I know a person, well educated with an MBA, who seems to always fall for scams. I tried warning him multiple times, but he never listens and never admits that that he was wrong. Recently he told me that he bought an FIA from a friend of his. I just nodded and said "good for you." I gave up trying to help people who don't want help. I'll still make suggestions if people ask me, but as you say, I am not going to preach logic to "deaf ears."My efforts seemed to fall on deaf ears. People just have a difficult time thinking about this stuff unemotionally, and the speaker was charismatic and persuasive. All I could do was offer him a printed page from the Bogleheads wiki on equity indexed annuities and hope he would read it. So yeah, it's easy to see why the industry hates the fiduciary requirements.
Statistics: Posted by Harmanic — Thu Aug 08, 2024 5:45 pm — Replies 22 — Views 2817