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Author: WaveHarp Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Money Markets?? Date: 10/10/1999 4:11 AM
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My mother (60) hired an investmeny manager, regretfully, to manage her retirement account. At first, he put all of her money in high-risk categories. I forced him to change that. Then, he put all of her money in Money Markets. Half of the symbols cannot be found for tracking. Is there a way to track these? AEBXX, AMBXX, NPDXX, & NPFXX. AEBXX can be found, but not the others.
My next question: He has all of her money in 7 Day Net Yield accounts. Aren't there higher yields if her money is in money markets for longer durations before reinvestments? Basically, I am just trying to determine whether or not he is acting only in his behalf in order to get more commissions. Without her knowledge, he set up her portfolio in such a manner that she cannot withdraw any of her money, without major penalties, for seven years. It is outrageous! She is 60, and was recently laid off from her job of 35 years. He knew that she would need some of her money before then. Do we have recourse? Any advice
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Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14350 of 76418
Subject: Re: Money Markets?? Date: 10/10/1999 9:19 AM
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My mother (60) hired an investmeny manager, regretfully, to manage her retirement
account. At first, he put all of her money in high-risk categories. I forced him to change
that. Then, he put all of her money in Money Markets. Half of the symbols cannot be
found for tracking. Is there a way to track these? AEBXX, AMBXX, NPDXX, &
NPFXX. AEBXX can be found, but not the others.
My next question: He has all of her money in 7 Day Net Yield accounts. Aren't there
higher yields if her money is in money markets for longer durations before
reinvestments? Basically, I am just trying to determine whether or not he is acting only
in his behalf in order to get more commissions. Without her knowledge, he set up her
portfolio in such a manner that she cannot withdraw any of her money, without major
penalties, for seven years. It is outrageous! She is 60, and was recently laid off from
her job of 35 years. He knew that she would need some of her money before then. Do
we have recourse? Any advice


Does not sound like a good situation.

There are little facts so I do not know if you are working on incomplete information and if we knew the whole story the advisor would not sound so bad.

Assuming the high risk are realy high risk and she should not have been in these then a complent to the advisors supervisors would be the first steep. The problem is the investments may not be high risk when analysised by an experienced investor. They may only be high risk to you. You then said that you forced the sale. He then put everything in short term. Again does not seem like the right decision by either person.

The fees could be a back load fee and not out of line.

I think your first steep is to learn about investments and if the advisor did do a poor job and thae amount of dollars lost is large consider legal action.

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Author: BGPenhollo Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14456 of 76418
Subject: Re: Money Markets?? Date: 10/12/1999 2:59 PM
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"My mother (60) hired an investmeny manager, regretfully, to manage her retirement account. At first, he put all of her money in high-risk categories. I forced him to change that. Then, he put all of her money in Money Markets. "

I can relate but I think the answer lies not in trying to force the investment manager to second guess what you want but to learn what makes sense for your mother
and then direct your mother's investments.

My mother is over 70 before I got involved. My delay was due to my inexperience and lack of knowledge. Her investment advisor sold her deferred annuities within an IRA in 1993. My mother was impressed with his chart showing how HIS annuity would be so much better than CDs where the interest is taxed. Well, the interest on CD's in IRA are not taxed anymore than the compound interest from the annuity would not be taxed. So he was basically comparing apples to road apples and how much better his annuity apples would taste compared to road apples.

My mother really has no idea what would make a reasonable, risky, or conservative investment other than what someone tells her.

And it's unlikely that you can take legal recourse - the best recourse is to figure what your mother should do now.

BGP



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