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 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.
