"The Steak Dinner Annuity Pitch"

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
User avatar
willthrill81
Posts: 20809
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The Steak Dinner Annuity Pitch"

Post by willthrill81 »

lostdog wrote: Tue Dec 04, 2018 9:26 am Was it a win for this industry when the fudiciary rule was pretty much set aside? Was it a sigh of relief for these thieves?
IIRC, the fiduciary rule was only applicable to retirement accounts. The annuities these con artists put people in are often not in retirement accounts, so it wouldn't have applied anyway.

I believe that people had more of an issue with who was enforcing the fiduciary rule than the rule itself, although there were some complicated aspects to it as well.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
Shallowpockets
Posts: 1677
Joined: Fri Nov 20, 2015 10:26 am

Re: "The Steak Dinner Annuity Pitch"

Post by Shallowpockets »

I have to ask, who are the people putting on these seminars? Do they believe what they pitch? Or do they not care they are taking people's money, oftentimes under false information, without any sense of shame?
I could not be a person like that.
PaleoWorx
Posts: 52
Joined: Sat Nov 10, 2018 2:48 pm

Re: "The Steak Dinner Annuity Pitch"

Post by PaleoWorx »

we bought a house from an older couple, so we used to get mailers with steak dinner invites and other "investment" pitches.
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: "The Steak Dinner Annuity Pitch"

Post by cheese_breath »

Shallowpockets wrote: Tue Dec 04, 2018 12:17 pm I have to ask, who are the people putting on these seminars? Do they believe what they pitch? Or do they not care they are taking people's money, oftentimes under false information, without any sense of shame?
I could not be a person like that.
Are you telling us you don't already know the answers to these questions?
The surest way to know the future is when it becomes the past.
Whatyear?
Posts: 178
Joined: Wed Aug 26, 2009 1:05 pm
Location: Massachusetts

Re: "The Steak Dinner Annuity Pitch"

Post by Whatyear? »

I've been to a couple of these dinners, both times with no intention of buying. Although they may get annoyed if you're too up-front about having no intention of buying, I've also noticed that they are glad to have butts-in-seats, i.e. full house, as long as the freeloaders keep that plan to themselves. :)
FireProof
Posts: 765
Joined: Thu May 05, 2011 12:15 pm

Re: "The Steak Dinner Annuity Pitch"

Post by FireProof »

I'd eat that steak to do my part to put these hucksters out of business.
HenryBemis
Posts: 27
Joined: Thu Feb 23, 2012 1:44 pm

Re: "The Steak Dinner Annuity Pitch"

Post by HenryBemis »

mickeyd wrote: Sat Dec 01, 2018 3:02 pm Enjoy the steak dinner, but don't drink the Kool-Aid.
*Flavor Aid
Smoke
Posts: 487
Joined: Thu Aug 30, 2018 12:45 pm
Location: Saturn

Re: "The Steak Dinner Annuity Pitch"

Post by Smoke »

I always figured that any company that has to give away free food to get you to listen isn't my kind of company.
Quality companies have customers contacting them and have no need for gimmicks to reel in the suckers.
Arguing for the sake of arguing is something I am not going to engage in.
User avatar
willthrill81
Posts: 20809
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The Steak Dinner Annuity Pitch"

Post by willthrill81 »

Smoke wrote: Tue Dec 04, 2018 3:36 pm I always figured that any company that has to give away free food to get you to listen isn't my kind of company.
Quality companies have customers contacting them and have no need for gimmicks to reel in the suckers.
Yep. Most of these annuity products must be sold. People certainly don't wake up one morning and tell themselves that they need to buy a variable annuity.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
fortyofforty
Posts: 2083
Joined: Wed Mar 31, 2010 12:33 pm

Re: "The Steak Dinner Annuity Pitch"

Post by fortyofforty »

willthrill81 wrote: Tue Dec 04, 2018 4:46 pm
Smoke wrote: Tue Dec 04, 2018 3:36 pm I always figured that any company that has to give away free food to get you to listen isn't my kind of company.
Quality companies have customers contacting them and have no need for gimmicks to reel in the suckers.
Yep. Most of these annuity products must be sold. People certainly don't wake up one morning and tell themselves that they need to buy a variable annuity.
Vanguard offers annuities. I have never been contacted by Vanguard to buy an annuity, nor has Vanguard ever offered me a free lunch or dinner to sit through a presentation or pitch. That tells you all you need to know.
User avatar
willthrill81
Posts: 20809
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The Steak Dinner Annuity Pitch"

Post by willthrill81 »

fortyofforty wrote: Tue Dec 04, 2018 8:27 pm
willthrill81 wrote: Tue Dec 04, 2018 4:46 pm
Smoke wrote: Tue Dec 04, 2018 3:36 pm I always figured that any company that has to give away free food to get you to listen isn't my kind of company.
Quality companies have customers contacting them and have no need for gimmicks to reel in the suckers.
Yep. Most of these annuity products must be sold. People certainly don't wake up one morning and tell themselves that they need to buy a variable annuity.
Vanguard offers annuities. I have never been contacted by Vanguard to buy an annuity, nor has Vanguard ever offered me a free lunch or dinner to sit through a presentation or pitch. That tells you all you need to know.
I wasn't aware that Vanguard sold anything other than fixed annuities (they even go so far as to recommend that clients not use too much of their portfolio to buy one), but perhaps they offer these convoluted products too. I hope not.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
livesoft
Posts: 73338
Joined: Thu Mar 01, 2007 8:00 pm

The Free Dinner Annuity Sales Pitch, 2 NY Times articles

Post by livesoft »

[Thread merged into here, see below. --admin LadyGeek]

I didn't see this posted, so apologies if already posted and a merge request. (Don't you hate that?)

Ron Lieber of the NYTimes went to a free dinner annuity pitch with his aunt and wrote about it a couple weeks ago:
https://www.nytimes.com/2018/11/30/your ... inner.html

He also wrote "The Simplest Annuity Explainer We Could Write" that appeared yesterday. It has links to articles with more information and questions to ask before buying an annuity.

There will be another article next week which promises to be positive.
Wiki This signature message sponsored by sscritic: Learn to fish.
User avatar
LadyGeek
Site Admin
Posts: 66254
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: The Free Dinner Annuity Sales Pitch, 2 NYTimes articles

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum.
livesoft wrote: Sat Dec 15, 2018 12:13 pm I didn't see this posted, so apologies if already posted and a merge request. (Don't you hate that?)
A quick Google Search of this forum shows: free dinner investing seminar, which has been locked. Since the topic continually comes up in this forum, let's try this again.

Please keep the discussion productive.

FYI - I would prefer the post reported, as it makes life easier for the moderators. One of the reasons is "Duplicate thread". Providing a link would be helpful.

I also fixed a typo in the thread title "NYTimes" to "NY Times".
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
livesoft
Posts: 73338
Joined: Thu Mar 01, 2007 8:00 pm

Re: The Free Dinner Annuity Sales Pitch, 2 NY Times articles

Post by livesoft »

The 2nd NY Times article is about all kinds of annuities, so maybe this thread can go in that direction?

I have a question: Is anybody reading this on an investment committee for a non-profit AND your non-profit has invested in annuities?
Wiki This signature message sponsored by sscritic: Learn to fish.
sschullo
Posts: 2579
Joined: Sun Apr 01, 2007 8:25 am
Location: Rancho Mirage, CA
Contact:

Re: The Free Dinner Annuity Sales Pitch, 2 NY Times articles

Post by sschullo »

livesoft wrote: Sat Dec 15, 2018 12:34 pm The 2nd NY Times article is about all kinds of annuities, so maybe this thread can go in that direction?

I have a question: Is anybody reading this on an investment committee for a non-profit AND your non-profit has invested in annuities?
Good luck finding any Boglehead who is on a committee and that committee has invested in annuities.
"We have seen much more money made and kept by “ordinary people” who were temperamentally well suited for the investment process than by those who lacked this quality." Ben Graham
Grt2bOutdoors
Posts: 23015
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: The Free Dinner Annuity Sales Pitch, 2 NY Times articles

Post by Grt2bOutdoors »

Why would any institution "give-up" control of assets to an insurance company only to have them skim off some high percentage each year?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
livesoft
Posts: 73338
Joined: Thu Mar 01, 2007 8:00 pm

Re: The Free Dinner Annuity Sales Pitch, 2 NY Times articles

Post by livesoft »

Grt2bOutdoors wrote: Sat Dec 15, 2018 1:18 pm Why would any institution "give-up" control of assets to an insurance company only to have them skim off some high percentage each year?
That is the question. And the situation is worse than that.
Wiki This signature message sponsored by sscritic: Learn to fish.
sschullo
Posts: 2579
Joined: Sun Apr 01, 2007 8:25 am
Location: Rancho Mirage, CA
Contact:

Re: The Free Dinner Annuity Sales Pitch, 2 NY Times articles

Post by sschullo »

livesoft wrote: Sat Dec 15, 2018 1:27 pm
Grt2bOutdoors wrote: Sat Dec 15, 2018 1:18 pm Why would any institution "give-up" control of assets to an insurance company only to have them skim off some high percentage each year?
That is the question. And the situation is worse than that.
Depends on state insurance regulations. Our committee has no annuities in our 457(b) plan because we make Vanguard index and Wellington and Wellesley fund recommendations to the CFO. But on the 403(b) plan the insurance companies have been perched there for almost 60 years because of the "All Willing Provider" clause of an esoteric insurance code 770.3 (In California). Because of this hideous state law, our committee, benefits department, legal counsel, CFO and even the Board of Education itself has no vetting process (or procurement) of the 2 dozen insurance companies and the equally hideous annuity products on the 403b side. If the vendor is "Willing" to sign the required information sharing agreements and comply with the IRS regulations for defined contribution plans, districts must make them available to employees.
"We have seen much more money made and kept by “ordinary people” who were temperamentally well suited for the investment process than by those who lacked this quality." Ben Graham
User avatar
LadyGeek
Site Admin
Posts: 66254
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: "The Steak Dinner Annuity Pitch"

Post by LadyGeek »

I merged livesoft's thread into the on-going discussion.

Thanks to the member who reported the post (duplicate thread), as we both missed it.

Perhaps there should be a separate discussion of The Simplest Annuity Explainer We Could Write?
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Jazzysoon
Posts: 126
Joined: Tue Jan 09, 2018 3:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by Jazzysoon »

With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
TravelforFun
Posts: 2185
Joined: Tue Dec 04, 2012 11:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by TravelforFun »

Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: "The Steak Dinner Annuity Pitch"

Post by cheese_breath »

TravelforFun wrote: Thu Jul 30, 2020 12:07 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
How did the arm twisting work? DIY?
The surest way to know the future is when it becomes the past.
User avatar
White Coat Investor
Posts: 14808
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: "The Steak Dinner Annuity Pitch"

Post by White Coat Investor »

FBN2014 wrote: Sun Dec 02, 2018 9:02 am
FIREchief wrote: Sat Dec 01, 2018 1:28 am Don't get me started!!!.... LOL

Nothing new here. Same as it ever was.

And.... you can bet your bippy that I'll jump on the next high end steak house invite that shows up. Dinner and a show!! :sharebeer
November and December are usually slow for the free dinner hucksters. I only attended one in November. I imagine in January the mailings will show up at my house again. Eat and be merry!
One should also consider the value of their time. An hour of my time for even the most expensive steak dinner is a heck of a deal for the person buying it.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
User avatar
ClevrChico
Posts: 1761
Joined: Tue Apr 03, 2012 8:24 pm

Re: "The Steak Dinner Annuity Pitch"

Post by ClevrChico »

This reminds me of the "free carpet cleaning" that my mom signed up for. Our family was nearly reeled into buying a very expensive vacuum that was the last thing we needed at the time. A near miss and a good lesson to avoid these things!
TravelforFun
Posts: 2185
Joined: Tue Dec 04, 2012 11:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by TravelforFun »

cheese_breath wrote: Thu Jul 30, 2020 12:38 pm
TravelforFun wrote: Thu Jul 30, 2020 12:07 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
How did the arm twisting work? DIY?
I've been to so many tax savings seminars, retirement workshops and timeshare presentations, and always come out unscathed.

TravelforFun
Escapevelocity
Posts: 185
Joined: Mon Feb 18, 2019 8:32 am

Re: "The Steak Dinner Annuity Pitch"

Post by Escapevelocity »

TravelforFun wrote: Thu Jul 30, 2020 1:36 pm
cheese_breath wrote: Thu Jul 30, 2020 12:38 pm
TravelforFun wrote: Thu Jul 30, 2020 12:07 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
How did the arm twisting work? DIY?
I've been to so many tax savings seminars, retirement workshops and timeshare presentations, and always come out unscathed.

TravelforFun
You should host your own seminar on the art of not falling for sales pitches. Some people could really use some coaching when it comes to that!
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: "The Steak Dinner Annuity Pitch"

Post by cheese_breath »

Escapevelocity wrote: Thu Jul 30, 2020 1:44 pm
TravelforFun wrote: Thu Jul 30, 2020 1:36 pm
cheese_breath wrote: Thu Jul 30, 2020 12:38 pm
TravelforFun wrote: Thu Jul 30, 2020 12:07 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
How did the arm twisting work? DIY?
I've been to so many tax savings seminars, retirement workshops and timeshare presentations, and always come out unscathed.

TravelforFun
You should host your own seminar on the art of not falling for sales pitches. Some people could really use some coaching when it comes to that!
And you could develop lessons on how not to fall for sales pitches and sign people up at the seminars.
The surest way to know the future is when it becomes the past.
Redlion
Posts: 85
Joined: Sat May 04, 2019 10:31 am

Re: "The Steak Dinner Annuity Pitch"

Post by Redlion »

The Wizard wrote: Sat Dec 01, 2018 6:49 pm If I go to one of these steak dinners, I hope I can order my steak the way I like it.
If it comes overcooked, I'm leaving...
The Steak does not come until after the presentation which could be (2) hours.
Escapevelocity
Posts: 185
Joined: Mon Feb 18, 2019 8:32 am

Re: "The Steak Dinner Annuity Pitch"

Post by Escapevelocity »

Redlion wrote: Thu Jul 30, 2020 1:51 pm
The Wizard wrote: Sat Dec 01, 2018 6:49 pm If I go to one of these steak dinners, I hope I can order my steak the way I like it.
If it comes overcooked, I'm leaving...
The Steak does not come until after the presentation which could be (2) hours.
That definitely increases the risk of an overcooked steak!
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: "The Steak Dinner Annuity Pitch"

Post by cheese_breath »

Redlion wrote: Thu Jul 30, 2020 1:51 pm
The Wizard wrote: Sat Dec 01, 2018 6:49 pm If I go to one of these steak dinners, I hope I can order my steak the way I like it.
If it comes overcooked, I'm leaving...
The Steak does not come until after the presentation which could be (2) hours.
After two hours both your steak and the presentation will be overcooked.
The surest way to know the future is when it becomes the past.
TravelforFun
Posts: 2185
Joined: Tue Dec 04, 2012 11:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by TravelforFun »

cheese_breath wrote: Thu Jul 30, 2020 1:54 pm
Redlion wrote: Thu Jul 30, 2020 1:51 pm
The Wizard wrote: Sat Dec 01, 2018 6:49 pm If I go to one of these steak dinners, I hope I can order my steak the way I like it.
If it comes overcooked, I'm leaving...
The Steak does not come until after the presentation which could be (2) hours.
After two hours both your steak and the presentation will be overcooked.
I've been to several presentations organized by TD Ameritrade and held at some of the top steakhouses in the Dallas-Fort Worth Area and I can tell you the dinners were always fancy with appetizers, prime cut steaks with all the trimmings, and paired with good cabernet. Presentations were usually made by TD Ameritrade's partners who were selling financial advising services to about 50 folks in the room. A TD Ameritrade staff once told me they usually got 2 or 3 new clients at each of those dinners.

TravelforFun
Last edited by TravelforFun on Thu Jul 30, 2020 10:20 pm, edited 1 time in total.
User avatar
FIREchief
Posts: 5299
Joined: Fri Aug 19, 2016 6:40 pm

Re: "The Steak Dinner Annuity Pitch"

Post by FIREchief »

White Coat Investor wrote: Thu Jul 30, 2020 1:11 pm One should also consider the value of their time. An hour of my time for even the most expensive steak dinner is a heck of a deal for the person buying it.
I've gotten better entertainment from these sales pitches than I often get from spending an hour here on the forum. It sounds like you think the pitch is "work." It's not. I have greatly enjoyed watching these pitches, including the "audience participation." Some are impressive. Some are really weak. They're all fun if you approach it as free entertainment. A buddy and I once joked about going to a car dealer or two, pretending to be suckers, just to be entertained by the shenanigans of the hucksters (we never did). It's all how you approach it. I will add that for anybody with a DW/DH who is more naïve in financial matters, it can also be good preventive education for what not to fall for were you to meet an early demise. It's dinner and a show, for free! 8-)

Unfortunately, the mailings I receive now mostly indicate "first time attendees only." :annoyed
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
User avatar
anon_investor
Posts: 3444
Joined: Mon Jun 03, 2019 1:43 pm

Re: "The Steak Dinner Annuity Pitch"

Post by anon_investor »

White Coat Investor wrote: Thu Jul 30, 2020 1:11 pm
FBN2014 wrote: Sun Dec 02, 2018 9:02 am
FIREchief wrote: Sat Dec 01, 2018 1:28 am Don't get me started!!!.... LOL

Nothing new here. Same as it ever was.

And.... you can bet your bippy that I'll jump on the next high end steak house invite that shows up. Dinner and a show!! :sharebeer
November and December are usually slow for the free dinner hucksters. I only attended one in November. I imagine in January the mailings will show up at my house again. Eat and be merry!
One should also consider the value of their time. An hour of my time for even the most expensive steak dinner is a heck of a deal for the person buying it.
+1.
Pomegranate
Posts: 363
Joined: Mon Oct 01, 2018 4:42 pm

Re: "The Steak Dinner Annuity Pitch"

Post by Pomegranate »

FBN2014 wrote: Sun Dec 02, 2018 9:19 am
bsteiner wrote: Sat Dec 01, 2018 5:55 pm If you go to the free dinner seminar, and you buy the annuity, the living trust, the timeshare, or the bridge, you paid for the free dinners for everyone else in the room.
Don't cry for the annuity salesman, he is doing quite well.
Well said but can't wait for a thread 'How much to tip my annuity salesman' :mrgreen:
NicB
Posts: 28
Joined: Fri Nov 20, 2015 3:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by NicB »

cheese_breath wrote: Thu Jul 30, 2020 12:38 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
How did the arm twisting work? DIY?
I got a recent invite for a round of golf (and 18 holes of conversation, presumably), as a followup reach-out from an advisor. I didn't respond.

I attended a "free dinner" event as a guest of this advisor about a year ago. He's with a brokerage where I already have a self-managed (and very Boglehead) account, and I honestly just went because I really wanted to see/hear what the hook and pitch would be. Beat the market? Annuity? Secret sauce? I was a little disappointed when there was no sell at all, although I did get a few followup calls and emails "to introduce me to his partners" that I just ignored. I had to struggle not to laugh when another couple there went on and on about how much they loved their broker, how great they were doing, and how they loved to put more money in...

...wait for it...

bitcoin. :shock: :D To each their own.
FBN2014
Posts: 720
Joined: Sat Mar 08, 2014 3:07 pm

Re: "The Steak Dinner Annuity Pitch"

Post by FBN2014 »

Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I get inundated with emails and texts for the online seminar now. No gift cards even. 😞
Someday the pandemic will be over and the steak dinners will resume assuming that steakhouses like Ruth's Chris and Fleming's are still in business.
"October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May March, June, December, August and February." - M. Twain
afan
Posts: 5203
Joined: Sun Jul 25, 2010 4:01 pm

Re: "The Steak Dinner Annuity Pitch"

Post by afan »

NicB wrote: Thu Jul 30, 2020 2:56 pm I had to struggle not to laugh when another couple there went on and on about how much they loved their broker, how great they were doing, and how they loved to put more money in...
Shills?
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama
MBB_Boy
Posts: 187
Joined: Sat May 12, 2018 4:09 pm

Re: "The Steak Dinner Annuity Pitch"

Post by MBB_Boy »

How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: "The Steak Dinner Annuity Pitch"

Post by cheese_breath »

afan wrote: Thu Jul 30, 2020 3:46 pm
NicB wrote: Thu Jul 30, 2020 2:56 pm I had to struggle not to laugh when another couple there went on and on about how much they loved their broker, how great they were doing, and how they loved to put more money in...
Shills?
Shills or chumps.
The surest way to know the future is when it becomes the past.
000
Posts: 2667
Joined: Thu Jul 23, 2020 12:04 am

Re: "The Steak Dinner Annuity Pitch"

Post by 000 »

MBB_Boy wrote: Thu Jul 30, 2020 5:56 pm How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
stoptothink
Posts: 8284
Joined: Fri Dec 31, 2010 9:53 am

Re: "The Steak Dinner Annuity Pitch"

Post by stoptothink »

000 wrote: Thu Jul 30, 2020 6:29 pm
MBB_Boy wrote: Thu Jul 30, 2020 5:56 pm How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
Or have friends that put them on. One of my best friends owns his own, I've gone to more of these than I could count and he knows he'll never manage a penny of mine (but he's made a few payments on his Audi R8 and $150k boat with referrals I've brought him).
User avatar
Stinky
Posts: 5502
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: "The Steak Dinner Annuity Pitch"

Post by Stinky »

TravelforFun wrote: Thu Jul 30, 2020 12:07 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
How did they know that you weren’t multi-tasking during the sales pitch?

And how did you get your steak dinner? :D
It's a GREAT day to be alive - Travis Tritt
marcopolo
Posts: 3463
Joined: Sat Dec 03, 2016 10:22 am

Re: "The Steak Dinner Annuity Pitch"

Post by marcopolo »

stoptothink wrote: Thu Jul 30, 2020 6:33 pm
000 wrote: Thu Jul 30, 2020 6:29 pm
MBB_Boy wrote: Thu Jul 30, 2020 5:56 pm How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
Or have friends that put them on. One of my best friends owns his own, I've gone to more of these than I could count and he knows he'll never manage a penny of mine (but he's made a few payments on his Audi R8 and $150k boat with referrals I've brought him).
Who are you referring to him?
Doesn't sound like a very nice thing to do to someone.
Once in a while you get shown the light, in the strangest of places if you look at it right.
BH_RedRan
Posts: 93
Joined: Thu Apr 04, 2019 4:27 pm

Re: "The Steak Dinner Annuity Pitch"

Post by BH_RedRan »

You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
Ah, that explains why I don't get the invites. I was starting to feel left out. :wink:
Where I live you wouldn't think anyone with much money lives for miles around. Fine by me.

I did go to a time share pitch one time for lunch with a friend, just on a lark. Was about 22, had little money so no chance of being sucked in. Was a learning experience, the lunch was good (BBQ) and we each got a free lawn chair. Taught me not to attend that (or any other pitch) again. Not worth my time even when my time was cheap.
Barkingsparrow
Posts: 267
Joined: Tue Jun 13, 2017 6:09 pm

Re: "The Steak Dinner Annuity Pitch"

Post by Barkingsparrow »

000 wrote: Thu Jul 30, 2020 6:29 pm
MBB_Boy wrote: Thu Jul 30, 2020 5:56 pm How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
Age also may have something to do with it as I get pitches geared to retirement. Just got one today for a local very high-end steak house, where the dinner was intended only for those with $500,000 or more. When I get these mailers, first thing that comes to mind is that perhaps some of these "wealth managers" hosting the dinner could be on a future episode of American Greed.
TravelforFun
Posts: 2185
Joined: Tue Dec 04, 2012 11:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by TravelforFun »

Stinky wrote: Thu Jul 30, 2020 6:42 pm
TravelforFun wrote: Thu Jul 30, 2020 12:07 pm
Jazzysoon wrote: Thu Jul 30, 2020 11:43 am With Covid, I was wondering what the new approach would be for their marketing. But I just got my first Dinner invite since Covid started. (No I'm not going, but it is at a nice place).

Anyone else starting to get invites again? Kind of surprised as numbers are increasing in my area.
I attended a zoom meeting and got a $50 gift card.

TravelforFun
How did they know that you weren’t multi-tasking during the sales pitch?
They probably didn't know but I stayed signed in the whole time.

And how did you get your steak dinner? :D
Before Covid-19? I got a sizable account (my size) at TD Ameritrade and got invited by them almost every month.
TravelforFun
NicB
Posts: 28
Joined: Fri Nov 20, 2015 3:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by NicB »

cheese_breath wrote: Thu Jul 30, 2020 6:21 pm
afan wrote: Thu Jul 30, 2020 3:46 pm
NicB wrote: Thu Jul 30, 2020 2:56 pm I had to struggle not to laugh when another couple there went on and on about how much they loved their broker, how great they were doing, and how they loved to put more money in...
Shills?
Shills or chumps.
Chumps. This was not a polished enough affair to have shills. When they bounced between talking about all their advisor-recommended funds and stocks they loved -- to cryptocurrency -- I just kinda smiled and thought that yeah -- their lucky advisor had caught a pretty nice fish. Nobody asked me any direct questions or solicited my opinion, so I kept my mouth shut.
stoptothink
Posts: 8284
Joined: Fri Dec 31, 2010 9:53 am

Re: "The Steak Dinner Annuity Pitch"

Post by stoptothink »

marcopolo wrote: Thu Jul 30, 2020 6:47 pm
stoptothink wrote: Thu Jul 30, 2020 6:33 pm
000 wrote: Thu Jul 30, 2020 6:29 pm
MBB_Boy wrote: Thu Jul 30, 2020 5:56 pm How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
Or have friends that put them on. One of my best friends owns his own, I've gone to more of these than I could count and he knows he'll never manage a penny of mine (but he's made a few payments on his Audi R8 and $150k boat with referrals I've brought him).
Who are you referring to him?
Doesn't sound like a very nice thing to do to someone.
I am kind of known in my circle and at my employer as the guy to ask about investing, so I get asked if I know "a money guy" a lot. After I give them the 30sec motivational speech that they can do it themselves and email them a copy of "If You Can" (and link to Boglehead wiki), when they inevitably come back and ask if I know someone who can handle it for them I provide his number. They can do nothing or be prey for Edward Jones, I don't feel guilty for a second providing them the contact info for someone I know is honest. Nice attempt at pointless judgement though :confused .
marcopolo
Posts: 3463
Joined: Sat Dec 03, 2016 10:22 am

Re: "The Steak Dinner Annuity Pitch"

Post by marcopolo »

stoptothink wrote: Thu Jul 30, 2020 8:09 pm
marcopolo wrote: Thu Jul 30, 2020 6:47 pm
stoptothink wrote: Thu Jul 30, 2020 6:33 pm
000 wrote: Thu Jul 30, 2020 6:29 pm
MBB_Boy wrote: Thu Jul 30, 2020 5:56 pm How does one get on these lists? We are approaching $1M networth, and have never gotten anything like this. I don't know whether to be miffed or excited - there is definitely some value to being off the radar.
You need to live a in a rich neighborhood. No one knows how much you've got at Vanguard.
Or have friends that put them on. One of my best friends owns his own, I've gone to more of these than I could count and he knows he'll never manage a penny of mine (but he's made a few payments on his Audi R8 and $150k boat with referrals I've brought him).
Who are you referring to him?
Doesn't sound like a very nice thing to do to someone.
I am kind of known in my circle and at my employer as the guy to ask about investing, so I get asked if I know "a money guy" a lot. After I give them the 30sec motivational speech that they can do it themselves and email them a copy of "If you can" (and link to Boglehead wiki), when they inevitably come back and ask if I know someone who can handle it for them I provide his number. They can be prey for Edward Jones or be guided by someone I know is honest, but nice attempt at pointless judgement :confused .

Well, you did make a point about how he would "never manage a penny" of your money, and you seemed to gleefully make the point that your friends and colleagues are paying for his Audi and boat.

"Where are the client's boats?".

All the Edward Jones reps probably also have friends who think they are honest. We hear from their clients sometimes, often talking about how a "friend" or colleague recommended them.
Once in a while you get shown the light, in the strangest of places if you look at it right.
User avatar
FIREchief
Posts: 5299
Joined: Fri Aug 19, 2016 6:40 pm

Re: "The Steak Dinner Annuity Pitch"

Post by FIREchief »

NicB wrote: Thu Jul 30, 2020 8:02 pm
cheese_breath wrote: Thu Jul 30, 2020 6:21 pm
afan wrote: Thu Jul 30, 2020 3:46 pm
NicB wrote: Thu Jul 30, 2020 2:56 pm I had to struggle not to laugh when another couple there went on and on about how much they loved their broker, how great they were doing, and how they loved to put more money in...
Shills?
Shills or chumps.
Chumps. This was not a polished enough affair to have shills. When they bounced between talking about all their advisor-recommended funds and stocks they loved -- to cryptocurrency -- I just kinda smiled and thought that yeah -- their lucky advisor had caught a pretty nice fish. Nobody asked me any direct questions or solicited my opinion, so I kept my mouth shut.
Except when the juicy steak came, right? :P
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
Post Reply