Closet_Gamer
Thinks s/he gets paid by the post
I can’t imagine any possible rationale for that portfolio. I stepped in on my Mom’s account several years ago and discovered 20+ positions plus an annuity. And at age 87 he was trying to sell her another annuity with a seven year surrender period. The advisor fought, tried to scare my Mom and then sent me a nasty CYA letter when I took the account away from him.
Given what you found I would presume bad intent and make him work his way up to incompetent as a justification.
I understand and agree with all of the advice about tax management in trying to sort this out a bit.
Perhaps a good starting point is simply to freeze the account from new trading. With all those positions one would think there is very solid diversification that would preclude the need for any urgent trading.
Hiring a one-time fee FA to do an independent review of the account might be a good way to pull some neutral facts into the conversation.
I think OldShooter’s points and ideas are very valid. In retrospect, I wish I had done that. (He suggested it when I was dealing with my Mom but I just pulled the account away from the FA rather than seek proactive help from the firm.)
One more example of why I hate the financial services industry.
Good luck.
Given what you found I would presume bad intent and make him work his way up to incompetent as a justification.
I understand and agree with all of the advice about tax management in trying to sort this out a bit.
Perhaps a good starting point is simply to freeze the account from new trading. With all those positions one would think there is very solid diversification that would preclude the need for any urgent trading.
Hiring a one-time fee FA to do an independent review of the account might be a good way to pull some neutral facts into the conversation.
I think OldShooter’s points and ideas are very valid. In retrospect, I wish I had done that. (He suggested it when I was dealing with my Mom but I just pulled the account away from the FA rather than seek proactive help from the firm.)
One more example of why I hate the financial services industry.
Good luck.