Nothing’s More Expensive in Life Than “Free” - The Dinner Seminar Dilemma
One of my favorite sayings is simple but true: “Nothing’s more expensive in life than free.” Nowhere does that idea ring louder than in the flood of “complimentary” dinner seminar invitations people receive as they near retirement—or, surprisingly, even in the mailbox of my 21-year-old.
These events promise to teach you how to save on taxes, reduce risk, maximize wealth, and generate retirement income. But behind the polished invitations and enticing meals, many of these “free” dinners are cleverly designed sales pitches. The goal often isn’t education—it’s selling high-commission financial products such as annuities or insurance policies. While the host enjoys a lucrative payday, attendees may walk away with strategies that don’t fit their financial needs or long-term goals.
Why “Free” Financial Advice Isn’t Always Free
For physicians, the risks are even greater. Doctors are prime targets for these events because they combine high income with complex schedules and a delayed start to wealth building. Advisors who rely on commissions see that as an opportunity.
I’ve seen physicians convinced to purchase unnecessary disability insurance, costly permanent life policies, or high-fee annuities packaged as “retirement protection.” What begins as an educational dinner can turn into years of regret and financial underperformance. In some cases, doctors find themselves locked into products that cost far more than the “free” meal that lured them in.
Even the more subtle forms of “free” advice—university workshops, complimentary consultations, or so-called educational sessions—can be problematic. If something is free, it’s worth asking: what’s the motivation behind it? When financial incentives are hidden, the advice is rarely unbiased.
How to Identify Red Flags Before You Sit Down for Dinner
Before attending a seminar or accepting free financial advice, take a few proactive steps. Start by verifying who you’re dealing with. A quick search on FINRA BrokerCheck will tell you whether the person presenting is a registered advisor or merely licensed to sell products.
Be wary of invitations that discourage credentialed professionals, such as CPAs or CFP®s, from attending—legitimate educators welcome peer review. Listen carefully to the language used during the presentation. Phrases like “income for life” or “protect yourself from down markets” are common in insurance sales pitches disguised as retirement planning.
True fiduciary advisors focus on comprehensive financial strategy, not product sales. They’ll explain your options clearly, disclose fees, and tailor solutions to your specific goals as a physician or professional.
When “Free” Costs You the Most
I’m not suggesting every dinner seminar is deceptive—some are genuinely educational and may even provide a decent meal. But in finance, transparency is everything, and “free” is rarely without strings attached.
For physicians approaching retirement, the real expense of these offers isn’t the steak dinner—it’s the opportunity cost of being guided toward unsuitable investments or biased advice. The financial impact can last decades.
If you or a colleague are considering attending one of these events, it’s worth seeking out a trusted, fee-only financial planner before making any commitments. Independent, fiduciary advice ensures your financial plan serves your best interests—not the interests of a salesperson.
The Value of Real Financial Guidance
As a Certified Financial Planner™ (CFP®) and Enrolled Agent (EA), I’ve spent over a decade helping physicians nationwide navigate complex financial decisions with clarity and confidence. My approach is built on transparency, education, and tax-efficient strategy—not commissions or sales quotas.
If you want guidance grounded in your goals rather than someone else’s incentive, I invite you to reach out. Together, we can build a plan that helps you save more, keep more, and retire with confidence.
📧 Email: dan@forwardthinkingwm.com 🗓️ Schedule a call: Let’s discuss how to protect your wealth from the hidden costs of “free.”
Because when it comes to your financial future—and especially for physicians—the most expensive word in your vocabulary might just be “free.”