gcvmom
Here we go again!
husband's sister #2 works for a financial services company. She is a commissioned salesperson and has to drum up her own referrals. Of course, she's hit up everyone in the family already. Apparently, we are the only ones who have money to invest (in the form of a rollover) and despite husband telling her NO for the past several years, now that he's in a position to be able to roll over his 401K because he's not with the company anymore, she thinks that she can make a move on him to try to persuade a rollover.
She wanted us to meet with her boss who would "tell" us all about their variable annuity program. (Apparently she can't do this part of her job ???)
Right away, I have red flags waving -- why do we need to have a live sales pitch when we are perfectly capable readers? We both have college degrees. husband has worked in the financial sector for over 20 years. I told husband that they could give us whatever printed info they have so we could read it at our leisure and make a decision. That wasn't either heard or husband can't say no to this sister. So now he's meeting at her house to hear their little pitch today (and I'm the bad guy because I'm refusing to meet with them. Sorry, but I've got better things to do!)
My biggest issue: we pay no fees keeping the funds where they are, because once you open an employee account (husband's previous employer is a mutual fund company), you get the benefit of the employee account for life. No sales fees. No purchase fees. No maintenance fees except a flat $10 annual fee. Not per account. Ten dollars period. Forever.
I know for a fact that insurance companies have lots of fees tied in with these annuities. And the fact that sister in law#2's company is a middleman selling another company's product means that there are even more fees wrapped into this product so that they get THEIR share of the pie.
I don't know about you all, but I'm pretty selfish when it comes to my financial pie!
While it's not our entire nest egg, it's a big enough chunk to make me nervous and want to do some research before agreeing to anything. husband can be very impulsive about stuff like this sometimes. I just hope he doesn't agree to anything before discussing it with me.
She wanted us to meet with her boss who would "tell" us all about their variable annuity program. (Apparently she can't do this part of her job ???)
Right away, I have red flags waving -- why do we need to have a live sales pitch when we are perfectly capable readers? We both have college degrees. husband has worked in the financial sector for over 20 years. I told husband that they could give us whatever printed info they have so we could read it at our leisure and make a decision. That wasn't either heard or husband can't say no to this sister. So now he's meeting at her house to hear their little pitch today (and I'm the bad guy because I'm refusing to meet with them. Sorry, but I've got better things to do!)
My biggest issue: we pay no fees keeping the funds where they are, because once you open an employee account (husband's previous employer is a mutual fund company), you get the benefit of the employee account for life. No sales fees. No purchase fees. No maintenance fees except a flat $10 annual fee. Not per account. Ten dollars period. Forever.
I know for a fact that insurance companies have lots of fees tied in with these annuities. And the fact that sister in law#2's company is a middleman selling another company's product means that there are even more fees wrapped into this product so that they get THEIR share of the pie.
I don't know about you all, but I'm pretty selfish when it comes to my financial pie!
While it's not our entire nest egg, it's a big enough chunk to make me nervous and want to do some research before agreeing to anything. husband can be very impulsive about stuff like this sometimes. I just hope he doesn't agree to anything before discussing it with me.
