I find the financial industry to be riddled with terminology designed to confuse the general population. With acronyms that no one can explain, multiple terms all meaning the same thing, and names that appear to be pulled from thin air, it can seem like the financial world is speaking a totally different language.
Last week a gentleman came to my office having heard the term “Stretch IRA.” He was interested in incorporating one into his retirement plan. After a discussion with him to further understand his situation, I said that I absolutely agreed, using a Stretch IRA would be incredibly advantageous for him. And then he said, “Okay, but I was at the bank and they said they don’t have any Stretch IRAs. How can I get one?”
Hmm. The convolution of financial terminology strikes again.