't go in shorts and no socks (I'm not.). (I did have on a collared polo shirt instead of a tee shirt; my form of dressing up.)
2. Though a bunch of stuff was touched over the bottom line was: Fixed Indexed Annuities. (Part 1 was how much safer fixed annuities were than the stock market; Part 2 was "but hey why not capture the stock market during the "good" times!".)
3. The word "bonds" was never used. You were either 100% in the stock market (you were stupid), you were 100% in CDs (you were not very smart), or you were in annuities (you were smart).
4. I actually had a very good prime rib lunch. (If it's still lunch at 1:45 PM when you arrive at 11:15!)
5. I expected there to just be a sign up sheet for the free 1-on-1 consultation; I didn't expect them to come around to each of us with a calendar attempting to sign us up.
6. There was some "slight of hand" thing about getting LTC money by handing over a bunch of cash (not making insurance payments). You either got payments toward LTC if needed or the cash back with interest if not. I did not understand what this was but don't plan of making any direct queries (did ask for material via a form we filled out).
Most of what was presented was technically true, but there was so much that wasn't covered that would be needed to tell the complete story. So anyway now I can say "been there, done that"; but never again!
t.r.
Well I said I'd report on my experience so here goes. I did NOT expect such a long presentation (American Tax Advisors). I did not get my meal until 2.5 hours after arriving.
Key observations:1. If you're self-conscious about such things don't go in shorts and no socks (I'm not.). (I did have on a collared polo shirt instead of a tee shirt; my form of dressing up.)
2. Though a bunch of stuff was touched over the bottom line was: Fixed Indexed Annuities. (Part 1 was how much safer fixed annuities were than the stock market; Part 2 was "but hey why not capture the stock market during the "good" times!".
)3. The word "bonds" was never used. You were either 100% in the stock market (you were stupid), you were 100% in CDs (you were not very smart), or you were in annuities (you were smart).
4. I actually had a very good prime rib lunch. (If it's still lunch at 1:45 PM when you arrive at 11:15!
)5. I expected there to just be a sign up sheet for the free 1-on-1 consultation; I didn't expect them to come around to each of us with a calendar attempting to sign us up.
6. There was some "slight of hand" thing about getting LTC money by handing over a bunch of cash (not making insurance payments). You either got payments toward LTC if needed or the cash back with interest if not. I did not understand what this was but don't plan of making any direct queries (did ask for material via a form we filled out).
Most of what was presented was technically true, but there was so much that wasn't covered that would be needed to tell the complete story. So anyway now I can say "been there, done that"; but never again!
t.r.
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