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Free Lunch Alert

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The Wall Street Journal did a piece on troubled stockbrokers this week. It shows how certain areas of the country are loaded with brokers that prey on the elderly. They offer a free lunch or dinner followed by a high pressured sales pitch. Most often these charlatans are pushing annuities.

A couple I know were hounded for months following the dinner they attended. They also had to endure a follow-up meeting at their home. The stockbrokers in my example were friendly and seemed nice to my friends. They mailed me the stockbrokers’ proposal. After I dissected the 1,000 page prospectus, I let them know it was ridden with fees, including massive surrender charges for cancelling within seven years. And the only way they got the guys to stop calling was to file a complaint. Stay away from these “plate lickers” and avoid financial indigestion.

http://online.wsj.com/public/resources/documents/FINRA_Free_Lunch_Alert.pdf

E.J. Smith

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306.

He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com.

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