It is no surprise to financial advisors that during difficult market conditions unhappy investors shop around. Unfortunately, not all financial advisors are alike. Some advisors, like those uncovered in this Dateline Hidden Camara Investigation entitled “Tricks of the Trade”, do NOT always have your best interests in mind. They have been taught to sell, and unfortunately, seniors are usually their target.
Anyone with investments approaching retirement, or with parents that are retired should watch this video. It reveals deceptive sales tactics used by insurance agents holding themselves out as financial advisors such as:
- Scare tactics used to scare us into buying
- Too good to be true promises of your investment going up, and never down
- Purposefully deemphasizing commissions and surrender charges that could tie your money up for decades
Here is a clip from Attorney General of Minnesota warning seniors to watch out for deceptive practices of insurance salesmen. Read the complete article or watch the video online by clicking here.
