A Reason for Planners

August 1997
Journal of Financial Planning;Aug1997, Vol. 10 Issue 4, p15
Academic Journal
This article presents a cautionary tale for critics of financial planners who think people can do all their own finances. A thousand people poured 50 million U.S. dollars into an investment promising 25-percent returns based on viatical plans. Federal investigators say it is a scam. A 73-year-old retired farmer was about to plunk down 350,000 U.S. dollars into the deal when he was talked out of it by his financial planner. The financial planner told the farmer that the promised 25-percent return was absolutely ridiculous and that a man at his age should be looking at far more conservative investments. That is why people need planners.


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