'I get hungry for a meal at a good restaurant'

"There is always a chance these dinners may provide some tidbit of relevant information, but I have no interest in opening an account." (Photo subject is a model.)

Dear Quentin,

I read your column about the guy who was debating the value of annuities ("It seems too good to be true: At a steak-dinner retirement seminar, the guy said annuities can outperform the market. Is that true?") Between random Facebook (META) posts, mailers and emails, I regularly get bombarded with offers for free dinners.

The catch is that they are provided by financial advisers whose sales pitch is the cost of the free dinner. I have little tolerance for sales pitches when it concerns my money, nor would I really consider opening an account with one of these advisers. I've been successful at managing my own investments.

However, I have plenty of time on my hands, and I get hungry for a meal at a good restaurant. There is always a chance these dinners may provide some tidbit of relevant information, but I have no interest in opening an account. I'm there for the meal only. If the offer is a burger versus a steak at Capital Grille, it's not really much of a decision.

Is it wrong to say yes to the meal, even if I know I'll say no to the pitch?

Hungry Investor

Related: 'The numbers don't lie': If I had invested my Social Security in the S&P 500 I'd have $4 million. Is the system broken?

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. The Moneyist regrets he cannot reply to questions individually.

The dinner is free, but the financial products can be costly.

Dear Hungry,

Buy that man some steak frites.

Advisers who invite you to their free dinner theater of financial products know that you don't want to listen to an hour of pitches about money-market, index and mutual funds, real-estate investment trusts, annuities, life-insurance policies, long-term-care policies and the rest. That's why they offer you a free dinner. A minority of people will either become future clients or actually sign up for a product that they're pitching.

That is your contribution. Handing over a business card, following an adviser on LinkedIn, recognizing an old face from your college days and, perhaps, doing business with them and remembering where you met is all part of the magic. The free steak is to get you through the door, but even you - yes, you - after a dozen or more free steak dinners, might finally acquiesce and agree to invest your money at one of these events.

It's a well-honed ecosystem. Financial adviser No. 1 might host you for a half-dozen steak dinners, while adviser No. 2 may be the one who actually scores a home run. But adviser No. 1 will win big with another client who probably attended adviser No. 2's prawn-cocktail soirée. And if you're honest with yourself, you probably want more than the free dinner. You want to network and, if you are lucky, you might even find that the person holding the seminar has a great rate on a CD.

This study from the National Association of Insurance Commissioners says that roughly 40% of people who attend seminars actually do let their guard down and buy a product. That's probably overegging the pudding - I'd be surprised if that many attendees signed on the dotted line - but in the end, it's a numbers game. You, my friend, by filling that seat, are also helping to create the illusion of a crowded room. You are contributing to the hubbub.

You're also giving away a lot more than your time when you attend these steak dinners, whether or not you sign up for an annuity or some other financial product. The NAIC report warns that registration details may be shared or sold to marketers and says that many attendees report feeling pressured to buy products - which are likely not tailored to their individual needs - or provide personal information.

Don't miss: A relative offered me a $25,000 home loan secured by a lien that must be repaid within a year. Is that fair?

Education vs. sales

The NAIC advises people like you who like a free steak to check whether the presenter and sponsoring company are licensed with their relevant professional body - such as the National Association of Personal Financial Advisors or the Financial Planning Association - and whether they have had any complaints filed against them or have a disciplinary history. Freebie or no freebie, if an investment sounds too good to be true, the NAIC adds, it probably is.

At the risk of giving you indigestion, LFS Wealth Advisors in Lenexa, Kan., warns investors such as yourself about the hidden cost of free dinners. "They often blur the lines between education and sales. While the event might be advertised as an informative session, the primary goal is usually to sell financial products or services. These seminars are typically run by financial advisers or sometimes insurance salesmen."

While the dinner is free, the financial products can be costly. "Many of these products come with high fees, commissions, or other hidden costs that can erode your investment returns over time," it adds. "Annuities, for example, are a common product pitched at these seminars. While they might offer certain benefits, they often come with complex fee structures and surrender charges that can make them costly to exit."

The Financial Industry Regulatory Authority has issued a warning. Some of these seminars promise attractive rewards like a "guaranteed" monthly income, Finra adds, and may suggest that successful or knowledgeable people have already invested, creating pressure to follow the crowd. And, yes, the free steak dinner - and alcohol - can lower your inhibitions and pressure you into signing on the dotted line.

Finra advises asking the following questions: "What are the risks and how much does it cost to invest? What, if any, additional or ongoing costs will I have to pay? How liquid is this investment? What happens if I decide to sell or cash in my investment? Are there surrender charges or other fees? Is the investment registered? If so, with which regulator? Are you and your company registered, if so, which regulator?"

And last but not least, where is the exit?

Don't miss: 'It seems too good to be true': At a steak-dinner retirement seminar, the guy said annuities can outperform the market. Is that true?

By emailing your questions to The Moneyist or posting your dilemmas on The Moneyist Facebook group, you agree to have them published anonymously on MarketWatch.

More columns from Quentin Fottrell:

My houseguest left heat marks all over my table. I didn't notice them until she was gone. Do I ask her to pay to remove them?

'I was shoveling sidewalks at 8 years old': I'm a 73-year-old boomer dad with two kids. Here's what I teach them about finance

'Felony charges are pending': My mother set up a trust for my sibling who stole $100,000 from a bank. Can the trust be seized?

Check out The Moneyist's private Facebook group, where members help answer life's thorniest money issues. Post your questions, or weigh in on the latest Moneyist columns.

By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

-Quentin Fottrell

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 08, 2026 15:00 ET (19:00 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.