AboutBruce Julien Expertise I can answer questions on and raise issues clients overlook in the areas of Estate Planning as far as taxes and distribution flow problems, Asset Management as far as appropriateness of assets and allocations for a desired goal and the value a consumer gets for their costs, Tax Planning related to Income and Estates, and Insurance/Annuity questions particularly in light of suitability to the consumer.
Experience I became a CPA in 1991 and began offering financial advice in 1992. I am a Registered Investment Advisor which means I sign off on putting clients' interests first in a fiduciary role.
Education/Credentials BA in Accounting, University of Maryland 1990
Question QUESTION: I have a New Fin. Advisor who I don't think is very professional, but is he doing anything wrong?
I have a Living Trust and I travel a lot. Soon after hiring him I decided I wanted a discretionary account. In my experience, certain Forms have been used for this. Instead, he made up a very vague letter addressed to: "To Whom It May Concern" and typed in on plain white paper (didn't even use letterhead). Then his wife (also his secretary) noterized it.
Then he was going to take $50K from my Trust Acct to purchase interest in "Icon Securities".
Again, instead of a Form, he made up and typed a letter on plain white paper addressed to the brokerage firm holding my assets that said, “Cashiering, Upon receiving this letter please withdraw $50,000 in check form from my account # -------, payable to “Icon Fund” and send to: (my advisor).”
I know this is unprofessional, but is it Unethical or Illegal?
ANSWER: Helen
Icon Funds is a mutual fund family, but you aren't sure if you are sending money there specifically.
I am not saying anything about your advisor, but why would you stay with anyone you might not trust, and question their professionalism and ethics and legitimacy? You are asking a guy on the internet to check up on your $50,000 and don't fully understand what is going on there.
If you have to ask...
Good luck
Bruce
---------- FOLLOW-UP ----------
QUESTION: I am not asking anyone to check up on my $50,000. As I stated before, I know this is not professional. I DO plan to find a new advisor. I am wanting to know if some law (or law of ethics maybe?) has been violated.
Answer Can't exactly tell Helen. He wrote a letter that "you" wrote asking for certain things and since "you" asked for a discretionary account and for $50k transfer, it wouldn't show up on his letterhead anyway, it shows up on your own "letterhead". You are correct that most firms use their own standard setup forms and request forms. He might have violated his firm's policies. Using one's wife as a notary looks funny but I don't know if it is illegal. he's defend his actions by saying you signed the form in the end anyway. Unless yu lost money, I don't know what the damages to you are.
I'm not a lawyer but it looks legal, but also awkward which is why it is great for you that you are leaving. Good luck!
