Great..everyone is an investment advisor!
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Everyone seems to be an investment advisor these days. Now, it is the local mechanic's shop. He is sending out a newsletter to his customers that is touting "Tax Certificates" that pay a staggering government guaranteed 25 to 35% return. According to this newsletter everyone should have these. They are supposed to call a telephone number and ask for a free Safe Haven Consumer report. One of my clients just called and asked about these. I am p.o.ed right now. This is so deceptive. What these are, are tax lien certificates.
Maybe I should start an auto shop in my garage!!!
What about the idiot high school gym teacher who decides to get his 6 so that he can sell his fellow teachers 403B’s? The idiot is loved by everyone in his district, and puts EVERYONE ( whether they are 25 or 60) in ONE fund, Oppenheimer Main Street… Frustrating to say the least
I would get this newsletter and order the free "Safe Haven Consumer Report" for yourself. Then read the report, determine the risks, Google "Tax Lien Certificates" and print the regulatory problems associated with it, and go over it with the manager of the mechanic's shop.
By advertising this "investment", any problems his customers have with this "investment" will color their opinion of his/her business. Also, by advertising this "investment", the mechanic's shop may incur some legal liability if someone's investment blows up. You might also mention to the mechanic that you've sent copies of the newsletter and "Consumer Report" to the appropriate regulatory authorities.
If that doesn't work, ask the mechanic if he would allow you to place a newsletter of your own (next to the "Tax Lien" newsletter), detailing the problems associated with investing in "Tax Lien Certificates".
blarmston: What about the idiot high school gym teacher who decides to get his 6 so that he can sell his fellow teachers 403B's? The idiot is loved by everyone in his district, and puts EVERYONE ( whether they are 25 or 60) in ONE fund, Oppenheimer Main Street... Frustrating to say the least
Check the 08-25-05 issue of the Wall Street Journal front page. It talks about lack of oversight and serious other problems with teachers' 403(b)'s. It was an eye-opener!
I agree that this is intellectually insulting, but ask yourself this: Can you envision the quarterly reviews with a client that believes that in this current interest rate environment there exists a "government guaranteed" investment returning 25%, and the outlet for this remarkable piece of information is the local auto repair shop? (When, as everyone knows, the best stock tips can be found at the hardware store, right next to the champagne.)
They say that a fool and his money are soon parted. Personally, I wonder how they got together in the first place.