Folks who fall for the “free meal” offered in mailed pitches for retirement and financial planning might end up paying for it, according to a consumer alert from the Tennessee Department of Commerce and Insurance.
The agency this week sent out a warning urging people who receive invitations from insurance and financial products firms to be skeptical and do research before agreeing to buy. TDCI suggests consumers:
-Be skeptical about “free meal” seminars. The offer of free meals, door prizes, and/or free advice may lead you to attend a seminar when you wouldn’t otherwise. A nice restaurant, an expensive meal and a well-dressed presenter may be impressive, but it doesn’t mean that what they’re selling is right for you.
-Do your homework before you attend a seminar or meet with an insurance or financial expert. Contact TDCI to verify that the person is licensed to sell the product. Ask if there have been complaints or enforcement actions against this person, and check credentials.
You should know that if you put personal information on a registration form, that information likely will be used to market products or services to you. And always be sure you understand what’s being sold, and whether it’s right for you, your lifestyle, your financial goals, and your tolerance for risk.
-Never make a final decision at a seminar, where you may be exposed to high pressure tactics, frightening stories about people who don’t have enough money to live on in retirement, and promises of unrealistic financial returns. Leave your checkbook at home and consider getting a second opinion.
-Report suspected scams to the TDCI Consumer Insurance Services Division at www.tn.gov/commerce/insurance/consumer-resources/file-a-complaint.html.