Help! My mom’s suspicious financial planner is coming into town today and I am worried! What should I do?
My mom’s financial planner is expected to come into town today and will be consulting with my mother. His visit coincides a little too well with someone else’s expected arrival in town. I am sure it is no coincidence. I have expressed concerns about this financial planner in the past. I feel he is ripping off my family. I am afraid of being done out myself. I am really concerned that he is doing us out on the system and working for others who do not mean well. He may actually be cutting “stonecutter” deals behind my back and pilfering me of everything he can.
I overheard my mom talking to him on the phone a few days ago. She is wondering what she is supposed to do because she claims to have heard something. I fear he is coming to give her orders on the system.
For all the financial planning my mother has received from this man, she does not appear to have enough money to get by on. All I am supposed to be getting out of his dealings is a small amount of money.
He has already asked me to sign documents on the spot, when the documents would have taken at least half an hour to read, especially with their small print. He does most of his work behind my back.
I fear more tricks from this tricky Norwegian. What can I do?
UPDATE!!!
HELP AGAIN!!!!!!!!
November 6th, 2008
My mom’s financial planner phoned at noon today and said he was making an adjustment. My mom sounded pleased when he said it, and made her approval implicit. When I asked my mother what he was going to do, she became defensive and would not say. I am scared I am going to be robbed and done out through tricks and lies by thieves who are out to get more out of me.
ANOTHER UPDATE!!!
November 10th, 2008
He was at the house for q few minutes on Friday, November 7th, 2008. My mom said he would make an adjustment, but I do not know what kind of an adjustment he was going to make. I was not in on the action or on what was going on. I really do not know what he did.
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You’ve answered your own question. Sign nothing until you are sure that you want to do so. Always consult an independent fanacial adviser before you enter into any deal – and even then be careful. As far as your mum is concerned she appears to be beyond help and will go the way of many people who don’t take precations.
Don’t sign anything that has not read! You mother shouldn’t either. For all she knows she could be signing her life away.
On the other hand; it only takes about 90 days to become a financial advisor vs. what it takes years for someone else to do. I wouldn’t trust them if they have not had years experience.
Ask your mom to ask the advisor…
How long has he been in the field? Not just how long the company he worked for has been in business but how long has he been in this business. What qualifications does it take to become a financial advisor? What school did he attend? Where is he from?
For crying out loud, she trusts this person with her life; she needs to know more about him than she does her self!!!!!
How many customers have he successfully helped? Can he share a couple of facts?
Is the company bonded?
If she is investing any money… Make sure he doesn’t put all of her investments in one place. They should be spread abroad. Because if one area fails, she looses!
If he tries to put her finances in one main area, then he is not to smart. DON”T FOOL WITH HIM!
Basically, some common sense and thinking this through should bring clarity. But if she doesn’t understand the documents in its entirety, she should consult a 3rd part. Don’t ask him, he wants her to not understand he explain it to her.
If you can, Record the conversation. He has to know that he is being recorded and that any information used is for security purposes.
You don’t say how old your mom is, but I am going to assume elderly/retired?
Unfortunately, it is difficult to do anything about this situation if your mother trusts this person. I am an accountant and have seen many of my elderly clients in the last year or two fall victim to financial advisers and brokers who are increasing their commissions by “churning” accounts. One of my clients ended up with a $60,000 tax bill because of the sales out of his portfolio, but never put any cash in his pocket. It sounds like your mother’s resources are seriously limited, so you need to make sure that they are well conserved.
You might try to find a lawyer who specializes in “Elder Law”. With the rapid aging of our populations, this is a growing specialty. They might be able to help your mom and you and whatever other siblings/heirs there might be put some controls in place to protect against scam artists. I would refuse to sign any documents from this person and inform him that you would be happy to discuss them with him after you have spoken with your attorney.
Many of these scam artists that prey on the elderly are never prosecuted because the victim is embarrassed by their error in judgment.
Good luck!
Trust your gut feeling! and look into finding a new Financial Planner. Get referrals.
Request a copy of all records from the Planner you are in doult of.
If he was on the up & up you wouldn’t dread his visit!
First, never run for political office as a Republican. (The Democrats will say you are a xenophobe or racist or something – because of your reference to “this tricky norwegian”.
Take notes. When you accept anything from him, have him sign a paper listing the notes as the material reasons for your decision. That paper is to become part of the contract. If he lied, then you can sue.
NEVER sign a long investment document without knowing what is there.
Have someone else offer his or her interpretation of what you believe. Your sentence structure and use of certain words give cause for concern. (What is a stonecutter deal?) Get the opinion of someone more competent than you. Trust someone. And verify!
Good luck with the phenom scamme.
lol lol lol lol lol lol laught out loud