More financial warnings  

redmustang91 57M  
8705 posts
4/29/2006 5:50 am

Last Read:
5/1/2006 10:54 am

More financial warnings


Met with a prospective clients couple who lost a fortune from bad investment advice.

They are elderly and were sold variable annuities, which are like stock mutual funds, only they have high loads or sales charges, are illiquid and high surrender fees! And bad performance!

But the worst was they got sold "free" life insurance, with a $675,000 death benefit that cost $50,000 a year for five years! They quit after two years and lost $100,000 for nothing; they did not want or need life insurance!

Life insurance has high sales fees and is not needed by many. I think it is criminal to defraud senior citizens who need their money for their retirement.

I am going to pursue this like an avenging angel if they sign up...

imLadyBambi 58M/50F

4/29/2006 2:42 pm

Go for it, someone has to stand up for our senior citizens.

Wish you the best of luck and you are a good person for being so concerned.

Lady Bambi


imLadyBambi 58M/50F

4/29/2006 2:47 pm

WRM,

Mr.Bambi would like to know if you are an Financial Advisor???

Lady Bambi


redmustang91 57M  
8576 posts
5/1/2006 10:54 am

I am an attorney, and sue financial advisors, as I am not licensed to advise anyone on finance. I have given some free financial advice, but prefer people to educate themselves and choose for themselves.


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