I am a dentist in California, age 57. For some 17 years I have used a financial planner, blindly trusting in his advice. (Yes, I know...it was stupid!). He was personable and likable. He got to know a lot about us and our children, and always inquired as to their well-being. He became one of my patients, along with his entire extended family. During the last 2 years, as I have been able to slow down a bit at the office, I have had time to examine the investment choices he placed us in. That's when the slow burn kicked in. Here are some of upsetting decisions he made for us: (Oh yes, I know I signed on the dotted line and was given a prospectus, etc.....I take 50% responsibility for believing in the good-nature and honesty of my fellow beings).
We were sold only heavily loaded funds, all of them Class C funds (very nice for the advisor). He had us purchasing annnuities within an IRA. He advised us to invest in Executive Life here in Calif. It ended up being a scandal and we lost the entire $100,000. Many of the funds were in the Putnam family, purchased at the time they were under investigation for inappropriate practices. Well, that's just part of it. We fired our FP! The good news is that we are FREE. Our thanks to those of you who have encouraged us (through this forum) to take control of our own financial destiny. P.S. Our FP planner was furious!
We were sold only heavily loaded funds, all of them Class C funds (very nice for the advisor). He had us purchasing annnuities within an IRA. He advised us to invest in Executive Life here in Calif. It ended up being a scandal and we lost the entire $100,000. Many of the funds were in the Putnam family, purchased at the time they were under investigation for inappropriate practices. Well, that's just part of it. We fired our FP! The good news is that we are FREE. Our thanks to those of you who have encouraged us (through this forum) to take control of our own financial destiny. P.S. Our FP planner was furious!