My investment advisor lost his license. Now what should I do?

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #1  
Old 01-28-2011, 06:34 AM
KILLICKB KILLICKB is offline
Member
Join Date: Nov 2007
Location: Bonnybrook
Posts: 35
Thanks: 0
Thanked 0 Times in 0 Posts
Default My investment advisor lost his license. Now what should I do?

It seems most of you here are looking for an investment advisor rather than a financial advisor. We are in a position where our advisor, in Michigan, has had his license revoked. His accounts have been taken over by another group who of course want to change us over to their products otherwise what is it for them? What I need is a "pay for advice" (hopefully one time) advisor to determine in which direction I should go now e.g. Go with this new planner? Seek out an entirely new planner? Pull out and go it alone in say mutual funds? Leave all money in current vehicles? etc.

Anyone been to or can recommend such an individual?
  #2  
Old 01-28-2011, 08:18 AM
brostholder's Avatar
brostholder brostholder is offline
Veteran member
Join Date: Dec 2009
Location: Kingfisher Villas in Pennecamp
Posts: 604
Thanks: 0
Thanked 0 Times in 0 Posts
Default

You can find some very good basic advice at http://www.sec.gov/investor/brokers.htm
It may seem like a good idea to pay someone for "one time" advice, but things can change rapidly in the financial world and advice you receive today may not be the best thing for you in 6 months. It sounds like you would be better off with a "fee only" adviser. That is the type of adviser that doesn't make a commission from selling you stuff like annuities with high fees. The best place to find that type of advisor is to go to www.napfa.org
That is the National Association of Personal Financial Advisors.
  #3  
Old 01-28-2011, 10:49 AM
JUREK JUREK is offline
Veteran member
Join Date: Aug 2007
Location: Valpo Ind , Ashland TV
Posts: 600
Thanks: 0
Thanked 0 Times in 0 Posts
Default

I just found out from a friend and I am not too sure of the credibility of her story. It turns out this gal around 55 years old inherited close to $1.5 million Canadian and she used a financial advisor someone recommended to her.
To make the story short she has lost the full amount in about 5 years.
Obviously if I knew the advisor's name I would recommend you stay away from him.

Good luck and be careful.
__________________
Poland - Germany - Ontario Canada, Valpo Ind, Ashland TV
  #4  
Old 01-28-2011, 12:35 PM
rjm1cc's Avatar
rjm1cc rjm1cc is offline
Platinum member
Join Date: Apr 2010
Posts: 1,936
Thanks: 42
Thanked 140 Times in 54 Posts
Default

Try a CPA that has a certification in financial planning http://www.aicpa.org/ForThePublic/Fi.../FindACPA.aspx or maybe http://www.cfp.net/search/.
I think you are looking for a fee only planner.
You might also find some help at the large mutual funds such as Vanguard or a broker such as Schwab.
Not knowing what you have I would not look favorably on someone telling you to sell most of what you have unless the reason is that your planner was not good and only working in his self interest. Be very careful of investments fees and commissions.
  #5  
Old 01-28-2011, 03:48 PM
Pturner's Avatar
Pturner Pturner is offline
Sage
Join Date: Oct 2009
Location: Atlanta
Posts: 7,066
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Hi Killickb,

I would not stay with the advisor who took over merely because he or she is there. Ask about philosophy, investment fees, product offerings and commissions? Interview this and other advisors to compare notes. Get recommendations from people you know who have done well. Ask for references. I would also find out why the previous advisor lost his or her license. You might learn something that will help you ask the right questions. Good luck to you!
  #6  
Old 01-28-2011, 04:33 PM
Avista's Avatar
Avista Avista is offline
Platinum member
Join Date: Jul 2007
Posts: 1,786
Thanks: 1
Thanked 0 Times in 0 Posts
Default

We had a very good meeting with Sam at Fidelity this morning. So convenient--right in Sumter Landing. We will meet again with him in a week. They will also have seminars which we look forward too.
__________________
Chicago, Cary, and Champaign, IL
Winchester, IN
Lancaster, OH
Tampa, FL
  #7  
Old 01-28-2011, 05:03 PM
2 Oldcrabs 2 Oldcrabs is offline
Veteran member
Join Date: May 2009
Posts: 557
Thanks: 0
Thanked 0 Times in 0 Posts
Default Vanguard

Vanguard- They have mutual funds, EFT's,low cost brokers and annuties. You can manage the money your self, they will do it for you or help you with a one time fee. We have been with them for over 20 years and are very happy with them. (We manage the money). KEEP IN MIND, THE ONLY PERSON WHO TRULY CARES ABOUT YOUR MONEY , IS YOU !!!
Closed Thread

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 04:40 AM.