| Everyone is looking for that magic bullet that will | | | | want to have a financial planner who has an |
| allow them to retire rich or at least comfortable. | | | | excellent exit strategy. There are very few of |
| They want to be able to do what the TV ads | | | | them. Ask to see their model portfolio results for |
| show - vacationing in Fiji, fly fishing in Vermont, | | | | the years 2000 to 2003. |
| etc, etc. It seems so easy on TV. | | | | If they lost 30, 40% or more find another |
| A pretty "financial analyst" from some big | | | | advisor. Advisors like to show how they did in |
| company shows the prospect how it is done. The | | | | relation to the S&P500 Index which lost |
| next part of the trick is getting it done - and that | | | | 40%. They show they did "better". Better still |
| ain't easy. It usually means a change because the | | | | means they would have lost the client's money. |
| potential retiree must take part of the cash now | | | | This is the road to disaster as there will be |
| being spent on present life style and put it away | | | | another serious bear market and customers' |
| not to be spent until retirement becomes a reality. | | | | money will go down the rat hole again. A smart |
| If the couple shown in the ad do it they will be | | | | investor will continue due diligence until such an |
| glad they did. Sacrificing some current pleasantries | | | | advisor is found. Rarely will it be a stock broker. |
| will have been worth it. The $2,000, $3,000, | | | | Occasionally a financial planner can be found. |
| $5,000 trip today could be worth twice that | | | | Search on the Internet. Make them prove (and be |
| amount or more at age 65 if the worker now is | | | | sure it can be verified) the results. Don't accept |
| lucky enough to have a good broker or planner - | | | | 10-year projections. |
| one who will not allow loss of principal during | | | | These are nonsense. Even during the bad 3 years |
| subsequent bear markets. | | | | there should be profits. When people come to the |
| Annuities sound good, but 99% are rip offs. If an | | | | end of the road and may no longer be able to |
| annuity is appealing insist on a sample policy. Take | | | | work for an income the money put away will be |
| it to an attorney and pay $250 or so to have it | | | | their blessing. The great Social Security farce may |
| translated into English. The most important | | | | have blown up by then. People must take |
| paragraph is the cancellation clause. Get a letter | | | | personal responsibility for their retirement. Few |
| from him stating the major features. When the | | | | have done so and think the government will take |
| policy is delivered compare it line for line with the | | | | care of them. Think again or enjoy those canned |
| sample to be sure they are the same. Accept no | | | | cat food sandwiches. Act now. Unless you are the |
| substitutions or changes. The persons saving will | | | | Lone Ranger there will be no magic bullet. |