No. of Recommendations: 3
Step one was transferring some Vanguard accounts. Unfortunately the Vanguard assets were sold and have been sitting in cash for two months. Even worse, my daughter's UTMA account netted $9k in capital gains which will result in taxes this year.

I am not an expert of ever rule we have to follow (sometimes my company rules are more strict than industry rules), but I thought it was an industry rule that the advisor inform you of any potential for taxable events - including capital gains. They may not have to tell you the exact amount ("seek the advice of a tax professional") but I thought for sure that they would have a responsibility to disclose such.

If you don't want to be subject to the capital gain, It would be worth the oral complaint to see if they can "break" the trade and reinstate the previous holdings - at their cost.


Back with I was extremely wet behind the ears in this industry (a decade ago) I made a similar mistake for a client and my employer made the client whole.
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