![]() ![]() “It’s totally inappropriate for them,” she says. “That’s where they convince people to invest in things that are not appropriate for them so the salesperson can make a huge commission.”īauer says it is not uncommon for an 80-year-old to have his or her entire nest egg put into an annuity that locks up that money for 10 years or more. “In your home, they can say anything they want, truthful or not, threatening or more threatening,” says Katharine Bauer, an estate planning attorney in Olympia, Wash. The hope is you will agree to a one-on-one visit in your home. The free lunch is designed to get you in the door, where a salesperson can scare you about your financial future and promise you financial security. “Some of the pitches you hear at a free meal seminar might sound attractive and they might be easy to swallow, but they might give you heartburn afterwards.” “Their ultimate goal is to recruit a new client, open a new account or sell a product,” says Gerri Walsh, vice president of investor education at the Financial Industry Regulatory Authority. He estimates 99.9 percent of these seminars are just “a sales pitch in disguise.” ![]() “There is no such thing as a free lunch,” warns Martin Cordell with Washington State’s Department of Financial Institutions. Some even say “Bring your spouse, but leave your checkbook at home.” Don’t believe it. They claim to be informational with nothing sold. The invitations promise tips on how to earn excellent returns with no market risk, plus ways to eliminate taxes and avoid probate.
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