April 13, 2025 • 24 mins
For this Suze School, we go back to part of an episode where Suze told the heartbreaking story of a recent widow and how a financial advisor took advantage of her grief for their own financial gain. Listen for Suze’s advice on how you can avoid a similar situation.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Robert (00:29):
April 13th, 2025. Welcome to the Women and Money podcast,
as well as everyone smart enough to listen. Hi everybody,
this is Robert, the producer, and as I said on
the last episode, Suze and KT are taking some time
off from new shows to attend to Family Matters.
And again, Suze knows that you are equipped with the
(00:50):
actions to take and not take right now, and uh
she is giving some advice on what's happening in the
economy on the Women and Money community app when she can,
you can get that app, by the way, for free
by going to Apple Apps or Google Play.
Now for those of you who are brand new to
the podcast, when Suze and KT take time off, we
(01:13):
sometimes revisit an older episode that you may not have
heard or we feel it's worth bringing to the top
of your feed again, and today is no exception. We're
going to play part of an episode from last spring,
all about knowing the signs of financial advisor abuse. Enjoy.
Suze (01:32):
Now maybe some of you remember.
The podcast that I did, which was Don't Become Partners
with Uncle Sam. And in that podcast,
I talked to a woman who had just lost her
husband at that point, I think it was 3 months
(01:52):
prior to that podcast, and I wanted her to know
that it was really, really me.
Because she wrote me on Ask Suze podcast at gmail.com,
which all of you can.
And she told me her story. I happened to read it,
and I was so moved by the story I wanted
(02:14):
to talk to her in person.
So
I got her phone number. She gave it to me.
I called her, and the first thing she essentially said was, well,
how do I know that this is really you?
And she was right.
And I said, listen, I need to prove to you
that it is me because with artificial intelligence and all
(02:38):
these things that are going on, you never really know
if you are really you or if what you're seeing
is really who you think you're seeing or what they're
saying is really who you think is saying it, so
you have to be really, really clear.
So I said to her, I know on this podcast,
which I did, which was gonna be that Sunday.
(03:00):
Don't be partners with Uncle Sam. It's a great podcast.
You better all listen to it, by the way. I said,
listen to it, and I'll say your name and everything
on the podcast, and then you'll really know that it's me.
All right, I did that. And then after that I
spent a long time on the phone with her.
(03:23):
Really telling her exactly what I wanted her to do
and what I did not want her to do. 57
year old woman has 4 children ages about 21, 18,
I think 16 and 12 somewhere in there.
And her husband 3 months prior to the first time
(03:45):
of us talking unexpectedly just died.
And here she is 3 months later and she was
left a significant amount of money through life insurance policies,
term insurance, and she was left to the tune of
(04:09):
$7 million. Now this woman has never dealt with $7
million in her life.
And that is a lot of money.
And what I essentially told her.
And I want to tell all of you the exact
same thing, so you are to take out your Susy notebooks,
(04:32):
and you are to write this down, and you are
to never forget.
That I have said this to you.
Because when it happens to you, if it ever happens
to you, and I can only pray that it never
happens to you.
You want to do what I'm about to say to you.
(04:54):
So what I essentially said to her.
Is that listen you are to do nothing other than
keep this money safe and sound.
Except obviously pay off debts and things like that, but
nothing besides that.
(05:14):
For at least 6 months, 1 year or 2 years
after suffering the loss of a loved one.
And then I went on to talk to her about
this and said, you know, chances are it's going to
be at least 2 years, maybe 3 years for you
to feel like yourself again. And you may feel like
(05:36):
you are making the right decisions and that you know
what you're doing when it comes to money that you've
never handled before, but I'm here to tell you.
You are not in your body. You will get taken
advantage of possibly, but you will not be doing that
which you should be doing with this money.
(05:58):
So she had it in a few places already which
I was not happy about, but anyway, I had her
contact those banks where the money was.
And put it in a major brokerage discount firm in
their money market account, all $7 million of it in
(06:21):
a treasury money market account, OK.
And I said to her, You are to do nothing.
Do not touch this money. You are just going to
let it sit there. You are going to make between
4 and 5% on it. Don't worry, interest rates aren't
going to go down so quickly right now. Just I
care more about you and keeping the money safe rather
(06:44):
than what you should invest it in.
So she did that and I was so happy and
that was that I wasn't thinking about it and then
just the other day I get an email from her
and she tells me that at this brokerage firm.
And it's one that all of you know, by the way,
(07:06):
that I mentioned many times on the Women and Money
podcast at this brokerage firm, somebody contacted her.
And he had her put $2.4 million in two annuities,
$1.5 million in 1 $900,000 in another. He left $1.5
(07:32):
million in the money market account.
So that when she wanted to buy a house, it
would be there for her, but that's what I had
already instructed her to do.
And the rest of the money he was going to
put it in stocks and bonds, and that's what he did.
And I said to this woman, I need to talk
(07:53):
to you.
Are you up for a talk with me again?
And she said, Sure.
So the other day on Friday I spent 2 hours
on the phone with this woman.
Cause I felt like she deserves that she lost her husband.
(08:16):
He was good enough to make sure that she would
be taken care of by having term life insurance in
place and all of those things, and she deserved that
in my opinion. We all deserve that in my opinion.
We all deserve to know what to do with money,
to be taken care of, to not have some financial adviser.
(08:39):
Do things with people's money when they're not ready to
do it just cause this person may make more money
or his firm may make more money.
Nothing upsets me more than that. Back to the story.
So I get on the phone with her.
And I said you do realize that insurance companies do
(09:03):
not operate like credit unions or certificates of deposits or
even treasury bills, bonds or notes in a CD, if
you put $1 million in a CD.
While it is true that that bank most likely will
have FDIC insurance, you will have $250,000 of that money insured.
(09:32):
You probably will name a beneficiary so that in case
you die, the money goes to that person.
But you therefore would have $750,000 of that million dollars.
If the bank went down.
Uninsured
(09:52):
However, with a CD, whether it's at a bank or
Alliant Credit Union or wherever, for every beneficiary that you
have up to a maximum of 5 beneficiaries, now in
this case this woman has 4 kids.
So if she put 4 kids as the beneficiaries.
(10:18):
Of this million dollar CD, she would have a million
dollars of FDIC insurance.
So in an annuity in the state that this woman
lives in.
The coverage provided by the state's Life and Health Insurance
(10:39):
Guarantee Association.
Does not increase based on the number of beneficiaries, so
the protection limit in most cases for annuities is $250,000
per contract holder regardless of the number of beneficiaries named.
(11:03):
Therefore, with multiple beneficiaries, she puts a million dollars into
this with multiple beneficiaries.
Still, the total protection of the million dollar annuity would
still be capped in this particular state at $250,000 but
(11:24):
she didn't put a million dollars in an annuity. She
put $1.5 million in one annuity.
And 900,000 in another annuity contract.
And when asked if it was insured, is it safe,
the agent said, Yes, we're insured this major brokerage firm
(11:48):
is insured SIPIC and everything, but never explained to this woman.
That if the insurance company was to go belly up,
it has nothing to do with the brokerage firm. If
the brokerage firm goes under, that's when their insurance comes
into place. However, when you buy a stock and the
company of that stock goes bankrupt, the major brokerage firm's
(12:12):
insurance isn't going to help you. If you buy an
annuity at a company and that company goes under.
The major brokerage firm's insurance isn't going to help you.
It's the insurance company, the Life and Health Insurance Guarantee
Association of the state.
That you live in where you bought the annuity.
(12:36):
Am I making sense? So I'm like on the phone
and I said, do you understand to this woman?
That you put $2.4 million in this annuity.
And chances are only $500,000 of it if it were
two different companies, and I'm not even sure it was
(12:59):
$500,000 of it.
It is protected if this company goes under but nothing else.
And she didn't know that. She didn't know that.
Then I said, Well, why did you do this? And
she says to me, I didn't want to do it.
But he was pushing me, Suze. I kept saying, I
(13:21):
think I need to wait, and he kept saying, no, no,
let's do this, let's do that, and before I knew it,
it was done.
Now I have to tell you I think about that
as financial abuse, believe it or not, and why do
I say that.
When you are a financial adviser.
(13:43):
You are not a salesperson.
But you have to be a financial adviser and manage
the advice that you are giving somebody, and the only
way that you can do that is to understand who
the person is, what have they gone through.
(14:03):
And when she walked in, she told him that she
just needed everything safe and sound. She told him the
loss that she had.
And then she didn't want to do anything really.
And so first they put all the money in a
money market account. All right. And the next meeting, it
was this and that and all of a sudden she
(14:25):
started to feel OK with this person, and before you
know it, the money's invested.
But he never once
asked her
about anything to do with her personal financial situation.
I asked her, did he ask you if you had
(14:47):
a trust or a will? No. Did he ask you
if you were sick? No. Did he ask you if
you have parents and in-laws that you need to take
care of with this money? No. Did he ask you
what your mortgage payments were and the interest rate on
your house was, so that maybe you were better off
(15:07):
paying off the mortgage on your home that might be
at 7% than putting it in a money market account? No.
Did he ask you about anything like that? No, she says.
I said, So what happened? You walked in, you sat down.
He knows you have $7 million and what does he
say to you? He tells me what he wants me
(15:29):
to invest it in, just that simple, Suzy.
And I say to her that is not a wealth manager.
Cause $7 million everybody is wealth for a woman with
a family of four who just lost her husband and
doesn't have a clue.
Where she should go, what she should do, and how
(15:50):
she should be.
And so a salesperson, you write this down. A salesperson
is exactly what this gentleman was. A woman walks in,
has a lot of money, doesn't ask you anything about
your situation, and simply tells you what you should invest in,
(16:12):
and then says to you.
Let's do it. And you say, no, no, I don't
think I want to do it right now, and he
pushes you and pushes you and you're so vulnerable because
you don't know what to do and you just give
up your power and say, OK.
That is.
Again, in my opinion, financial abuse.
(16:34):
Because as an adviser you should recognize when a client
is ready to do something and when they are not
and even if they want to do something. A good
financial adviser, knowing that somebody has just lost their husband unexpectedly,
wasn't even sick a day unexpectedly.
(16:54):
Should say, you know what, we're not going to do
anything cause you're not ready to yet. Just let's keep
it safe and sound, or rather than 2.4 million in annuities.
They had a 7% surrender charge the first year and
the second year and so forth. All right.
Rather than that, so you want to put it in treasuries,
(17:17):
put $400,000 in 6 different maturity of treasuries, OK, you
could do that too.
And probably if interest rates go down a little bit,
you could probably get out more than you put in
if you needed it.
And she didn't even understand what an annuity was. She's
only 57. I said, you do realize that you can't
take a whole lot of money out of annuity before 59.5%
(17:40):
without a 10% penalty.
She didn't know any of that. She couldn't answer any
of the questions that I had for her.
If you ever everybody find yourself in a situation.
That it doesn't feel right. You don't understand what the person,
(18:04):
the salesperson is telling you to do.
If you just start to feel like, oh, I just
better do it and then get out of here, then
I don't have to deal with this anymore.
Please, I am begging you not to do it.
The good side of this story, because the last thing
this woman should be invested in is two annuities. Last thing,
(18:27):
she doesn't need that on any level.
Is that the contract an annuity contract usually has a
10 to 30 day out clause so that she has
till June 30th to totally
Get rid of this annuity and get all her money back. Oh,
(18:48):
and did I tell you? She didn't even know she
had purchased annuities until she got a package from the
insurance company that the broker put the money in, and
that's when she realized, oh my God, he went ahead
and did it.
So after I talked to her and everything, she wrote
(19:10):
the financial adviser who always wrote her right back.
And she didn't hear from him from his email nothing.
She calls him and all of a sudden his voice
box is totally full.
She wants all the money put back in the money
market account, and she is just going to leave it
there until she is ready to do something with it
(19:33):
and in the meantime it can just sit making 4.5
or 5% right there.
So the question I then asked her is, you just
gave $7 million to this person, so to speak, to
take charge of for you. What happens when you can't
(19:54):
get him? Who else can you call? What else can
you do? Does he have a team? All these questions,
and she didn't really know. And I said, I tell
you what you're going to do. It's still Friday.
It's still early cause you're central time. I want you
to march yourself down into this brokerage firm into their office,
(20:14):
and if he's not there, I want you to ask
to speak to the manager of that office, and I
want you to absolutely liquidate at no charge to you
everything that he did against your really wanting to do it.
So I hope she did that on Friday. Haven't heard
back yet, but we'll see. But the reason that I
(20:36):
wanted to talk about this is it still seriously upsets me, ladies.
How many of you have not gotten involved with your finances.
You haven't gotten involved with what your spouse is doing
(20:57):
with the both of your money. You haven't played the
what if if one of you were to die and
you've got a lump sum of money, would you know
what to do with it?
I still am involved with friends and meeting people.
Who have a lot of money.
But the woman doesn't know anything about it.
(21:22):
And she one day may find herself.
In the same situation that this woman is in, not
knowing what to do and getting involved with a salesperson
who would have probably made a whole lot of money
on this.
But the point of all of this really is
(21:44):
There is a big difference, everybody, between a firm that
just simply holds money in a money market account.
And a wealth management firm.
And when you inherit large sums of money and $7
million is a large sum of money.
(22:04):
You want to make sure that you are dealing with
a wealth management firm, a firm that has lawyers just
to talk to you and not charge you. Maybe one
person who only manages dividend paying stocks, another person that
only manages bonds, and one person that maybe oversees a
(22:27):
lot of the other things.
She has enough money to have a bond specialist, to
have a dividend stock specialist, to have a specialist that
can tell her if all of a sudden estate taxes
go down to a maximum of $5 million how to
plan for her kids so they don't have to pay
(22:48):
estate tax.
And that's somebody that oversees the entire team, it's a
wealth management team.
You owe it to yourself to do these things, and
a lot of you think you don't have enough money
to do it. And what you're not realizing is that
(23:09):
so many of you have over a million dollars now
in your 401ks that you've been working so long and
you have 1 million $2 million.03 million dollars plus the
equity in your house.
That's the type of investment advice I want you to
be not only looking for.
(23:30):
But I want you to make sure.
That your family is absolutely protected if something were to
happen to any of you.
There's only one thing that I want you to remember
when it comes to your money, and it is this
people first, meaning you better know about your own money.
(23:56):
You better know about everything financially going on in your household.
Cause you need to be present to know about your money,
so you know the things that you should buy with
the money or not buy.
So that you really no matter what happens can remain unstoppable.
April 13th, 2025. Welcome to the Women and Money podcast,
as well as everyone smart enough to listen. Hi everybody,
this is Robert, the producer, and as I said on
the last episode, Suze and KT are taking some time
off from new shows to attend to Family Matters.
And again, Suze knows that you are equipped with the
(00:50):
actions to take and not take right now, and uh
she is giving some advice on what's happening in the
economy on the Women and Money community app when she can,
you can get that app, by the way, for free
by going to Apple Apps or Google Play.
Now for those of you who are brand new to
the podcast, when Suze and KT take time off, we
(01:13):
sometimes revisit an older episode that you may not have
heard or we feel it's worth bringing to the top
of your feed again, and today is no exception. We're
going to play part of an episode from last spring,
all about knowing the signs of financial advisor abuse. Enjoy.
Suze (01:32):
Now maybe some of you remember.
The podcast that I did, which was Don't Become Partners
with Uncle Sam. And in that podcast,
I talked to a woman who had just lost her
husband at that point, I think it was 3 months
(01:52):
prior to that podcast, and I wanted her to know
that it was really, really me.
Because she wrote me on Ask Suze podcast at gmail.com,
which all of you can.
And she told me her story. I happened to read it,
and I was so moved by the story I wanted
(02:14):
to talk to her in person.
So
I got her phone number. She gave it to me.
I called her, and the first thing she essentially said was, well,
how do I know that this is really you?
And she was right.
And I said, listen, I need to prove to you
that it is me because with artificial intelligence and all
(02:38):
these things that are going on, you never really know
if you are really you or if what you're seeing
is really who you think you're seeing or what they're
saying is really who you think is saying it, so
you have to be really, really clear.
So I said to her, I know on this podcast,
which I did, which was gonna be that Sunday.
(03:00):
Don't be partners with Uncle Sam. It's a great podcast.
You better all listen to it, by the way. I said,
listen to it, and I'll say your name and everything
on the podcast, and then you'll really know that it's me.
All right, I did that. And then after that I
spent a long time on the phone with her.
(03:23):
Really telling her exactly what I wanted her to do
and what I did not want her to do. 57
year old woman has 4 children ages about 21, 18,
I think 16 and 12 somewhere in there.
And her husband 3 months prior to the first time
(03:45):
of us talking unexpectedly just died.
And here she is 3 months later and she was
left a significant amount of money through life insurance policies,
term insurance, and she was left to the tune of
(04:09):
$7 million. Now this woman has never dealt with $7
million in her life.
And that is a lot of money.
And what I essentially told her.
And I want to tell all of you the exact
same thing, so you are to take out your Susy notebooks,
(04:32):
and you are to write this down, and you are
to never forget.
That I have said this to you.
Because when it happens to you, if it ever happens
to you, and I can only pray that it never
happens to you.
You want to do what I'm about to say to you.
(04:54):
So what I essentially said to her.
Is that listen you are to do nothing other than
keep this money safe and sound.
Except obviously pay off debts and things like that, but
nothing besides that.
(05:14):
For at least 6 months, 1 year or 2 years
after suffering the loss of a loved one.
And then I went on to talk to her about
this and said, you know, chances are it's going to
be at least 2 years, maybe 3 years for you
to feel like yourself again. And you may feel like
(05:36):
you are making the right decisions and that you know
what you're doing when it comes to money that you've
never handled before, but I'm here to tell you.
You are not in your body. You will get taken
advantage of possibly, but you will not be doing that
which you should be doing with this money.
(05:58):
So she had it in a few places already which
I was not happy about, but anyway, I had her
contact those banks where the money was.
And put it in a major brokerage discount firm in
their money market account, all $7 million of it in
(06:21):
a treasury money market account, OK.
And I said to her, You are to do nothing.
Do not touch this money. You are just going to
let it sit there. You are going to make between
4 and 5% on it. Don't worry, interest rates aren't
going to go down so quickly right now. Just I
care more about you and keeping the money safe rather
(06:44):
than what you should invest it in.
So she did that and I was so happy and
that was that I wasn't thinking about it and then
just the other day I get an email from her
and she tells me that at this brokerage firm.
And it's one that all of you know, by the way,
(07:06):
that I mentioned many times on the Women and Money
podcast at this brokerage firm, somebody contacted her.
And he had her put $2.4 million in two annuities,
$1.5 million in 1 $900,000 in another. He left $1.5
(07:32):
million in the money market account.
So that when she wanted to buy a house, it
would be there for her, but that's what I had
already instructed her to do.
And the rest of the money he was going to
put it in stocks and bonds, and that's what he did.
And I said to this woman, I need to talk
(07:53):
to you.
Are you up for a talk with me again?
And she said, Sure.
So the other day on Friday I spent 2 hours
on the phone with this woman.
Cause I felt like she deserves that she lost her husband.
(08:16):
He was good enough to make sure that she would
be taken care of by having term life insurance in
place and all of those things, and she deserved that
in my opinion. We all deserve that in my opinion.
We all deserve to know what to do with money,
to be taken care of, to not have some financial adviser.
(08:39):
Do things with people's money when they're not ready to
do it just cause this person may make more money
or his firm may make more money.
Nothing upsets me more than that. Back to the story.
So I get on the phone with her.
And I said you do realize that insurance companies do
(09:03):
not operate like credit unions or certificates of deposits or
even treasury bills, bonds or notes in a CD, if
you put $1 million in a CD.
While it is true that that bank most likely will
have FDIC insurance, you will have $250,000 of that money insured.
(09:32):
You probably will name a beneficiary so that in case
you die, the money goes to that person.
But you therefore would have $750,000 of that million dollars.
If the bank went down.
Uninsured
(09:52):
However, with a CD, whether it's at a bank or
Alliant Credit Union or wherever, for every beneficiary that you
have up to a maximum of 5 beneficiaries, now in
this case this woman has 4 kids.
So if she put 4 kids as the beneficiaries.
(10:18):
Of this million dollar CD, she would have a million
dollars of FDIC insurance.
So in an annuity in the state that this woman
lives in.
The coverage provided by the state's Life and Health Insurance
(10:39):
Guarantee Association.
Does not increase based on the number of beneficiaries, so
the protection limit in most cases for annuities is $250,000
per contract holder regardless of the number of beneficiaries named.
(11:03):
Therefore, with multiple beneficiaries, she puts a million dollars into
this with multiple beneficiaries.
Still, the total protection of the million dollar annuity would
still be capped in this particular state at $250,000 but
(11:24):
she didn't put a million dollars in an annuity. She
put $1.5 million in one annuity.
And 900,000 in another annuity contract.
And when asked if it was insured, is it safe,
the agent said, Yes, we're insured this major brokerage firm
(11:48):
is insured SIPIC and everything, but never explained to this woman.
That if the insurance company was to go belly up,
it has nothing to do with the brokerage firm. If
the brokerage firm goes under, that's when their insurance comes
into place. However, when you buy a stock and the
company of that stock goes bankrupt, the major brokerage firm's
(12:12):
insurance isn't going to help you. If you buy an
annuity at a company and that company goes under.
The major brokerage firm's insurance isn't going to help you.
It's the insurance company, the Life and Health Insurance Guarantee
Association of the state.
That you live in where you bought the annuity.
(12:36):
Am I making sense? So I'm like on the phone
and I said, do you understand to this woman?
That you put $2.4 million in this annuity.
And chances are only $500,000 of it if it were
two different companies, and I'm not even sure it was
(12:59):
$500,000 of it.
It is protected if this company goes under but nothing else.
And she didn't know that. She didn't know that.
Then I said, Well, why did you do this? And
she says to me, I didn't want to do it.
But he was pushing me, Suze. I kept saying, I
(13:21):
think I need to wait, and he kept saying, no, no,
let's do this, let's do that, and before I knew it,
it was done.
Now I have to tell you I think about that
as financial abuse, believe it or not, and why do
I say that.
When you are a financial adviser.
(13:43):
You are not a salesperson.
But you have to be a financial adviser and manage
the advice that you are giving somebody, and the only
way that you can do that is to understand who
the person is, what have they gone through.
(14:03):
And when she walked in, she told him that she
just needed everything safe and sound. She told him the
loss that she had.
And then she didn't want to do anything really.
And so first they put all the money in a
money market account. All right. And the next meeting, it
was this and that and all of a sudden she
(14:25):
started to feel OK with this person, and before you
know it, the money's invested.
But he never once
asked her
about anything to do with her personal financial situation.
I asked her, did he ask you if you had
(14:47):
a trust or a will? No. Did he ask you
if you were sick? No. Did he ask you if
you have parents and in-laws that you need to take
care of with this money? No. Did he ask you
what your mortgage payments were and the interest rate on
your house was, so that maybe you were better off
(15:07):
paying off the mortgage on your home that might be
at 7% than putting it in a money market account? No.
Did he ask you about anything like that? No, she says.
I said, So what happened? You walked in, you sat down.
He knows you have $7 million and what does he
say to you? He tells me what he wants me
(15:29):
to invest it in, just that simple, Suzy.
And I say to her that is not a wealth manager.
Cause $7 million everybody is wealth for a woman with
a family of four who just lost her husband and
doesn't have a clue.
Where she should go, what she should do, and how
(15:50):
she should be.
And so a salesperson, you write this down. A salesperson
is exactly what this gentleman was. A woman walks in,
has a lot of money, doesn't ask you anything about
your situation, and simply tells you what you should invest in,
(16:12):
and then says to you.
Let's do it. And you say, no, no, I don't
think I want to do it right now, and he
pushes you and pushes you and you're so vulnerable because
you don't know what to do and you just give
up your power and say, OK.
That is.
Again, in my opinion, financial abuse.
(16:34):
Because as an adviser you should recognize when a client
is ready to do something and when they are not
and even if they want to do something. A good
financial adviser, knowing that somebody has just lost their husband unexpectedly,
wasn't even sick a day unexpectedly.
(16:54):
Should say, you know what, we're not going to do
anything cause you're not ready to yet. Just let's keep
it safe and sound, or rather than 2.4 million in annuities.
They had a 7% surrender charge the first year and
the second year and so forth. All right.
Rather than that, so you want to put it in treasuries,
(17:17):
put $400,000 in 6 different maturity of treasuries, OK, you
could do that too.
And probably if interest rates go down a little bit,
you could probably get out more than you put in
if you needed it.
And she didn't even understand what an annuity was. She's
only 57. I said, you do realize that you can't
take a whole lot of money out of annuity before 59.5%
(17:40):
without a 10% penalty.
She didn't know any of that. She couldn't answer any
of the questions that I had for her.
If you ever everybody find yourself in a situation.
That it doesn't feel right. You don't understand what the person,
(18:04):
the salesperson is telling you to do.
If you just start to feel like, oh, I just
better do it and then get out of here, then
I don't have to deal with this anymore.
Please, I am begging you not to do it.
The good side of this story, because the last thing
this woman should be invested in is two annuities. Last thing,
(18:27):
she doesn't need that on any level.
Is that the contract an annuity contract usually has a
10 to 30 day out clause so that she has
till June 30th to totally
Get rid of this annuity and get all her money back. Oh,
(18:48):
and did I tell you? She didn't even know she
had purchased annuities until she got a package from the
insurance company that the broker put the money in, and
that's when she realized, oh my God, he went ahead
and did it.
So after I talked to her and everything, she wrote
(19:10):
the financial adviser who always wrote her right back.
And she didn't hear from him from his email nothing.
She calls him and all of a sudden his voice
box is totally full.
She wants all the money put back in the money
market account, and she is just going to leave it
there until she is ready to do something with it
(19:33):
and in the meantime it can just sit making 4.5
or 5% right there.
So the question I then asked her is, you just
gave $7 million to this person, so to speak, to
take charge of for you. What happens when you can't
(19:54):
get him? Who else can you call? What else can
you do? Does he have a team? All these questions,
and she didn't really know. And I said, I tell
you what you're going to do. It's still Friday.
It's still early cause you're central time. I want you
to march yourself down into this brokerage firm into their office,
(20:14):
and if he's not there, I want you to ask
to speak to the manager of that office, and I
want you to absolutely liquidate at no charge to you
everything that he did against your really wanting to do it.
So I hope she did that on Friday. Haven't heard
back yet, but we'll see. But the reason that I
(20:36):
wanted to talk about this is it still seriously upsets me, ladies.
How many of you have not gotten involved with your finances.
You haven't gotten involved with what your spouse is doing
(20:57):
with the both of your money. You haven't played the
what if if one of you were to die and
you've got a lump sum of money, would you know
what to do with it?
I still am involved with friends and meeting people.
Who have a lot of money.
But the woman doesn't know anything about it.
(21:22):
And she one day may find herself.
In the same situation that this woman is in, not
knowing what to do and getting involved with a salesperson
who would have probably made a whole lot of money
on this.
But the point of all of this really is
(21:44):
There is a big difference, everybody, between a firm that
just simply holds money in a money market account.
And a wealth management firm.
And when you inherit large sums of money and $7
million is a large sum of money.
(22:04):
You want to make sure that you are dealing with
a wealth management firm, a firm that has lawyers just
to talk to you and not charge you. Maybe one
person who only manages dividend paying stocks, another person that
only manages bonds, and one person that maybe oversees a
(22:27):
lot of the other things.
She has enough money to have a bond specialist, to
have a dividend stock specialist, to have a specialist that
can tell her if all of a sudden estate taxes
go down to a maximum of $5 million how to
plan for her kids so they don't have to pay
(22:48):
estate tax.
And that's somebody that oversees the entire team, it's a
wealth management team.
You owe it to yourself to do these things, and
a lot of you think you don't have enough money
to do it. And what you're not realizing is that
(23:09):
so many of you have over a million dollars now
in your 401ks that you've been working so long and
you have 1 million $2 million.03 million dollars plus the
equity in your house.
That's the type of investment advice I want you to
be not only looking for.
(23:30):
But I want you to make sure.
That your family is absolutely protected if something were to
happen to any of you.
There's only one thing that I want you to remember
when it comes to your money, and it is this
people first, meaning you better know about your own money.
(23:56):
You better know about everything financially going on in your household.
Cause you need to be present to know about your money,
so you know the things that you should buy with
the money or not buy.
So that you really no matter what happens can remain unstoppable.
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