No. of Recommendations: 17
I really do.

I met with a couple last month that was sold an Alianz Endurance EIA (NQ) and a two Metlife SPIA (IRA).

I told told them how utter wrong it was for them to be in either product and how if they actually neede either, they should switch and do the SPIA with NQ money and put the IRA into the EIA.

They are going to use the SPIA money to pay their mortage. The SPIA rate works out to 3.2%. Their mortgage is 6.5%.

I advised them to cancel the SPIA - put it back into something fixed. I also advised them to cancel the EIA and use that to PAY OFF the house.

They agreed with my advice and cancelled both under the free look. I told them to expect a phone call from the agent trying to change their mind. Their agent made 10% commission from the EIA and probably 5-6% on the SPIA.

Today the called me and told me they changed their mind. The other agent was able to use enough smoke and mirrors to make them think a 10 yr EIA is a good deal.

God, I hate my peers. On occasions like this, I also loath my ignorant clients. There should be a law of financial malpractice that does not require a complaint to be filed by the utterly ignorant client. I even told them to take the money to another finacial institution; don't bring it to me - just get out of what you are in.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.