The sales type are scum. My DF was always a DIY Fidelity guy, he followed some subscription newsletter and did pretty well. Only active managed Fidelity funds, not suggesting he beat the averages or anything but he did well. Around age 93 he let that same company manage his funds and they were great to deal with. He had dementia at that point but was trying to hide it.
So DF is moving into AL, sells the house to my sister. Enter the neighbor an independent FA. He knows DF just collected ~200k from home sale. He sells DF on these great bond funds. They were class c pimco funds with a 1% 12B-1 and a 1% deferred sales fee. DF waited the year for the sales fee, my DS has now told the neighbor DF has dementia she has POA, DF isn't happy about funds, also tells him she knows absolutely nothing about investments. He asks for an opportunity to win back DFs trust. She let him put together a proposal, then emails it to me. Suddenly there's an additional advisor to the advisor and an additional 2% just for them. No idea what the investment is, I didn't get that far. It's a 3% rip off.
Really trying to con a demented old man and a self admitted ignorant POA holder out of 3%. Legal yes, right no!
DS asked if I could call the neighbor/advisor and explain why that was not where DFs money was going. He thought the whole family was ignorant or demented.
I did and managed not to tell him what I thought of his tactics.
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