written by reader 770 account

By xiexgp@gmail.com, November 20, 2013

what is a 770 account that bankers use to quad their money ? John O

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Stella Fitzpatrick
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Stella Fitzpatrick
February 20, 2014 11:40 pm

After reading the comments made here, saying that I am confused would be an understatement. I am a 56 yr old woman….whose financial situation is not good. However, with that said, I am getting the impression that this 770 account is something that could or would benefit me in the long run. My question is how would myself and my husband who is 59 get the exact facts on this 770? Jack Burns stated it was B….s, and used letter abrevations that I had no idea what they meant….so at the end of the day….can someone who head is just under the middle class line benefit from this? And if so, how do I go about it???

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anthony keeley
Guest
February 24, 2014 1:55 pm

i would like to know how to invest into 770

Dean Owen, CPA, PFS
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Dean Owen, CPA, PFS
February 28, 2014 9:53 pm

I personally feel this is a scam. I am a CPA and Personal Financial Specialist. The scam is what you are NOT being told.
Its just high commission life insurance. The “secrecy” stuff is just sales pitch, nothing more.
If you want money advice, follow the advice here:
http://www.dol.gov/ebsa/newsroom/fsfiduciaryoutreachconsumers.html

PS – I hold life insurance license, by law, if I sell an insurance policy, I must first guard the best interest of the insurance company, not my client. The insurance company pays me, I have a duty of care to them.

Go to aboutcom, look up SUITABILITY vs FIDUCIARY.
http://financecareers.about.com/od/rz/g/suitability.htm
http://financecareers.about.com/od/ai/g/fiduciary_standard.htm

It makes a difference if you are getting advice from a high commission sales guy, or a fiduciary.

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Sean
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Sean
March 2, 2014 8:58 pm

This is sad that even some of these ” CPA’s” & “Financial Professionals” know nothing about what they’re are talking about. This is hands down the best bang for your buck with NO RISK. I’m not going to go into great detail, but I have been in the industry for a short 5 years & running into other “Financial Professionals” who have never even heard about this is a huge disservice to the people they “help”. If you are serious about your retirement and you have some love for those around you that need help, I would love to talk with you to see if there is anything I can do to better your situation and I would be more than happy to answer any questions you might have.
Contact me at FrodesenFI@hotmail.com

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Charlotte Nymark
Guest
March 25, 2014 8:32 am

Sounds a little like an Universal Life policy we had at one time years ago.

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