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When something sounds too good to be true….

None of us like to lose money. All of us want a guarantee.  But watch what you fall for in trying to limit losses and agree to something that your gut might be saying "Beware."  Throughout my career as a financial planner, I have seen too many clients not follow their gut instinct. We all want to trust people and often we don't trust ourselves.


Salespeople are good at selling. Those who are not, leave the business. So, if a friendly, knowledgeable salesperson is trying to sell you something, take a second to examine it.  Is it right for you? Is it what you need? Does the paperwork (yes you need to read it) agree with what you heard verbally or thought you heard?  I have read many contracts and prospectuses and have thought to myself, no one would buy this product if they read this information.  I love math and I breezed through Algebra and Calculus in college, but when I see the type of calculation required in a client's annuity to derive the lifetime income guarantee, I give up! If you cannot explain the product to another person and explain how each moving part works, then do not agree to it. Complication does not make the product good.


If the product sounds good for you, research the company providing it. Are they well rated and have good reviews? Research the salesperson. Read reviews about the product. What does your state say about these products or the SEC? For most insurance products you should be receiving a product guide required by the state that provides easy to read information on that type of product and the pros and cons. And pay attention to deadlines as most insurance products have a free look period where you can change your mind.


This is your hard-earned money. Take some time to really research where you are putting it and who you are trusting. And go to a trusted resource for a second opinion.  Here at Family First, we are happy to be that trusted advisor. We don't sugar coat it and we take our Fiduciary responsibility seriously. Our focus is on you and what is right for you individually. We will take the time to read that long prospectus or contract and let you know the pros and cons.  -Leslie

Photo by Fabian Gieske on Unsplash