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Subject:  Re: AMEX Financial Advisor Experience and Questi Date:  3/30/2004  1:56 PM
Author:  TTRoberts Number:  40070 of 78705

0xf001, you asked:

<< First a little background, my wife and I are both 26, no “bad debt”, very decent salaries, have a house (paying a mortgage), no kids (but plans), and trying to figure out how to retire at 45

Retirement planning seemed to be somewhat overwhelming at first and we hadn't done much to get it going (besides maxing out my employer matched 401k contributions). So when given an offer to go see a financial advisor we took it; hoping that he could steer us in the right direction.

So we gave him all our financial information and he got back to us, with a nicely bound professional looking “financial plan” that showed which AMEX funds are right for me. He then started telling us that our “Age and financial status gives us a unique opportunity to invest in a very special tax-advantaged vehicle, a Variable Universal Life Insurance plan.” We were so entranced by the sales pitch I almost handed over a check and signed the paperwork. But after a few questions and a “what? you don't trust me?” statement we decided to sleep on it.

Excellent decision! As compelling as it may be to start something NOW, it prudent to take time when deciding on a course of action for long-term commitments.

<< I have since done some digging around and it seems our “unique opportunity” isn't so unique, since this seems to be the standard AMEX sales pitch, and it seems opinions are generally negative of it. >>

While I'm not suggesting that this “unique opportunity” has any good or appropriate value in you're particular case, I would point out that most of the generally negative opinions come from a substantial lack of knowledge and understanding of su