Quote:
Originally Posted by SallyB
Thank you for responding. I don't it is fair to blame a person who seeks help from a broker/financial advisor not everyone understands the market and need help from someone who is supposed to be trusted. By what you are saying we should not ever look for help in matters we don't understand. Don't we all seek help from a professional on matters we don't understand plumbers, electricians, lawyer and so on.
This is not 100% on my parent's fault, yes they should have not been so trusting.
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SallyB, I am so sorry this is happening to your parents.
Even though there are some good advisors around, there are also sewer rats in the business of other people’s money. Their pitches are basically smoke and mirrors, designed to make those who are seeking advice think that they can never understand what to do with their own money, so they have to turn it over.
I have no advice for you, other than to comment on what someone else said in Post #40 — about getting the remainder of the money out if you can and getting it into Fidelity or Schwab……
If I were you, I would set up an appointment with one of those and find out what would be involved in moving the accounts to try to rescue what you can. (I would also talk to Vanguard. They do not have local offices like the other two, but I think they have people you can talk to by phone.)
I wish you good luck.
Boomer