Financial Planners and Conflict of Interest

You have to sue your financial planner ever so often just to keep them honest...imo

My Father got into selling annuities, and the same thing happened to me. I'd like to think it wasn't intentional, but he made money from the fees, and I lost money. I honestly think that because he was a retired engineer and fresh to the business, he was led to believe that he was selling a good product. Some of these companies bamboozle their own employees into thinking they are doing people good, when in fact the opposite is true. I've seen it more than once.

Needless to say, before I make any moves, I do my own research. I also treat fast talking, well dressed planners, or anyone else that wants my money, no differently than I would a plumber. Give me references and phone numbers. I want to hear from your satisfied clients, first hand.

The degree and sophistication that has developed, in parting people with their money, has reached the point that even astute people that do the research can get swindled.

I should have mentioned that we're not talking a lot of money. I think I got in, at like $1500, just to see how things went. After a year of watching maintenance fees being taken out every month and no increase in value, I cashed out when it hit $800.

Good thread. I'm always interested in learning more about this stuff. One thing is for sure..................engineers may be numbers people, but that does not translate into them being financial geniuses.

Written in 1940, a book: "Where Are the Customers' Yachts? or A Good Hard Look at Wall Street," by Fred Schwed Jr.

He noticed that all the stock brokers, investment advisors, and fund managers had yachts. Obviously there was money to be made on Wall Street! But how about the customers? Where were their yachts? Wasn't the financial services industry supposed to help the customer get rich?

Written 72 years ago and nothing has changed - yet.

What a timely piece? Just after the MoaIPOs is falling short of its predictions. I wonder how many mortgage payments will be late as people bet there savings on this. Can't wait until we have another bailout for people who lost on this "sure" thing.

The major problem with this article is that it appears in AARP!! A charter member of the senior scam club