10 Things Life Insurance Agents Won’t Tell you- Thing #2

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Posted Sep 21

Thing #2- “We’d rather sell you investments than insurance.”
Hooboy.  This one makes me tired.  To reiterate, this “10 Things” series resulted from a breathtaking article by Daniel Goldstein.  Thing #1 appeared in a previous post.
Thing #2 makes no sense at all, especially the “wave of complaints” about missing out on market returns.  I see.  Those complaints must have flooded in after the 2008 crash, no?, where people like me continued to earn 4%, tax-free, while my peers were suffering double digit losses three years in a row.  Slow and steady wins the race.
I sort of agree with Mr. Goldstein’s take on “suitability”.  A good solution is to take financial advice, and buy financial products, from only  legal fiduciaries.  Here’s the difference.  “Suitability” essentially means the product is OK for you, not inappropriate, not bad.  Under a fiduciary standard, however, it must be the best option the adviser can find for you.
In the final analysis, I sincerely believe most of us advisers want to “sell” you success in reaching your goals using the lowest cost, least risky options we can possibly find.  I’m not really sure what people like Mr Goldstein want.