frayne
Thinks s/he gets paid by the post
I currently do volunteer work preparing taxes for low income and the elderly. Yesterday an older lady came in with a 1099B and the associated paperwork detailing stock and mutual fund sales. In looking over the paperwork I noticed what I would consider an excessive amount of trading. I asked the lady why so much activity and she said she knows nothing about her finances and puts all of her trust in her broker/financial advisor. I also noticed she had a $90K loss that she has been carrying over for a number of years, and chunking away at it, at $3K a year. She did admit almost in tears that lately she thinks she is being taken advantage of but has no one to give her advice or guidance.
I didn't say anything to her but I have a sneaking hunch something stinks. Now I am not accusing her advisor of churning as I don't know all of the facts. I won't say I lost sleep over it last night but it was definitely on my mind. Just wonder if I do anything and if so, what pitfalls might be out there as I know, in some instances no good deed goes unpunished.
I appreciate any advice.
I didn't say anything to her but I have a sneaking hunch something stinks. Now I am not accusing her advisor of churning as I don't know all of the facts. I won't say I lost sleep over it last night but it was definitely on my mind. Just wonder if I do anything and if so, what pitfalls might be out there as I know, in some instances no good deed goes unpunished.
I appreciate any advice.