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Richard Erlacher
08/20/12 11:21
Modified:
  08/20/12 11:22

Read: 479 times
Denver, Co
USA


 
#188101 - You've overlooked the inherent bias ...
Responding to: Christoph Franck's previous message
The problem with "professional" advisors is that they work for themselves, and only benefit you if it also benefits them.

One example might be the insurance-industry-trained "Certified Financial Advisor" who realizes that if he persuades you to change your fixed price annuity, i.e. an instrument that you pay for in advance, and which purportedly appreciates over time, irrespective of market conditions, and purchase, instead, a "universal life insurance" policy, which appreciates only if the market interest rates exceed a certain threshold. In the latter case, the "advisor" gets a fixed portion of the premium, whether it's paid out of the appreciation or out of your equity, then HE benefits, rather than letting YOU have all the benefit. He is, therefore, a parasite on your policy, and gets his premium whether your equity is increasing or decreasing. That, of course, is only one example, but it did, at one time, cost me, my brother, and my mother about $1200 per month, each, simply because the guy lied to us about the nature of the instrument. When asked pointed questions about it, he completely distorted the facts. At one point, when I asked, "From what revenue stream do you derive your income?", he failed to answer, spouting some of what was clearly "mumbo-jumbo,' wherupon I withdrew all my investments from his control, and advised my brother and mother to do the same.

I've gotten similar information from others who've dealt with "advisors," brokers, etc. Even bankers are not to be trusted with more than a week's pay. At today's return rates, it's safer to put your money under your mattress.

Bankers, investment advisors, insurance people, and politicians (not necessarily the government of which they're a part) are equally corrupt. None of them work for you. All of them work for themselves. If you benefit from their action, you're fortunate. If not, you get what you deserve.

RE




List of 30 messages in thread
TopicAuthorDate
Salary System      Arif Deshmukh      08/10/12 23:08      
   "System"?      Andy Neil      08/11/12 08:04      
      Govt. System      Arif Deshmukh      08/12/12 00:00      
         Perhaps it's just another "bump in the road" for India      Richard Erlacher      08/12/12 07:54      
            Here is another bump      Arif Deshmukh      08/13/12 04:19      
         In The U.S.      Neil Kurzman      08/14/12 18:25      
   yeah well.      Jez Smith      08/14/12 02:18      
      Oh! Means I Am Lucky      Arif Deshmukh      08/14/12 04:37      
         Also        Jez Smith      08/14/12 10:10      
            We don't do it willingly ...       Richard Erlacher      08/14/12 11:26      
               Very Strict In India      Arif Deshmukh      08/15/12 01:09      
            yep      Andy Peters      08/17/12 15:30      
      You Make it sound like a bad thing.      Neil Kurzman      08/14/12 18:32      
         Cube covering      Rob Klein      08/15/12 03:52      
            I don't remember even one "cubie" that wasn't padded      Richard Erlacher      08/15/12 18:07      
            No Padding      Neil Kurzman      08/16/12 13:40      
      Not if your company follows this advice      Andy Neil      08/23/12 12:28      
         male cow manure      Erik Malund      08/23/12 12:38      
            wow      Neil Kurzman      08/23/12 20:57      
   New Zealand working conditions      Bert Van Den Berg      08/17/12 12:40      
      Here in the U.S.      Richard Erlacher      08/17/12 13:37      
         No Pension      Arif Deshmukh      08/19/12 22:03      
            Well ... there are those who believe ...       Richard Erlacher      08/19/12 23:21      
               Biased sample selection.      Christoph Franck      08/20/12 05:06      
                  You've overlooked the inherent bias ...       Richard Erlacher      08/20/12 11:21      
                     Paying for professionals.      Christoph Franck      08/21/12 01:39      
                        That's very much the case       Richard Erlacher      08/21/12 09:16      
            Arif: Which govt are you referring to?      Kalpak Dabir      08/20/12 04:50      
               BMC      Arif Deshmukh      08/20/12 10:16      
                  What would trouble me ...       Richard Erlacher      08/20/12 11:35      

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