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.
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.