Questions for my Fin. Advisor

Asset allocation, risk, diversification and rebalancing. Pros/cons of hiring a financial advisor. Seeking advice on your portfolio?
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Diamond Ring
Diamond Ring
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Joined: 18 Apr 2006 20:33
Location: Pacific latitude 20/49

Re: Questions for my Fin. Advisor

Post by kcowan » 24 May 2017 10:03

par4 wrote:
23 May 2017 18:26
Then the Mutual Funds appeared in my portfolio and as a result some very high Tax bills as I stated in my previous comments. This is not only due to CG but also to high rates of foreign income which becomes Interest on my Tax return. This in turn is DRIP'd back to the Mutual fund! I guess the bottom line is that there is little increase in my portfolio when the cost of I Tax is taken in to account
i suspect that you agreed to him deciding even though he had agreed to follow your instructions.

I would write him a letter outlining what your understanding was, and firing him for not following it. Likely you will not recover your losses. You might want to approach the ombudsmen at your institution and the industry but the odds of a favourable outcome are low. I have been there and you must have proof of financial l losses to make you case.
For the fun of it...Keith

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Diamond Ring
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Re: Questions for my Fin. Advisor

Post by ghariton » 21 Jun 2017 21:23

Here is a suggestion that you ask any new (or existing) financial adviser to sign this:
The Fiduciary Pledge

I, the undersigned, pledge to exercise my best efforts to always act in good faith and in the best interests of my client, _______, and will act as a fiduciary. I will provide written disclosure, in advance, of any conflicts of interest, which could reasonably compromise the impartiality of my advice. Moreover, in advance, I will disclose any and all fees I will receive as a result of this transaction and I will disclose any and all fees I pay to others for referring this client transaction to me. This pledge covers all services provided.
Also, twenty-one questions you should ask your adviser about investment fees.

The plural of anecdote is NOT data.

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