I work for an insurance company. Right now it is really rough for me because of some unfortunate circumstances, but generally it is a very interesting way to spend your day.
We specialize in the area of seniors, retirement, med-sups etc. One of the things I talk to people about is their retirement investments and losing money in the stock market. When you are retired it is important not to lose your "nest egg", it has to last for the rest of your life. Unfortunately finacial planners and stock brokers do not think about or do not care about the difference between a 40 year old client and a client over 65. I had one client 94 years old who was told to leave her money in the stock market "it will come back"......"IN TEN YEARS" I said. "She will be 104 years old when that money is back to where it was if it ever is".
This makes me crazy. Anyway I was talking to a woman who is ill and has all kinds of issues with insurance and brokers and trusts no one and I can hardly blame her. Her broker said they have to pay him 400 dollars to meet with him to find out how much money they have left. I said "you have to pay him 400 dollars to tell you how much of your money he has lost over the last year?" I told her to call him, leave a message and tell him she wanted all her holdings liquidated and a check overnighted to her home in 24 hours. I said she would get results that way and she will...but let's see if she has the courage to do it.
Why are people so impressed with financial planners? Is it that they are charging them money and so they must be good? If someone was charging me thousands of dollars a year to watch my life savings disapear, you can bet I would yank my money out in this economy.
