Financial Cockroaches

Talking Real Money - Investing Talk

Don McDonald

Education, Business, Investing, How To

4.5 • 811 Ratings

🗓️ 29 October 2025

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Don and Tom go after one of their favorite targets: bad actors in the financial industry—especially those who flee regulation by becoming insurance salesmen. They break down a shocking new study showing that 98% of brokers kicked out by FINRA stay in the business by selling annuities and other insurance products, often with little oversight. The duo compares this behavior to “cockroaches,” slamming state insurance commissions for weak enforcement and minimal fines. Later, they tackle Washingt...

Transcript

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0:00.0	Reality Radio for a really great future.
0:08.0	We're talking real money.
0:10.4	Welcome to the show.
0:11.5	I'm Don McDonald, along with Tom Cock, and you are listening to a program designed
0:16.6	specifically and scientifically to help you become a better manager of money and to avoid a lot of
0:21.9	the problems that crop up in the financial industry because when there's money involved,
0:28.7	people misbehave a lot. Why do you think there are scams and thieves and ripoffs and con jobs and robberies and, you know, it's just
0:41.5	money. It makes us do dumb things. Our phone number is 855-935-talk. That's 855-935-8-255. And of course,
0:52.4	we love hearing from you and we really enjoy answering your questions.
0:56.9	So give us a call. 855-935-825-8-255.
1:03.9	What are we going to do with the financial services industry, Tom? What are we going to do?
1:08.7	Take them out back and you know what?
1:12.2	No, all right. There are we going to do? Take them out back and you know what? No, all right.
1:18.7	There are, we've mentioned them before. There are bad financial advisors, bad stock brokers, and when the really bad ones, the bad ones just get disclosures on their FINRA and SEC forms that they file.
1:27.7	Yeah.
1:28.1	But the really bad ones get kicked out of the industry.
1:33.9	And then?
1:34.8	But it turns out they don't really leave the industry.
1:39.9	They just go into a portion of the industry that is horribly, poorly,
1:47.2	atrociously regulated, and that is insurance.
1:52.4	Insurance.
1:53.1	Yeah.
	...

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