Question: I don’t know who my adviser is and I believe my brother is robbing me! What does a person do when they don’t know who their adviser is? What are the first steps I should take? Can another adviser help me track this down? (Looking for a new financial adviser too? This tool can match you to an adviser who meets your needs.)
Answer: Step one is to find the paperwork related to your account. “You should review any official documentation you may have received from the financial institution — and if you have a recent statement, the phone number for the adviser or a toll-free number for the financial institution should be listed,” says certified financial planner Ryan Haiss at Flynn Zito Capital Management.
Have an issue with your financial adviser or looking for a new one? Email [email protected].
Adds certified financial planner Cristina Guglielmetti at Future Perfect Planning: “The first step would be to look at a statement or any tax forms you’ve received,” she says. That, she says, should allow you “to track down where the money is in custody, meaning the broker where your account is held, and from there you should be able to determine who is acting as an adviser on the account, if anyone.”
Another adviser could help you do this, or you can do it yourself. (Looking for a new financial adviser too? This tool can match you to an adviser who meets your needs.)
As for you being suspicious of your brother, it’s hard to say what is going on without knowing the details of your account. One thing to ask, says Haiss: “Are you listed on a joint account with your brother?” It’s important to understand how your brother has access to your money, whether it be knowing your login information, a joint account, if he has power of attorney over your financial decisions or something else.
Certified financial planner Robert Persichitte at Delagify, says, “I’m going to take off my CFP hat and put on my certified fraud examiner hat. There’s not enough here to say if this is a case of unauthorized transactions, but there are enough red flags to get the authorities involved. This information can vary greatly by state, so be sure to consult with your local enforcement agencies.”
If you suspect there’s financial misconduct, it’s best to call the number listed on the statement to ask for a full list of transactions including withdrawal history. “If suspicions about financial misconduct persist, it might be best to contact an attorney that specializes in financial matters and appropriate legal action can be taken if necessary,” says Haiss.
Another option? While it’s unclear how old you are and the age limits differ by state, you can contact your state’s adult protective services, sometimes called elder protective services for guidance. “Describe the situation to a representative and they can advise you on next steps. At a minimum, you should receive quarterly statements from your adviser and if you aren’t, you can talk to your state board, but they’ll have a hard time helping you if they don’t know who your adviser is,” says Persichitte.
Another area of concern here is that you don’t know who your adviser is, and the relationship between a financial adviser and their client should be a close one. “The fact that you don’t know the name of your adviser immediately makes me see that there’s no close and continuous relationship between client and adviser,” says certified financial planner Alonso Rodriguez Segarra at Advise Financial.
If you’re able to locate the name of your adviser on a brokerage financial statement, you can do a background search using FINRA’s site to learn more about their work history and any disciplinary actions that have been taken. You can also consult a certified financial planner to help you navigate your current situation. “Ask them to help you and validate if they see anything out of the ordinary in your brokerage statements,” says Segarra. (Looking for a new financial adviser too? This tool can match you to an adviser who meets your needs.)
Have an issue with your financial adviser or looking for a new one? Email [email protected].
Questions edited for brevity and clarity.
Read the full article here