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MIL's $
Old 09-03-2015, 04:12 PM   #1
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MIL's $

I was just reviewing my 95 year old MIL's investment accounts (July's print out is 30 pages!). Her financial advisor bought 5 stocks since Jan 2015 for six figures. She said she recalled him calling once to tell her about a certain company.

There has to be a very warm place in hell for that person dispensing info for stock commissions.
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Old 09-03-2015, 04:26 PM   #2
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Should have his license pulled!
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Old 09-03-2015, 04:33 PM   #3
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Can she be persuaded to taker her money elsewhere? At 95, probably not, but it might be worth a try.
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Old 09-03-2015, 04:35 PM   #4
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What percent is he charging and what did she start with? What were her annual returns?

Maybe it was the FA that grew her portfolio?
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Old 09-03-2015, 05:01 PM   #5
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Quote:
Originally Posted by mickeyd View Post
I was just reviewing my 95 year old MIL's investment accounts (July's print out is 30 pages!). Her financial advisor bought 5 stocks since Jan 2015 for six figures. She said she recalled him calling once to tell her about a certain company.

There has to be a very warm place in hell for that person dispensing info for stock commissions.
If he's churning to drum up commissions he deserves a phone call just to let him know someone is watching if nothing else.
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Old 09-03-2015, 05:34 PM   #6
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At 95 does she not have a POA set up ?

Try to get her to move $$$ in kind to Vanguard fund.

He probably charges 2% fee on top of the fees any funds he buys plus the commission.
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Old 09-03-2015, 06:21 PM   #7
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While the FA is likely acting, to some extent, in his/her own behalf, the fact that there were five stock trades in eight months does not ensure guilt. It would be nice to know the whole story. Senator's questions above are excellent.
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Old 09-03-2015, 06:24 PM   #8
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You're quite correct of course, it's just that this bunch has developed a healthy cynicism when it comes to FAs. I'll concede there may actually be a few good ones out there.
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Old 09-03-2015, 06:41 PM   #9
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Yes I agree Walt. Given the history and performance record of the group as a whole, it's easy to assume guilt. But the issue of five trades in eight months IMHO would call for further investigation as opposed to a knee jerk damning to hell. Get the whole story, then send him/her to the eternal flames!
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Old 09-04-2015, 03:36 PM   #10
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Get the whole story, then send him/her to the eternal flames!
In the old west that was called "Give 'im a fair trial and then hang 'im!"
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Old 09-04-2015, 04:04 PM   #11
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The problem I see with this is that she probably does not need to be buying stock at 95.... funds would be a better purchase even if she needs stock in her AA...


But am curious, what stocks were bought
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