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Free lunch? All together now: there's no such thing.

Article Excerpt
When it comes to investment seminars targeted at seniors, it may be a good idea to keep in mind the old saying, "There is no such thing as a free lunch." And while you're at it, if the invitation to the free lunch or dinner says at the bottom: "Agents/Brokers/Lawyers not permitted to attend," that ought to raise some red flags.

Assistant Secretary of State for Business Regulation and Enforcement Jim Nelson said anytime investors are told not to talk to their own CPA, lawyer, stock broker or investment advisor or, as sometimes happens, not even their children because "they may talk you out of it," the investor should be extremely cautious.

"Always get a second and third opinion before making major changes in your financial plan," Nelson said. "Our citizens need to be very, very cautious about abandoning their longtime retirement program or pension program or longtime relationship with professional investment advisors or stockbrokers. They are just throwing that to the wind and going with one of these folks they heard at one seminar one time. Typically these people at the seminars will tell the individuals, don't go tell your lawyers, accountant or investment advisor that you are planning to do this because they will try to talk you out of it."

Nelson said it amazes him because Baby Boomers don't hesitate to get second and third opinions when it comes to their health. But for financial advice, they will let someone tell them...

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