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Suze Orman, fact or fiction

I used to watch her show on cable and had mixed feelings. I am no certified expert but I read a broad range of books and publications. I do a lot of research and try to practice those things to see what works. At times I felt that some of her advice was generic and more like a sales pitch. As a financial advisor she should be unbiased and objective but I was sometimes left feeling like she was promoting certain products or financial vehicles.

 Interestingly enough someone wrote in to my local paper and asked what the author thought of Suze Orman. The author was not very impressed. He mentioned that her experience is somewhat embellished. He also mentioned that she really has a conflict of interest because she promotes certain products where a good financial planner should pick the best product for the client and not what pays the highest commision.

Apparently the author of the New Haven Register was not the only one to feel this way. There was a Forbes Magazine article by William P. Barrett concerning Suze Orman of nearby Emeryville CA, financial guru and author of the best-selling “The 9 Steps to Financial Freedom,” in light of complaints by readers defending Orman. He finds the factual statements in the article to be correct and concludes, “Chalk up one for Barrett and the magazine’s fact-checkers.”   

Veverka specifically declares that Forbes was accurate when it wrote the following:
      –Orman’s firm, Suze Orman Financial Group, no longer does any financial planning, despite claims in Orman’s literature that it still does.
      –When Orman’s literature referred to “nearly 1,000 new clients” each year, she meant readers who send her unsolicited communications, to which she responds.  Writes Veverka, “OK. Let me get this straight. She writes letters and e-mails to readers and calls them clients. She doesn’t charge them, but it’s still supposed to be called a business. And you really want to seek financial advice from this person?”
      –Aside from her books, royalties and investments, Orman’s derives most of her income from the sale of insurance rather than from financial planning services.
     –Orman was employed by Wall Street institutions for only 7 years, rather than the 18 years claimed on her video jacket.
     –Orman’s license to be a Commodity Trading Advisor lapsed  in 1990 and is not current, as stated on a book-jacket biography. Veverka reports that Orman’s public relations person, Sandi Mendelson, said that Orman’s publisher put the incorrect information on the bookflap without Orman’s knowledge.

     Veverka’s comment: “Hey, that’s the kind of attention to detail I look for in a financial adviser–even a free one.” Veverka also recounts numerous unsuccessful efforts over a three-week period to get on-the-record comment from Orman or her representatives. 
  

    See Also:http://www.bloggingstocks.com/2006/12/04/best-and-worst-suze-orman-a-one-woman-show-of-irritation/

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