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.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.