Be on guard, for the annuity salesman cometh, and he/she is poised to take advantage of you, your lack of knowledge, and yes, even your fears.
This breed of salesperson is most often seen at luncheon and dinner seminars, which are marketed heavily to retirees, for retirees have the money. As the infamous bank robber Willie Sutton, when caught robbing banks for the umpteenth time, was asked why he continued to ply his trade, Willie purportedly replied, "...because that's where the money is."
If you ask people who the most successful investors are, you'll probably get responses like Warren Buffett of Berkshire Hathaway, John Neff, formerly of Vanguard's Windsor Fund, or George Soros, the famous hedge fund manager.
However, some of the most successful investors from a risk/reward perspective are the large university endowment funds. This group includes universities with endowments larger than $1 Billion such as Yale, Harvard and Vanderbilt.
Source: 2007 NACUBO Endowment Study
People often ask me what I do and of course I explain. Another question, though rarely asked, is why I do what I do?
The answer to that question was driven home recently by a call I received from an elderly retiree. Her husband had died some years earlier, so in many ways she was on her own. Her knowledge of financial matters was limited and she had no relationships with anyone who could provide professional guidance. No one to turn to for answers to the many questions she had, or the many questions she did not know to ask.
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