Jul. 31, 2014 – King of Prussia, Pa. – Phil Cannella, Retirement Phase Expert, addressed standing-room only crowds at Spring Mill Manor in Warminster, Pa. Nearly 300 people attended educational events over two days and came away armed with the education and knowledge to attain a Crash Proof Retirement™.
“We are on a mission to change the way the financial industry is stacked against the average American,” said Cannella.
Cannella began by urging attendees to protect themselves against the conflicting interests of financial advisors on Wall Street, who are not held to a fiduciary responsibility that would obligate them to act in the best interest of their clients. Repeated attempts to mandate such a duty have been repeatedly resisted by Wall Street (i.e. Dodd-Frank).
“Without a fiduciary responsibility, how can an advisor work in the best interest of you, of himself and of his firm at the same time?” asked Cannella. “And even if he could, who’s the low person on that totem pole?”
Inspired by Cannella’s speech and a thorough education, attendees were welcome to share their reactions and opinions after the program.
“I had no idea that Wall Street wasn’t held to a fiduciary responsibility, and it’s annoying,” said Terry Jones of Hatboro, Pa. “I know quite a few Wall Street types—they’re going to be hearing from me tomorrow.”
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Cannella continued by exposing the myths behind the most popular investments in IRAs and 401(k) accounts—mutual funds. Many people are drawn to the supposed diversification of mutual funds, Cannella argued, but how diversified is an account that’s tied up entirely in risk?
“You didn’t know about the ongoing fees in mutual funds—annual charges, trading costs—because your advisor never told you,” said Cannella. “But what your advisor didn’t know is that you were coming here today for an education.”
Internationally recognized political insider Dick Morris was scheduled to join Cannella at Spring Mill Manor, but had to cancel due to a sudden death in the family. Morris addressed each group via a pre-recorded message.
“So many people feel like they have to play catch-up after being wiped out in the market in 2007-2008,” Morris said. “But I think it’s a trap—[Investment Banks] are trying to lure in individual, unsophisticated investors by unloading their stocks at inflated prices.”
When asked about the motivation behind his message, Cannella answered, “I believe in the philosophy behind the Sword of Truth. Too often, advisors disregard the truth and misrepresent investments they offer to their clients. Anyone who wields the Sword of Truth is operating from strength and can cut down any misinformation an investor has received. It is a heavy burden. Few can carry it.”
About Phil Cannella: Phil Cannella is the creator of The Crash Proof Retirement Show®, airing Saturdays at 11am on Talk Radio 1210-AM, WPHT. As a consumer advocate, he specializes in financial education for today’s retiring generation. Phil Cannella is also the creator of the Crash Proof Retirement™ System, a safe alternative investment strategy used exclusively by First Senior Financial Group, a financial education firm he founded over 39 years ago. In 2012, Phil Cannella stepped down as CEO and relinquished that title to fellow consumer advocate Joann Small to pursue his new venture, Retirement Media, Inc. Although he remains as a principal and visionary of that firm, Phil Cannella utilizes his new media company to not only report on the pitfalls within the financial sector, but to reveal the proven remedies to overcome them, in an effort to prevent another market crash from ruining the retirement of millions overnight.