Merrill Lynch Advisor wants to meet for coffee

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abuss368
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by abuss368 » Wed Sep 25, 2019 6:38 pm

nisiprius wrote:
Wed Sep 25, 2019 5:51 pm
The "straight" answer is to politely decline the meeting with the Merrill Lynch advisor. I don't try to steal bait from mousetraps.

If you want a line to use, these essence is "never complain, never explain" with the emphasis on "never explain." Thank them as politely and cordially as seems appropriate, and simply say "but I have decided not to attend." If pressed for reasons, deflect and evade. "I do not require your services at this time," for example.

The smart-alecky answer would be to show up--carrying a Vanguard mug with you. (Nope, this isn't mine, mugs and stuff are a little hard to come by).

Image

The story, likely apocrphyal, was that savvy IBM customers always made a point of having an Amdahl mug visible in their office when the IBM representative came to call (Amdahl Corporation, 1970-1997 once being a serious IBM mainframe competitor).

Remember the Vanguard At-Cost Café? It made a very, very brief appearance in 2013--in Philadelphia, New York, and Boston. They sold coffee for $0.26 a cup. Choice of Mutual Fund blend, ETF Roast and the decaf IRA Blend, or so they said; I couldn't manage to be in Boston for the few microseconds it was there.

Image
I have the mug on my desk!

And yes, I recall the at cost cafe! That was original and unique.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by abuss368 » Wed Sep 25, 2019 6:39 pm

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
Welcome to the forum!

Don't walk, run!

In all seriousness, unless you have an existing relationship, I would kindly decline.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by saver1 » Wed Sep 25, 2019 6:51 pm

Some great responses so far. He contacted me through LinkedIn and I wanted to send back a snarky response just for fun.

So far, I like Grt2bOutdoors', "Tell em you don't drink coffee and you maintain a strict diet that requires you to avoid financial advisers!"

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by frcabot » Wed Sep 25, 2019 6:54 pm

saver1 wrote:
Wed Sep 25, 2019 6:51 pm
Some great responses so far. He contacted me through LinkedIn and I wanted to send back a snarky response just for fun.

So far, I like Grt2bOutdoors', "Tell em you don't drink coffee and you maintain a strict diet that requires you to avoid financial advisers!"
I still think you should push for a nice steak dinner!

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Mr.BB » Wed Sep 25, 2019 7:15 pm

krafty81 wrote:
Wed Sep 25, 2019 4:56 pm
I met one of those guys for coffee. His credit card was declined when he tried to pay...did not inspire much confidence! :(
ROFL!
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by CedarWaxWing » Wed Sep 25, 2019 9:49 pm

Jack FFR1846 wrote:
Wed Sep 25, 2019 2:16 pm
Respond that you have a disability and can only meet if he can bring a hen-way. He'll respond...."What's a hen-way?". You respond back "Oh, about 5 pounds" and hang up. And yes, I have done that.
Or set up a time/place and then call the last Edward Jones guy to meet you for coffee at that time/place.... but don't show up yourself.

(I have not done that... )

The last (and only) time an EJ guy interrupted my day...I was stopped while walking by one of their offices... by one of the EJ guys just hanging outside to solicit folks. He said something that sort of required a response to be polite (I had not noticed the environment I was in front of) so I said something polite... and he went right into his pitch. I said I do my own investing... (This was 30 years ago.)

EJ: "What's in your portfolio."
Me: "My investments."
EJ: "How are you invested?"
Me: "Are you asking to see my investment portfolio"
EJ: "Sure"
Me: "Do you have a portfolio?"
EJ: "Yes."
Me: "So show it to me."
EJ: "That's kind of personal."
Me; "That's true. I have no reason to think you know more about investing than anyone else, but if you don't think it is
a good idea for you to show me your portfolio, I assume you don't think I will be impressed with how you invest. I
need to go now."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by CedarWaxWing » Wed Sep 25, 2019 10:03 pm

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
in about 1972 when I took a year out of school to earn more college funds... I noticed a radio news blurb about Merrill Lynch having done something very illegal.. .and getting a huge fine for that. In light of the fine, I wondered why no one went to jail.. and only the company paid a fine, not a person.

It seems that almost every darned year I will hear some tv or radio story about ML again being in trouble... and I suppose I notice that because of the impression in 1972, when I had almost no assets, minimal income, and knew nothing about investing. I assumed finance guys knew a lot about something I had no knowledge of.

Every year I heard about ML again doing something illegal... and never heard of anyone going to jail, for that XX millions fraud.
Every time I head a new story, I wondered how they could stay in business, and why anyone would do business with them. (Silly me, right?)

One and only one time did a ML person call me to solicit my business.... years ago... and I told them how often I hear of ML being fined for their illegal activities, and I was told something to the effect that "We are no worse than any of the others".

I said, well, that may be true, but I don't want to trust my life savings to someone who thinks "we are no worse than the others" is good enough for for an honest person.

Do as Taylor says... just say no.


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Re: Merrill Lynch Advisor wants to meet for coffee

Post by frcabot » Wed Sep 25, 2019 11:11 pm

CedarWaxWing wrote:
Wed Sep 25, 2019 10:03 pm
saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
in about 1972 when I took a year out of school to earn more college funds... I noticed a radio news blurb about Merrill Lynch having done something very illegal.. .and getting a huge fine for that. In light of the fine, I wondered why no one went to jail.. and only the company paid a fine, not a person.

It seems that almost every darned year I will hear some tv or radio story about ML again being in trouble... and I suppose I notice that because of the impression in 1972, when I had almost no assets, minimal income, and knew nothing about investing. I assumed finance guys knew a lot about something I had no knowledge of.

Every year I heard about ML again doing something illegal... and never heard of anyone going to jail, for that XX millions fraud.
Every time I head a new story, I wondered how they could stay in business, and why anyone would do business with them. (Silly me, right?)

One and only one time did a ML person call me to solicit my business.... years ago... and I told them how often I hear of ML being fined for their illegal activities, and I was told something to the effect that "We are no worse than any of the others".

I said, well, that may be true, but I don't want to trust my life savings to someone who thinks "we are no worse than the others" is good enough for for an honest person.

Do as Taylor says... just say no.
In fairness ML is a huge organization and has tens of thousands of advisors. Some are going to be better than others. There are certainly very well respected ML advisors, but those aren’t the ones cold-calling small accounts. There are plenty of financial advisors who add value. Most people are not bogleheads, and if left to their own devices, many would not invest at all let alone invest in a somewhat efficient and optimal manner.

A huge amount of an advisor’s job is simply behavioral coaching - urging people not to sell during periods of market downturn or volatility, for example. Some people (probably a minority, like Bogleheads) can overcome their instincts. Many/most can’t and need to be hand-held.

Financial advisors aren’t for everyone, but I certainly don’t think one can conclude that all FAs are the scum of the earth.
Last edited by frcabot on Wed Sep 25, 2019 11:16 pm, edited 2 times in total.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Uniballer » Wed Sep 25, 2019 11:11 pm

If I actually speak to a human cold caller I say, "I would love to speak with you about that, but I have to charge you $100 per minute. Mastercard or Visa only. What is your card number?"

Some callers hang up, some just laugh, but nobody has given me a card number.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Clever_Username » Wed Sep 25, 2019 11:22 pm

I'm happy with being a BofA customer and I think they're linked with Merrill Lynch. I periodically have money passing through my BofA account (such as the down payment for the house I'm buying next month) and get asked about ML.

I wouldn't even do the steak / whiskey suggestions. If I don't talk to them, there's 0% chance I go with them. Otherwise, who knows if I could slip up?

I see no reason to go with Merrill Lynch if you are sufficiently financially savvy enough to find this forum.
"What was true then is true now. Have a plan. Stick to it." -- XXXX, _Layer Cake_ | | I survived my first downturn and all I got was this signature line.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by usagi » Wed Sep 25, 2019 11:37 pm

I don't drink coffee but if wants to buy me some chickens wings at Buffalo Wild Wings I would hear him out. Put then I can say no and I like chicken wings.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by 900ss » Wed Sep 25, 2019 11:44 pm

Accept, have a couple of cups of expensive coffee, bid sayonara. Drop a Vanguard business card on the way out.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by shess » Thu Sep 26, 2019 1:34 am

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
Lots of snark in this thread, but IMHO you should take it seriously, and not engage.

My grandmother was fairly ornery, made a bunch off of Tennessee Valley Authority bonds (she was lucky, I don't know if she ever really knew how lucky she was). That plus her pensions from different jobs plus my grandfather's pension (and he died early) meant she was pretty well-off in her later years. The Edward Jones rep in town set his eyes on her portfolio, and she told him she wasn't interested. He worked on her for YEARS, and, well, eventually he got some of her money to manage.

I have no idea how much it was, possibly she was just shutting him up. But what it tells me is that you should not even let them get their foot in the door. Assume that they take classes in how to manage social interactions, BECAUSE THEY DO TAKE THOSE CLASSES. I'm not saying they are wizards or anything, but you should assume that by engaging with them, you are putting your finances at risk. If they're still in business after a couple years, you can assume they know how to take "No" and turn it into "Maybe", and how to turn "Maybe" into "Where do I sign?" The best solution is to simply not open yourself up to their wiles by shutting them down immediately, like you would if they were offering tree service or a roof inspection or Windows tech support or help reclaiming money from a Nigerian prince.

Personally, if they have no existing financial relationship with me, I tell them "Not interested" and hang up immediately. It's a waste of time to engage at a social level, they are not your friend. If they have an existing financial relationship with me, I tell them that I am fine as is, and if they keep calling I will terminate the existing relationship - in that case I _do_ hang around to make sure they understand me, though I spend no time explaining myself.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by abuss368 » Thu Sep 26, 2019 11:53 am

Taylor Larimore wrote:
Wed Sep 25, 2019 6:18 pm
saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
saver1:

The best financial decision we ever made was to leave our Merrill Lynch "salesman" and move all our securities to Vanguard.

Learn to say "no."

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "The surest route to top quartile performance is to be in the bottom quartile of expenses."
I recall your stories regarding Merrill Lynch Taylor. Believe you had mentioned that "you no longer had a friend" correct?

There was a book written a while back "Where are the customers yachts" that talked about this.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Jack FFR1846 » Thu Sep 26, 2019 12:13 pm

Wiggums wrote:
Wed Sep 25, 2019 6:31 pm

With most of the calls coming into the house being SPAM, I stopped returning calls. Learn to say “no” is excellent advice.
We unplugged all our phones about 3 years ago, letting the answering machine pick up all incoming calls. We unplugged the answering machine 2 years ago.
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by MaryO » Thu Sep 26, 2019 12:30 pm

Clever_Username wrote:
Wed Sep 25, 2019 11:22 pm
I'm happy with being a BofA customer and I think they're linked with Merrill Lynch. I periodically have money passing through my BofA account (such as the down payment for the house I'm buying next month) and get asked about ML.

I wouldn't even do the steak / whiskey suggestions. If I don't talk to them, there's 0% chance I go with them. Otherwise, who knows if I could slip up?

I see no reason to go with Merrill Lynch if you are sufficiently financially savvy enough to find this forum.
We have been BOA customers for about 35 years and they hold our mortgage. We recently moved a very old IRA (bought it from a co-worker who was just starting out as a Merrill Lynch sales rep) to Vanguard. Also had some stock to move and Merrill Edge refused to provide a required Medallion Signature. I objected. How could long term customers be so poorly treated? The BOA fellow, with one of those inflated Assistant VP titles, was a dunce. Couldn't pronounce the name of another brokerage firm we were transferring additional stock from: Broadridge. He called it Bro.Add.Ridge.

The mortgage rate is 2.78%. If it weren't this low, I'd refinance just to get away from BOA.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Taylor Larimore » Thu Sep 26, 2019 12:36 pm

abuss368 wrote: I recall your stories regarding Merrill Lynch Taylor. Believe you had mentioned that "you no longer had a friend" correct?
Abuss368:

For more than 10 years my wife and I had our securities with a Merrill Lynch broker who owned a large sailboat. Each year he would invite us to spend a day sailing with him and we became good friends (I didn't know that a good salesman always tries to become your "friend.") Fortunately, I had been reading Malkiel and Bogle books and finally realized the bad and costly advice we were receiving.

Leaving our broker "friend" and Merrill Lynch to go to Vanguard was one of the most difficult financial decisions we ever made. It was also the best financial decision we ever made.

Our "friend," the Merrill Lynch broker, never invited us to go sailing again. :confused

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "In the stock market casino, it is the croupiers who win."
"Simplicity is the master key to financial success." -- Jack Bogle

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by mptfan » Thu Sep 26, 2019 1:16 pm

Taylor Larimore wrote:
Thu Sep 26, 2019 12:36 pm
Our "friend," the Merrill Lynch broker, never invited us to go sailing again. :confused
Really? What happened?

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by cashboy » Thu Sep 26, 2019 3:12 pm

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
some funny replies. :happy

unless you have an interest in meeting with them, you have no obligation to respond.
Three-Fund Portfolio: FSPSX - FXAIX - FXNAX (with slight tilt of CDs - CASH - Canned Beans - Rice - Bottled Water)

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by abuss368 » Thu Sep 26, 2019 4:30 pm

Taylor Larimore wrote:
Thu Sep 26, 2019 12:36 pm
abuss368 wrote: I recall your stories regarding Merrill Lynch Taylor. Believe you had mentioned that "you no longer had a friend" correct?
Abuss368:

For more than 10 years my wife and I had our securities with a Merrill Lynch broker who owned a large sailboat. Each year he would invite us to spend a day sailing with him and we became good friends (I didn't know that a good salesman always tries to become your "friend.") Fortunately, I had been reading Malkiel and Bogle books and finally realized the bad and costly advice we were receiving.

Leaving our broker "friend" and Merrill Lynch to go to Vanguard was one of the most difficult financial decisions we ever made. It was also the best financial decision we ever made.

Our "friend," the Merrill Lynch broker, never invited us to go sailing again. :confused

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "In the stock market casino, it is the croupiers who win."
That’s the story I remember for sure. Over a decade ago I recall that story when I became a Boglehead. It impacted us and reinforce our decision to move to Vanguard.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by livesoft » Thu Sep 26, 2019 4:36 pm

bmelikia wrote:
Wed Sep 25, 2019 1:34 pm
saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
"Thank you for calling. . .I appreciate you reaching out. Truthfully, I already have someone I work with who I trust that has me on a good path. Again, thank you for reaching out. . .Best of luck to you. . .take care"
I would not lie so directly. There is no reason to tell them Thank you, nor to use the word "appreciate" because those are lies.

I would just tell the truth if you feel a need to respond. That means you say, "I don't have any interest to invest with Merrill Lynch nor with any advisor. Please don't contact me ever again no matter who you are working for."
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by abuss368 » Thu Sep 26, 2019 4:43 pm

livesoft wrote:
Thu Sep 26, 2019 4:36 pm
bmelikia wrote:
Wed Sep 25, 2019 1:34 pm
saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
"Thank you for calling. . .I appreciate you reaching out. Truthfully, I already have someone I work with who I trust that has me on a good path. Again, thank you for reaching out. . .Best of luck to you. . .take care"
I would not lie so directly. There is no reason to tell them Thank you, nor to use the word "appreciate" because those are lies.

I would just tell the truth if you feel a need to respond. That means you say, "I don't have any interest to invest with Merrill Lynch nor with any advisor. Please don't contact me ever again no matter who you are working for."
Honestly is the best policy!
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by TallBoy29er » Thu Sep 26, 2019 5:25 pm

Jack FFR1846 wrote:
Wed Sep 25, 2019 2:16 pm
Respond that you have a disability and can only meet if he can bring a hen-way. He'll respond...."What's a hen-way?". You respond back "Oh, about 5 pounds" and hang up. And yes, I have done that.
That's just sad. (he says, as he makes a mental not to use it on someone in the office tomorrow..... :D )

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by jdb » Thu Sep 26, 2019 5:48 pm

Jack FFR1846 wrote:
Thu Sep 26, 2019 12:13 pm
Wiggums wrote:
Wed Sep 25, 2019 6:31 pm

With most of the calls coming into the house being SPAM, I stopped returning calls. Learn to say “no” is excellent advice.
We unplugged all our phones about 3 years ago, letting the answering machine pick up all incoming calls. We unplugged the answering machine 2 years ago.
Good to know we are not alone. Our unplugged land line house phones still have answering machine, don’t ask why, only my wife knows and she won’t disclose. I checked recently, we had over 350 voice messages, went back over two years. I didn’t listen. Maybe some from ML. Good luck.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by ruralavalon » Thu Sep 26, 2019 7:03 pm

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
Say "no, thank you" .

There is no need to explain.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by saver1 » Thu Sep 26, 2019 7:43 pm

I ended up responding with a simple "no, thank you". I eventually decided that I didn't want to waste my time with anything else. He hasn't replied back and I don't think he will. :D

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by cheese_breath » Thu Sep 26, 2019 7:43 pm

soccerrules wrote:
Wed Sep 25, 2019 12:59 pm
FREE coffee
It's not free. You could open your own coffee shop with what that free cup of coffee might cost you.
The surest way to know the future is when it becomes the past.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Stinky » Thu Sep 26, 2019 8:28 pm

jdb wrote:
Thu Sep 26, 2019 5:48 pm
Jack FFR1846 wrote:
Thu Sep 26, 2019 12:13 pm
Wiggums wrote:
Wed Sep 25, 2019 6:31 pm

With most of the calls coming into the house being SPAM, I stopped returning calls. Learn to say “no” is excellent advice.
We unplugged all our phones about 3 years ago, letting the answering machine pick up all incoming calls. We unplugged the answering machine 2 years ago.
Good to know we are not alone. Our unplugged land line house phones still have answering machine, don’t ask why, only my wife knows and she won’t disclose. I checked recently, we had over 350 voice messages, went back over two years. I didn’t listen. Maybe some from ML. Good luck.
We had the same legacy land line phone number for 30 years, but haven’t answered it for about 2 years. We occasionally check out the voice mails, and haven’t missed anything. It’s interesting that one particular telephone number, 800-900-xxxx, calls us about twice every weekday, and leaves a blank voicemail. A robo caller calling again, and again, and again .....
It's a GREAT day to be alive - Travis Tritt

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by PhilosophyAndrew » Thu Sep 26, 2019 8:32 pm

“No, thank you.”
saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Stinky » Thu Sep 26, 2019 9:23 pm

saver1 wrote:
Thu Sep 26, 2019 7:43 pm
I ended up responding with a simple "no, thank you". I eventually decided that I didn't want to waste my time with anything else. He hasn't replied back and I don't think he will. :D
You did the right thing.

Now he can move on to the next number in the phone book.
It's a GREAT day to be alive - Travis Tritt

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by finfire » Fri Sep 27, 2019 2:06 pm

Stinky wrote:
Thu Sep 26, 2019 9:23 pm
saver1 wrote:
Thu Sep 26, 2019 7:43 pm
I ended up responding with a simple "no, thank you". I eventually decided that I didn't want to waste my time with anything else. He hasn't replied back and I don't think he will. :D
You did the right thing.

Now he can move on to the next number in the phone book.
Good for you. I just bumped into an edward jones guy who came around to my house last year to sell me on everything. It was funny/awkward but we were both pleasant.

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Amanda999 » Fri Sep 27, 2019 6:02 pm

j0nnyg1984 wrote:
Wed Sep 25, 2019 5:45 pm
“Please send me a $10 Starbucks gift card and we’ll both save ourselves the time of me saying no.”...
LOL! I'm going to use that one next time I get cold called!

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Re: Merrill Lynch Advisor wants to meet for coffee

Post by 3funder » Fri Sep 27, 2019 8:39 pm

Frank Grimes wrote:
Wed Sep 25, 2019 1:03 pm
Depends on the coffee
+1. Also, leave after you finish your coffee; drink quickly!

khh
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by khh » Fri Sep 27, 2019 9:46 pm

Two or three times a year, I get a message on my answering machine from someone at my local Chase branch saying they want to "touch bases" with me. My guess is they want to discuss their private client banking program. I never return the calls.

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cheese_breath
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by cheese_breath » Fri Sep 27, 2019 9:47 pm

3funder wrote:
Fri Sep 27, 2019 8:39 pm
Frank Grimes wrote:
Wed Sep 25, 2019 1:03 pm
Depends on the coffee
+1. Also, leave after you finish your coffee; drink quickly!
Order it to go.
The surest way to know the future is when it becomes the past.

Clarice
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Location: Orlando FL

Re: Merrill Lynch Advisor wants to meet for coffee

Post by Clarice » Fri Sep 27, 2019 10:09 pm

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
dude, you seriously posted this?

averagedude
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by averagedude » Fri Sep 27, 2019 10:31 pm

Starbucks $5 coffee? This Merrill Lynch coffee could be the most expensive coffee you will ever purchase in your life.

Agent007
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Agent007 » Sat Sep 28, 2019 4:52 am

I recently had a conversation with an ML advisor and it was a disturbing miss. Beforehand, I specifically said that my concern was that I didn’t see the advantages of being a managed customer and said that I didn’t mind paying a 1.5% management fee if I get back more than that. If I’m paying $10k per year but getting $20k in services, tax savings, and reruns - I’ll pay 1.5% all day long.

instead, he used a bunch of transparent sales techniques like name dropping, telling me about his expensive car collection, asking what should happen to my investments if I die (very FUD), and giving vague anecdotal stories.

To ask for some quantitative information and get back a non-quantitative answer back is disturbing. Show Me The Money!!!

GoldenFinch
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by GoldenFinch » Sat Sep 28, 2019 5:01 am

krafty81 wrote:
Wed Sep 25, 2019 4:56 pm
I met one of those guys for coffee. His credit card was declined when he tried to pay...did not inspire much confidence! :(
That may have been his ploy to make you pay!

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abuss368
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by abuss368 » Sat Sep 28, 2019 6:17 am

CedarWaxWing wrote:
Wed Sep 25, 2019 9:49 pm
Jack FFR1846 wrote:
Wed Sep 25, 2019 2:16 pm
Respond that you have a disability and can only meet if he can bring a hen-way. He'll respond...."What's a hen-way?". You respond back "Oh, about 5 pounds" and hang up. And yes, I have done that.
Or set up a time/place and then call the last Edward Jones guy to meet you for coffee at that time/place.... but don't show up yourself.

(I have not done that... )

The last (and only) time an EJ guy interrupted my day...I was stopped while walking by one of their offices... by one of the EJ guys just hanging outside to solicit folks. He said something that sort of required a response to be polite (I had not noticed the environment I was in front of) so I said something polite... and he went right into his pitch. I said I do my own investing... (This was 30 years ago.)

EJ: "What's in your portfolio."
Me: "My investments."
EJ: "How are you invested?"
Me: "Are you asking to see my investment portfolio"
EJ: "Sure"
Me: "Do you have a portfolio?"
EJ: "Yes."
Me: "So show it to me."
EJ: "That's kind of personal."
Me; "That's true. I have no reason to think you know more about investing than anyone else, but if you don't think it is
a good idea for you to show me your portfolio, I assume you don't think I will be impressed with how you invest. I
need to go now."
That was good. We have Edward Jones folks in this area who ring doorbells and use all the sales pitches.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

mptfan
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by mptfan » Sat Sep 28, 2019 7:29 am

Stinky wrote:
Thu Sep 26, 2019 8:28 pm
We had the same legacy land line phone number for 30 years, but haven’t answered it for about 2 years.
Why do you keep it?

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StormShadow
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by StormShadow » Sat Sep 28, 2019 7:34 am

saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
Coffee??? How cheap!

I got a steak dinner the last time I was solicited for financial services. It was deeeeelicious... :mrgreen: :mrgreen: :mrgreen:

austin757
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by austin757 » Sat Sep 28, 2019 8:30 am

Just wondering what kind of net worth and/or income does one need to have these people just cold calling you like this? Is it pretty common?

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Stinky
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by Stinky » Sat Sep 28, 2019 8:37 am

mptfan wrote:
Sat Sep 28, 2019 7:29 am
Stinky wrote:
Thu Sep 26, 2019 8:28 pm
We had the same legacy land line phone number for 30 years, but haven’t answered it for about 2 years.
Why do you keep it?
We’ve kept it because a lot of our doctors had that old phone number in their records. Those doctors will leave a message on the legacy number, and we can call them back and correct their records. Using MagicJack, it was costing about $3 per month to keep the number.

But, the last valid call to that number was six months ago, so we’re going to drop it soon.
It's a GREAT day to be alive - Travis Tritt

MotoTrojan
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by MotoTrojan » Sat Sep 28, 2019 12:06 pm

I’d suggest a local steakhouse as an alternative.

frcabot
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by frcabot » Sat Sep 28, 2019 12:27 pm

If any ML advisors want to take me out to Ruth’s Chris or alternative superior steakhouse, I’ll bite. Just don’t expect me to sign up with you.

3funder
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by 3funder » Sat Sep 28, 2019 1:04 pm

cheese_breath wrote:
Fri Sep 27, 2019 9:47 pm
3funder wrote:
Fri Sep 27, 2019 8:39 pm
Frank Grimes wrote:
Wed Sep 25, 2019 1:03 pm
Depends on the coffee
+1. Also, leave after you finish your coffee; drink quickly!
Order it to go.
Even better!

Topic Author
saver1
Posts: 31
Joined: Wed Oct 12, 2016 8:33 pm

Re: Merrill Lynch Advisor wants to meet for coffee

Post by saver1 » Sun Sep 29, 2019 1:22 pm

Clarice wrote:
Fri Sep 27, 2019 10:09 pm
saver1 wrote:
Wed Sep 25, 2019 12:50 pm
Merrill Lynch advisor recently contacting me to meet for coffee and discuss financial strategies. How should I respond?

I don't have any interest to invest with Merrill Lynch. Just wanted your feedback on how to reply. Thanks!
dude, you seriously posted this?
Yes, "dude", seriously.

NotWhoYouThink
Posts: 2813
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Re: Merrill Lynch Advisor wants to meet for coffee

Post by NotWhoYouThink » Sun Sep 29, 2019 2:03 pm

Your post title is incorrect. He does not want to meet for coffee. He wants to syphon money from you. He thinks meeting for coffee would get him closer to that goal.

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