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State officials warn seniors about financial seminars

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SUNCOAST NEWS STAFF REPORT

The Tampa Tribune

Published: January 21, 2009

NEW PORT RICHEY - State officials recently warned elderly residents about so-called financial planning seminars or estate preservation workshops that use a "free lunch" to lure seniors to attend.
Attorney General Bill McCollum and Department of Elder Affairs Secretary E. Douglas Beach have received complaints from seniors enticed to attend a free meal that actually turned out to be a high-pressure sales pitch for dubious investments.

"The last thing our seniors need during this economic climate when their retirement savings may be dwindling is an investment scam that further depletes that nest egg," McCollum said in a press release. "Too many of our seniors are finding that these free meals can cost them dearly."

The invitations to the free meal often arrive via phone or mail and promise tips on earning great financial return with minimal risk, eliminating taxes or avoiding probate, officials explain.

After a high-pressure presentation, salespeople then try to schedule follow-up visits in the homes of those who attend so they can continue the pitch.

"Florida's seniors spent their lives hearing there's no such thing as a free lunch, and now some unscrupulous hucksters are trying to make them think otherwise," Secretary Beach said. "The safest approach for older residents is to stick with tried-and-true methods of retirement planning so they can avoid becoming the next victims of these high-pressure tactics."

AARP and the Financial Industry Regulatory Authority recommend that seniors do not purchase anything or open an account of any kind at a free-meal seminar.

AARP provides an online checklist of question to ask at such seminars. The checklist can be downloaded at http://assets.aarp.org/ www.aarp.org_/articles/money/listen_checklist.pdf<...>.

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