Skip to main content
No. of Recommendations: 0
Hello all...I am fairly new to the boards - and am seeking some advice on behalf of my dear Mom, and her no-income portfolio. Here are some facts:

Neither she nor I have much investing background or savvy, with no one to trust for advice.

Was with former brokerage firm for 10+ years who were charging her in excess of 3% in fees for a less than $500,000 portfolio (the portfolio having plunged post-911.) Heavy in tech stocks, with a number of Beta numbers over 1.

Moved to new brokerage firm for 1.5% fee, with caveats to new broker than she was in need of $25,000 income per year over & above her pension & ss. Broker said he saw no problem.

16 months have passed and no re-organization of her portofolio (no movement at all), with something around $4,500 income from dividends/interest in this time period.

After some weak attempts with calculator, we find she's withdrawn and/or lost a further $50,000 in this past year. It's dwindling awayyyyy....

New broker feels her portfolio, relating to current market, is fine to sit on. Mom wants income, as well as growth with a future for her money for the kids.

We need some "educatin', and don't necessarily believe this broker's interested in actively "manipulating" Mom's portfolio for his small 1.5% fee, as he keeps throwing lines such as "well, you know, the market's been bad" at us.

Do we need to bring in a money manager? Financial Advisor? How do we find out who can get this portfolio turned around? And would that manager or advisor be from OUTSIDE her particular brokerage firm, or within?

Help, please.....(sorry to ramble..not sure what facts are needed)

Surfmermaid & Mom
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.
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.