"The Steak Dinner Annuity Pitch"

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Sandtrap
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Re: "The Steak Dinner Annuity Pitch"

Post by Sandtrap » Thu Jul 30, 2020 8:41 pm

Conversations in our development and the surrounding area of wanna be high ending developments include:
(I hear this all the time)
“My Edward Jones wealth advisor told me I’m up 60% this year!”
“I’m glad I have a Wealth Counselor looking after my retirement. It’s so complex. Let them do it.”
“We just bought our 5th Annuity!”
“We just bought our 5th Time Share!”
“We’re glad we don’t have to worry about money.”
“We’re thinking of trading in the Ferrari for a Lamborghini.”
“My broker flew back from Switzerland and took me for a ride in his new Ferrari. What a guy!”
“Of course a reverse mortgage makes sense.”
“It’s just money.”

“We just came back from a lovely 3 day wealth management seminar in Cancun. Didn’t cost us a dime.”

DW and I went to a time share presentation in Sedona years ago. Free lobster dinner after a personal tour. During the large group presentation when they asked if there were any questions, I asked them about the time share and fractional ownership from a Real Estate investors perspective. (Yes. I can be naive) That did not go over well. They had a nice answer that we’d talk about it later and the answer would take too much of everyone’s time. DW and I did not get the lobster dinner. Schmucks!
j🌺
Last edited by Sandtrap on Thu Jul 30, 2020 8:53 pm, edited 3 times in total.
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000
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Re: "The Steak Dinner Annuity Pitch"

Post by 000 » Thu Jul 30, 2020 8:42 pm

To those who have attended such an event, do you get to order your entree? Or does the organizer order X steak & potato dinners in advance?

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FIREchief
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Re: "The Steak Dinner Annuity Pitch"

Post by FIREchief » Thu Jul 30, 2020 8:45 pm

000 wrote:
Thu Jul 30, 2020 8:42 pm
To those who have attended such an event, do you get to order your entree? Or does the organizer order X steak & potato dinners in advance?
Generally two or three choices. Steak cooked to order. Vegan available if requested when making reservation.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

stoptothink
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Re: "The Steak Dinner Annuity Pitch"

Post by stoptothink » Thu Jul 30, 2020 8:51 pm

marcopolo wrote:
Thu Jul 30, 2020 8:34 pm
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


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.
Wow, wake up on the wrong side of the bed? He would never manage a penny of my money because I don't pay people to do things I can quite easily do myself; pretty clear to me (as someone on Bogleheads) that was implied. Next time someone asks me for a referral (for anything) I'll just tell them to Google it because, you know, Marco Polo thinks I'm unethical. In the meantime, thanks for the reminder; I need to text and ask him where my kickback is for referring my mom (among others) to him.

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Re: "The Steak Dinner Annuity Pitch"

Post by abuss368 » Thu Jul 30, 2020 8:56 pm

Sandtrap wrote:
Thu Jul 30, 2020 8:41 pm
Conversations in our development and the surrounding area of wanna be high ending developments include:
(I hear this all the time)
“My Edward Jones wealth advisor told me I’m up 60% this year!”
“I’m glad I have a Wealth Counselor looking after my retirement. It’s so complex. Let them do it.”
“We just bought our 5th Annuity!”
“We just bought our 5th Time Share!”
“We’re glad we don’t have to worry about money.”
“We’re thinking of trading in the Ferrari for a Lamborghini.”
“My broker flew back from Switzerland and took me for a ride in his new Ferrari. What a guy!”
“Of course a reverse mortgage makes sense.”
“It’s just money.”

“We just came back from a lovely 3 day wealth management seminar in Cancun. Didn’t cost us a dime.”

DW and I went to a time share presentation in Sedona years ago. Free lobster dinner after a personal tour. During the large group presentation when they asked if there were any questions, I asked them about the time share and fractional ownership from a Real Estate investors perspective. (Yes. I can be naive) That did not go over well. They had a nice answer that we’d talk about it later and the answer would take too much of everyone’s time. DW and I did not get the lobster dinner. Schmucks!
j🌺
Priceless!
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

marcopolo
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Re: "The Steak Dinner Annuity Pitch"

Post by marcopolo » Thu Jul 30, 2020 8:57 pm

stoptothink wrote:
Thu Jul 30, 2020 8:51 pm
marcopolo wrote:
Thu Jul 30, 2020 8:34 pm
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


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.
Wow, wake up on the wrong side of the bed? He would never manage a penny of my money because I don't pay people to do things I can quite easily do myself; pretty clear to me (as someone on Bogleheads) that was implied. Next time someone asks me for a referral (for anything) I'll just tell them to Google it because, you know, Marco Polo thinks I'm unethical. In the meantime, thanks for the reminder; I need to text and ask him where my kickback is for referring my mom (among others) to him.
Hope they at least got a nice dinner out of it.
Once in a while you get shown the light, in the strangest of places if you look at it right.

NicB
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Re: "The Steak Dinner Annuity Pitch"

Post by NicB » Thu Jul 30, 2020 9:00 pm

000 wrote:
Thu Jul 30, 2020 8:42 pm
To those who have attended such an event, do you get to order your entree? Or does the organizer order X steak & potato dinners in advance?
I'd guess it depends on the event. I was very direct and asked the advisor who invited me ahead of time if it was full menu, limited menu, or buffet/banquet. It was full menu 8-) , which is one of the reasons I went.

NicB
Posts: 28
Joined: Fri Nov 20, 2015 3:05 pm

Re: "The Steak Dinner Annuity Pitch"

Post by NicB » Thu Jul 30, 2020 9:02 pm

FIREchief wrote:
Thu Jul 30, 2020 8:40 pm
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
Ha! The steak was average, unfortunately.

FoolStreet
Posts: 1013
Joined: Fri Sep 07, 2012 12:18 am

Re: "The Steak Dinner Annuity Pitch"

Post by FoolStreet » Fri Jul 31, 2020 12:33 am

Sandtrap wrote:
Thu Jul 30, 2020 8:41 pm
Conversations in our development and the surrounding area of wanna be high ending developments include:
(I hear this all the time)
“My Edward Jones wealth advisor told me I’m up 60% this year!”
“I’m glad I have a Wealth Counselor looking after my retirement. It’s so complex. Let them do it.”
“We just bought our 5th Annuity!”
“We just bought our 5th Time Share!”
“We’re glad we don’t have to worry about money.”
“We’re thinking of trading in the Ferrari for a Lamborghini.”
“My broker flew back from Switzerland and took me for a ride in his new Ferrari. What a guy!”
“Of course a reverse mortgage makes sense.”
“It’s just money.”

“We just came back from a lovely 3 day wealth management seminar in Cancun. Didn’t cost us a dime.”

DW and I went to a time share presentation in Sedona years ago. Free lobster dinner after a personal tour. During the large group presentation when they asked if there were any questions, I asked them about the time share and fractional ownership from a Real Estate investors perspective. (Yes. I can be naive) That did not go over well. They had a nice answer that we’d talk about it later and the answer would take too much of everyone’s time. DW and I did not get the lobster dinner. Schmucks!
j🌺
I am curious. You have posted before about real estate investing. What is your real estate strategy for vacationing in second homes if not timesharing? I don’t want a hotel and would like the benefits of resort-like complexes with a home as nice or better than mine. I am also cheap. Lol.

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Sandtrap
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Re: "The Steak Dinner Annuity Pitch"

Post by Sandtrap » Fri Jul 31, 2020 8:34 am

FoolStreet wrote:
Fri Jul 31, 2020 12:33 am
Sandtrap wrote:
Thu Jul 30, 2020 8:41 pm
Conversations in our development and the surrounding area of wanna be high ending developments include:
(I hear this all the time)
“My Edward Jones wealth advisor told me I’m up 60% this year!”
“I’m glad I have a Wealth Counselor looking after my retirement. It’s so complex. Let them do it.”
“We just bought our 5th Annuity!”
“We just bought our 5th Time Share!”
“We’re glad we don’t have to worry about money.”
“We’re thinking of trading in the Ferrari for a Lamborghini.”
“My broker flew back from Switzerland and took me for a ride in his new Ferrari. What a guy!”
“Of course a reverse mortgage makes sense.”
“It’s just money.”

“We just came back from a lovely 3 day wealth management seminar in Cancun. Didn’t cost us a dime.”

DW and I went to a time share presentation in Sedona years ago. Free lobster dinner after a personal tour. During the large group presentation when they asked if there were any questions, I asked them about the time share and fractional ownership from a Real Estate investors perspective. (Yes. I can be naive) That did not go over well. They had a nice answer that we’d talk about it later and the answer would take too much of everyone’s time. DW and I did not get the lobster dinner. Schmucks!
j🌺
I am curious. You have posted before about real estate investing. What is your real estate strategy for vacationing in second homes if not timesharing? I don’t want a hotel and would like the benefits of resort-like complexes with a home as nice or better than mine. I am also cheap. Lol.
AirB&B
VRBO
5 Star IE: Four Seasons, Hilton, Sheraton.
Fractional Ownership AKA Time Share (kidding)

j🌺
Wiki Bogleheads Wiki: Everything You Need to Know

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Sandtrap
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Re: "The Steak Dinner Annuity Pitch"

Post by Sandtrap » Fri Jul 31, 2020 8:48 am

While majoring in finance, my mom sent me tons of invitations to various investment and wealth building seminars and time share and other presentations. She signed me up and told me to go. Being a “good son”, I went, for years. After awhile, they all had the same pattern and it became boring. I finally said No and stopped going.

Seminar Structures:
Introduction
Presentation
Interest & Education
Desire
Close

As I was told by one “presenter”.
The goal and quota for many “salespersons”:
25-50 leads
10 phone calls
3 appointments
1 close

Commissions could run from tiny to huge.

An old friend and his DW went to a Rich Man Poor Man / Kiyosaki wealth building seminar and eventually paid from $8000 for Lifetime Wealth planning services and a Financial education program and textbooks, In addition to taking out a HELOC to buy gold.

j🌺
Wiki Bogleheads Wiki: Everything You Need to Know

JediMisty
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Re: "The Steak Dinner Annuity Pitch"

Post by JediMisty » Fri Jul 31, 2020 9:27 am

marcopolo wrote:
Thu Jul 30, 2020 8:34 pm
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


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.
Even worse: a colleague at work has a daughter working for Edward Jones. He has been sold universal life insurance and they are trying to get him to buy an annuity with his and his wife's 401k accounts. He is in his 70s, with no reason for life insurance, so this was my first sign. I sent him a link to the wiki regarding annuities. I think he bought one anyway. Sigh. He says he knows they have his best interests at heart since his daughter works there. SMH

JediMisty
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Re: "The Steak Dinner Annuity Pitch"

Post by JediMisty » Fri Jul 31, 2020 9:33 am

NicB wrote:
Thu Jul 30, 2020 9:00 pm
000 wrote:
Thu Jul 30, 2020 8:42 pm
To those who have attended such an event, do you get to order your entree? Or does the organizer order X steak & potato dinners in advance?
I'd guess it depends on the event. I was very direct and asked the advisor who invited me ahead of time if it was full menu, limited menu, or buffet/banquet. It was full menu 8-) , which is one of the reasons I went.
When I went, the presentation took 2 hours after starting 20 minutes late. No questions allowed. Then during dinner the hard sell to sign up for an appointment. I was hungry and grouchy over the misleading presentation. Never again. It was supposed to have information about social security. None. I got a book from the library.

stoptothink
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Re: "The Steak Dinner Annuity Pitch"

Post by stoptothink » Fri Jul 31, 2020 9:41 am

JediMisty wrote:
Fri Jul 31, 2020 9:27 am
marcopolo wrote:
Thu Jul 30, 2020 8:34 pm
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


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.
Even worse: a colleague at work has a daughter working for Edward Jones. He has been sold universal life insurance and they are trying to get him to buy an annuity with his and his wife's 401k accounts. He is in his 70s, with no reason for life insurance, so this was my first sign. I sent him a link to the wiki regarding annuities. I think he bought one anyway. Sigh. He says he knows they have his best interests at heart since his daughter works there. SMH
My mom was in a similar position, having been sold life insurance and a jumbled mess of more than a dozen insanely high-load funds by my uncle's "guy". She didn't have a clue what she was doing and didn't feel comfortable doing it herself with my help. I don't get it, but it gave her (and apparently many others) peace of mind to have someone with a fancy office manage it for her. My friend got her out of the life insurance and put her basically in a 3-fund portfolio; everybody's happy.

JediMisty
Posts: 557
Joined: Tue Aug 07, 2018 7:06 am
Location: Central NJ

Re: "The Steak Dinner Annuity Pitch"

Post by JediMisty » Fri Jul 31, 2020 11:14 am

stoptothink wrote:
Fri Jul 31, 2020 9:41 am
JediMisty wrote:
Fri Jul 31, 2020 9:27 am
marcopolo wrote:
Thu Jul 30, 2020 8:34 pm
stoptothink wrote:
Thu Jul 30, 2020 8:09 pm
marcopolo wrote:
Thu Jul 30, 2020 6:47 pm


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.
Even worse: a colleague at work has a daughter working for Edward Jones. He has been sold universal life insurance and they are trying to get him to buy an annuity with his and his wife's 401k accounts. He is in his 70s, with no reason for life insurance, so this was my first sign. I sent him a link to the wiki regarding annuities. I think he bought one anyway. Sigh. He says he knows they have his best interests at heart since his daughter works there. SMH
My mom was in a similar position, having been sold life insurance and a jumbled mess of more than a dozen insanely high-load funds by my uncle's "guy". She didn't have a clue what she was doing and didn't feel comfortable doing it herself with my help. I don't get it, but it gave her (and apparently many others) peace of mind to have someone with a fancy office manage it for her. My friend got her out of the life insurance and put her basically in a 3-fund portfolio; everybody's happy.
A good outcome. I was able to move my SO out if his advisor's grasp at Wells Fargo and into a three fund portfolio at Vanguard. But for work colleagues, I can't risk the exposure of giving "advice". I'll send links when folks ask.

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