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Questions of Secrecy
By a Registered Nurse
I attended a retirement planning seminar about a year ago; after the big stock market drop. It focused on annuities along with the “free” dinner. The strange thing was that the host asked that no recording devices be used during the presentation for copyright purposes. I know a bit about annuities and don’t think he said anything wrong, other than using a few common scare tactics. He had virtually no academic credentials and so I enjoyed the dinner and went on with my life.
Personal Invitation
A few days ago I was “personally” invited by mail to a financial planning seminar hosted by a group of attorneys, accountants and estate planners to an extremely prestigious, and no doubt expensive, restaurant. This time, the following warning appeared in writing on the invitation.
“Due to the copyright nature of this material, attorneys, accountants, insurance agents or financial planning practitioners are not admitted without express permission. And, no audio or video recording devices will be allowed.”
Assessment
As a nurse I am not in the dis-invited group, and realize that the “personal” nature of the invitation was bogus. But, I was wondering if this copyright warning was “kosher”, or am I just being paranoid?
Conclusion
And so, your thoughts and comments on this Medical Executive-Post are appreciated. Is this secrecy standard industry practice? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.
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Filed under: "Advisors Only", "Ask-an-Advisor", Ethics, Financial Planning, Quality Initiatives | Tagged: annuities, CFPs, CPAs, elder planners, estate planners, financial advisors, financial planners, financial seminars |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Engage with Prudence
The financial service industry is infested with conflicts of interest – like “free” financial seminars. No wonder Jack Bogle of Vanguard recently lamented “Too much salesmanship and too little stewardship.”
Others say, “It is a marketing industry.”
The lesson: don’t rush into an engagement. Some damages resulted from haste can not be undone – remember Bernie Madoff? Take your time for due diligence, and once you engage a FA that you trust, be sure to also verify their decisions.
Charlie
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They don’t want anyone that has any pre-existing knowledge of the annuity and insurance products they will be selling to be there so no one asks about the fees inside the product, the financial incentives to the sales rep, the tax implications and the unavoidable, built-in conflict of interest.
As for the prohibition against recording — anything they say can and will be used against them in a court of law….
Stick to a fee-only fiduciary advisor.
T. Duffy; CFP
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Financial Seminars Carry Risks
Charlies, in one recent example by Henry Unger, the Securities and Exchange Commission shut down a Ponzi scheme that stole $20 million from retirees in California and Illinois, according to the Better Business Bureau.
http://blogs.ajc.com/business-beat/2010/06/02/financial-seminars-carry-their-own-risks/
Investment seminars can offer free lunches with one hand and steal your life savings with the other; doctors beware!
Mike
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