Taking Advantage of an 80-year old Woman

by Galia Gichon on March 26, 2009

I have been working with this really lovely 80-year old woman for many years now. She does have a money manager. I have given her my opinion that he charges a tremendous amount and has managed her portfolio very aggressively for her age. I met with her yesterday and she showed me some investments that he wants her to choose. Plus, she also showed me an investment that another financial professional wants her to buy. The first was a bond mutual fund that lost 23% last year. There are bond mutual funds that DIDN’T lost anything last year!

The second investment was a variable annuity. The fees are almost 3% a year and she could not count on the monthly income. The sad thing is that she would have bought both investments if I had not met with her….. This is why I do NOT sell any investments!

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