Sudden Money Institute

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Mar 30, 2006 1:33 pm

Is anyone familiar with, or has anyone taken the course offered by Susan Bradley of the "Sudden Money Institute"? She's a CFP who's written a book called, "Sudden Money - Managing a Financial Windfall". It's about the psychological factors that might cause a client who receives a windfall to spend it and go broke.


I mean how many of us have seen clients inherit a large sum of money and then blow it? Or retire and start making stupid decisions and blow their IRA in the first few years? Anyway has anyone heard of her, or read the book, or taken the course?

Mar 30, 2006 3:53 pm
Devoted SA:

Is anyone familiar with, or has anyone taken the course offered by Susan Bradley of the "Sudden Money Institute"? She's a CFP who's written a book called, "Sudden Money - Managing a Financial Windfall". It's about the psychological factors that might cause a client who receives a windfall to spend it and go broke.



You don't need to attend a course or read a book to see how that happens, just step into any Porsche showroom 


BTW, I had a friend who had a client that went this cycle. He was a hospital orderly that won a malpractice case against a doctor at the hospital where he worked (involving a child of his). He went from showing up in jeans or scrubs to Armani suits. Within two years the new Jag and the new house were being repossessed. IRRC there was a newly acquired taste for illegal drugs involved…<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Mar 30, 2006 8:07 pm

mikebutler222:

Within two years the new Jag and the new house were being repossessed. IRRC there was a newly acquired taste for illegal drugs involved…


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That probably never would have happened if he had been coerced into dumping the money into an annuity with an 11 year surrender charge. Probably the only time a greedy, smooth-talking annuity salesperson would've come in handy.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Mar 31, 2006 12:26 pm

and then 1035'ed into another annuity after surrender.

Mar 31, 2006 1:01 pm
frumhere:

and then 1035'ed into another annuity after surrender.


After? Why wait? Shouldn't we just be selling them what they want to buy? Isn't that what they expect of us?


BTW, what do regulators expect of us? 

Mar 31, 2006 7:33 pm

mikebutler222:

After? Why wait? Shouldn't we just be selling them what they want to buy? Isn't that what they expect of us?


BTW, what do regulators expect of us? 


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Good point, Mike.


A casual check of Bill Singer's website on arbitration rulings will show that getting a client what they (think) they want, could get you fired, fined, and banned from the business.