I was meeting with a client today and she kept saying the money in her IRA came from a 301k rollover. She said this about 3x and it was difficult for me to contain myself and keep a straight face.

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Kind of like the prospect who told me “who knows if 401k will even be around when I retire. It’s going broke you know?” And when I asked if she was referring to social security she said “well yeah but they’re the same thing” 🙄

likefunny

It blows my mind that most people have no idea what they’re invested in. And their refusal to admit they don’t know what they’re doing.

Just spoke to a couple within the past month (prospective clients) who told me that because they’re retiring next year and worried about a market correction, they’ve moved all their deferred compensation (457b) money to safety. I looked at their statement and saw they moved everything into a junk bond fund.

After explaining the value of what I can offer, they were 100% against paying anything for advice.

Good luck with all that! Lol

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These are all fantastic.

I like the people who have no idea what their balance is. “I think it’s about $400k”... sends a statement... “oh it’s $700k now”.
How do you not know? This is your only asset!

likefunny

She probably lost 30%!

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They probably looked at the yield and think the are guaranteed that return.

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I guarantee that they went to the bond funds they could choose from and selected the one with the highest return over the past 5 years.

Bonds are always safer than stocks, right? 😂

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LOLOL

Omg iar1 I would punch myself in the face

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