No. of Recommendations: 0
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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