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Anyone ever take the free steak from a financial advisor?

2,878 Views | 18 Replies | Last: 1 mo ago by rathAG05
GoAgs92
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You know the one's where you get a postcard in the mail to get a free steak dinner, I've always wondered what those people pitch?

I am sure the dinner is not worth the pain and suffering of talking to an "advisor" for 2 hours.
hedge
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Pro tip, take some friends and ignore the advisor
ATX Advisors
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GoAgs92 said:

You know the one's where you get a postcard in the mail to get a free steak dinner, I've always wondered what those people pitch?

I am sure the dinner is not worth the pain and suffering of talking to an "advisor" for 2 hours.
Funny you should ask, I have attended a few of these over the years just to get the free steak. I have never been invited back to one, though.
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infinity ag
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My parents did, back in 1971! The steak was good but the advisor made it miserable.

We had visited Maui back in 2012 and it rained all day so the travel agent suggested we go to a neighboring hotel to attend a seminar. But she told us NOT TO SIGN ANYTHING. They will bore us for a few hours but deal with it and then we will get free tickets for events.

We did it, got a lot of free stuff.
infinity ag
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I manage my own money and I do very well. I don't need a damn advisor. I think they are ripoffs when it comes to investment picking. The only thing they are good for is about knowing tax laws and legal loopholes.

I get calls from the local Schwab office asking me to attend their seminar. I am sure they want to take control of my money and manage it and charge me fees. No thank you.
I bleed maroon
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AG
I get these offers all the time. Never yet taken them up on one. I'm a dyed-in-the-wool do it yourself investor.

That said, I really have no issue with the practice. It's just a method of lead generation, and unlike paid search on Google, magazine advertising, or expensive direct mail packets, you gain a captive audience for a couple of hours. If you can't hook them within that timeframe, you likely never will be able to do it. So, it's probably cost-effective and time-proven.

I guess I just don't need a free steak that badly.
MRB10
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The nerve on these guys… thinking I'd be drawn to a place so some overpaid McDonalds burger flipper can try to make a better steak than I can at home. I swear.
jwoodmd
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hedge said:

Pro tip, take some friends and ignore the advisor
Somehow I just see you being one of the free steak dinner sales pitch people.
752bro4
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AG
There's no such thing as a free lunch (dinner).
one safe place
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I have been fortunate enough to have enough money to buy my own meals, or better yet cook my own steak, and not have to sit through some kind of nonsense thing in order to get a "free steak." I wouldn't invest a couple hours in listening to a sales pitch even if it was Wagyu.

Back years ago, I had a boss get an invitation to some sort of real estate sales pitch. A lot of people were getting these as part of a promotion for some lots being sold. The possible "free gifts" for attending were something like $10,000 in cash, a boat and motor, all expense paid trip to Hawaii including airfare, and a couple other high dollar things. He said he would be a fool not to go, spend a couple of hours, and get one of those prizes. I told him I wasn't sure what the gimmick was, but no way they can give those sorts of things away to hundred of people each weekend, not at the cost of the lots they were selling. He decided he was right and was going to go.

His prize was the boat and motor. It was an inflatable thing like a kid would use in a pool, the motor was a cheap plastic shaft with a prop and a battery compartment (like a trolling motor) powered by a couple of C cell batteries, lol. Every Monday for a couple months I would ask if the took the boat out, or went fishing, or had they taken up water skiing, lol.
Whoop Delecto
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AG
SquareOne07
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AG
FYI, those are typically annuity or life insurance salesmen and not fiduciary financial advisors.
infinity ag
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Do these scams even work?
I would assume people know the trick by now.
Baby Billy
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AG
SquareOne07 said:

FYI, those are typically annuity or life insurance salesmen and not fiduciary financial advisors.
This. Almost certainly will pitch you an annuity
Ogre09
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AG
TINSTAAFL
rathAG05
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AG
infinity ag said:

I manage my own money and I do very well. I don't need a damn advisor. I think they are ripoffs when it comes to investment picking. The only thing they are good for is about knowing tax laws and legal loopholes.

I get calls from the local Schwab office asking me to attend their seminar. I am sure they want to take control of my money and manage it and charge me fees. No thank you.


Yeah, hiring a professional to understand your goals, time horizons, create tax strategies, manage investment portfolios, minimize estate taxes, and create an overall plan so families can feel secure today and into the future is such a ripoff! The nerve! And that they would be so bold as to ask to be compensated for it….i just can't. It's like every other professional service industry….those greedy ******* just want to rip you off and give piss poor advice. Haha.

Just because you do it on your own, doesn't mean it's a ripoff. It just means that you chose a different path and it isn't better or worse.
rathAG05
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AG
Most of these free lunches are annuity salesman pawning themselves off as advisors.
TexAg2001
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AG
Not a free steak from a Financial Advisor, but 20+ years ago, my wife and I were a couple months out of college and got a flyer in the mail for a free long weekend in Vegas if we attended a timeshare presentation. We said WTH and went to it. We said "Not interested" for about an hour and then they explained how to book the Vegas trip. We were required to attend another presentation when we landed, so we went there from the airport. The first words out the guy's mouth were "Are you actually interested in this?" We said "No" and he sent us on our way.

90 minutes of saying "No" got us a 4-day weekend in Vegas in a hotel on the strip and included flights. Not a bad tradeoff. Surprisingly, we never got anything else in the mail about timeshares after that.
rathAG05
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AG
I have a very different timeshare story. Haha.
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