Two weeks for nothing
We are in the midst of looking elsewhere as we speak. Our guy is not untrustworthy. It’s just that when I ask for a simple projected income statement for post-retirement, he worked for two weeks on it and said he just couldn’t produce one. It seemed like a simple request.
Related Horror Stories
My REIT Nightmare
What's the dumbest piece of advice a financial adviser has given you? Put your money in this “safe” REIT…. lost half of it AND the fund was “frozen” when the banks did their nasty back in 2008; had to wait for 5 years to get even that back.
Losing $22K in 90 Days Thanks to a Football Star Turned Investor
I was 29 and rolled my 401k from Virginia Tech to an “investment guy” at my bank. He was the star football player in high school and had no actual qualifications for investments. I rolled my $40,000 into the bank investment account. In less than 90 days it was down to $18,000 in value.
I had them sell everything and rolled it back out to another firm. When I complained the investment guy said “you are only 29 and you will make it back.” Yeah, but it took me 5 years to build up that $40,000 and he destroyed more than half that in 3 months.
Pressure Tactics and Poor Advice
I had one guy INSIST that I buy a costly Variable Life insurance policy. “Don’t read the prospectus! TRUST ME!” Sorry. “We’re not leaving until you sign!” Okay well you may want to order a pizza, because it’s gonna be a looooooooooong wait!
Another time I met with reps from a major financial firm who asked how my investments had been doing. “For the past ten years my compound returns have been 27%.” (That is, my portfolio was up 10x over ten years.)
This upset then tremendously, like I had just told them I kidnapped babies to use as firewood. “Well, THAT’s totally unsuitable!”Well, what do YOU recommend? “We have a program that will deliver 7% a year. But no promises!” (Perhaps double over ten years.) Okay! We’re done here!
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