I’ve been using my parents’ financial advisor since I moved out and started saving for retirement. I recently learned that the guy hasn’t been investing the checks I’ve sent him for Roth IRA contributions—he’s been adding it to the account and letting it sit at cash—for the last three years. When I finally confronted him about it, he said that he isn’t licensed to work in my state and connected me to a colleague that is.
I had a weird Zoom meeting with the colleague who ended by trying to sell me term life insurance (I have no dependents). He said he would send me some paperwork to sign so that he could transfer my assets over to his investment group (his strategy seems to be solely based on investing in Blackrock). That was six weeks ago. I emailed him and said I never received the papers, and he responded that he forgot to send them, but here they are now.
These behaviors seems absolutely inexcusable to me, but this is my first experience with a financial advisor. Is it normal for people to forget to invest, then forget to send you paperwork? How do I find a different financial advisor? I don’t have time to manage these funds myself, so I’m hesitant to put them in Vanguard or similar. I just want to put the money away and return in 20 years with some kind of growth that beats having it sit in a bank account.
Submitted July 07, 2021 at 07:54AM by digincircles https://ift.tt/3jM6p2q
