 |
|
 |
||||||||||||||||
 |
 |
 |
||||||||||||||||
 |
|
 |
||||||||||||||||
|
|
|
||||||||||||||||
|
 See also... SFC Radio SFC Books SFC In The News SFC Videos |
 |
An Open Letter to Chris Hansen of Dateline NBC Here's a Link To The Story. Dear Mr. Hanson; I watched with great interest and appreciation as you shined a light on the worst elements in the financial industry. Thank you. And, please realize that the people who use those deceptive and manipulative selling practices do not represent the entire industry. There is a part of the financial industry that provides an honest and ethical service for older Americans. In my experience, there are two over-riding reasons sales people opt to use those deceptive practices. The first is simple greed. The insurance firms and marketing agencies simply encourage them to sell as many products as possible, and they reward sales handsomely. The second is laziness. It takes a great deal of education and experience to understand the complexity of financial problems seniors face, and it takes even more effort to gain the skills and wisdom required to help them. When greed and laziness combine, some people take every imaginable shortcut, and when they do, they profit while their clients suffer. That said, there is another force at work against seniors that your piece didn't acknowledge. Perhaps you're simply not yet aware of the danger posed to seniors by legitimate investment advisors. For decades, the common business model has been based on the accumulation of "money under management." In other words, they use their selling skills to invest a family's wealth in the stock market. They get paid based on the total amount of money. As you're aware, the stock market is like the Atlantic in winter - unpredictable, thus risky. When the head of the family rounds the corner on sixty, risk is the wrong approach to take. After sixty, people begin to systematically draw more of their money into safer or guaranteed investments, and they begin to withdraw some of it in the form of "distribution." That's their post-career income. That's where the investment advisors represent the problem. They are reluctant to let go of the money. Distributing a senior's money takes income away from the advisor; remember they are paid based on the money under their management. The result of those two threats is a virtual pincer movement with the seniors being squeezed. On one flank are the disreputable annuity pushers, and on the other flank are the self-serving investment advisors. It is my experience, that every senior needs a completely customized plan that makes sense with their lifestyle, needs and assets. That is the exact philosophy of my firm,The Senior Financial Center®. For fifteen years, we've provided customized financial strategies for people sixty and better. In fact, this approach has been embraced so completely over the years, that we are now in the process of teaching other financial people how to do this type of customized work and franchise our firm nationally. If you would like to discuss ethics and alternatives for seniors, I welcome the opportunity to share my thoughts and experience with you. Warmest regards, Robert A. Sagar President & Founder |
|
 |
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
 |
 |
 |
||||||||||||||||
 |
||||||||||||||||||
|
© 2000 - 2010 The Senior Financial Center, Inc.® | All Rights Reserved | 1-800-618-1825 | info@seniorfinancialcenter.com | Design & Hosting by 8thPlanet.com. | |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||
