Bad money managers

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Beerwolf
Posts: 30
Joined: Wed Jun 30, 2010 11:13 am

Bad money managers

Post by Beerwolf » Sun Apr 15, 2018 9:54 am

Having been a boglehead for 2 decades, after the usual mistakes in investing, I have no regard for money/investment managers. However, I have just learnt that my 92 year-old mother-in-law's "investment manager" has her $60K IRA in 18 funds!!, many of them with loads in and out. We have power of attorney now and have instructed her bank manager to have it transferred to a bank money market account IRA.
My question is who can I contact to let it be known what kind of "investment manager" this low-life is?
Thanks for any advice.

BrooklynInvest
Posts: 88
Joined: Sun Jul 28, 2013 9:23 am

Re: Bad money managers

Post by BrooklynInvest » Sun Apr 15, 2018 10:21 am

The manager is likely licensed by FINRA. They review complaints against licensed advisors/brokers. Good luck,

pkcrafter
Posts: 12574
Joined: Sun Mar 04, 2007 12:19 pm
Location: CA
Contact:

Re: Bad money managers

Post by pkcrafter » Sun Apr 15, 2018 10:27 am

Unless you simply hold cash/CDs in the IRA, I would not recommend a bank for any investing.

Broker Check/Complaint

https://www.thebalance.com/financial-ad ... ls-2388438

FINRA

https://brokercheck.finra.org/

FINRA Broker Complaint

http://www.finra.org/investors/investor ... int-center
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.

Beerwolf
Posts: 30
Joined: Wed Jun 30, 2010 11:13 am

Re: Bad money managers

Post by Beerwolf » Sun Apr 15, 2018 1:41 pm

pkcrafter wrote:
Sun Apr 15, 2018 10:27 am
Unless you simply hold cash/CDs in the IRA, I would not recommend a bank for any investing.

Broker Check/Complaint

https://www.thebalance.com/financial-ad ... ls-2388438

FINRA

https://brokercheck.finra.org/

FINRA Broker Complaint

http://www.finra.org/investors/investor ... int-center
PK, thanks for the info, but at 92 years old we wont be doing any investing for this money and the bank is a good place to retreat until all is sorted out.

RudyS
Posts: 1067
Joined: Tue Oct 27, 2015 10:11 am

Re: Bad money managers

Post by RudyS » Sun Apr 15, 2018 3:55 pm

I'm thinking that when you start the FINRA complaint process (with the bank first, per instructions in the link), you should ask for reimbursement of any exit fees - at a minimum. I'm not sure what other reimbursement you could reasonably request.

Post Reply