Personal Investment & Financial Planning Q`s/Change in Financial Advisors

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Question
Hello,

The experienced and seasoned Financial Advisor(CFP, CPA) that I initially invested with 5 years earlier, transferred account management of my investments to a newly hired junior Advisor with less than 1 year of experience and the transfer was done without my knowledge or input. The transfer was not related to anything reasonable like sudden illness, retirement or relocation on the Advisors part. I contacted the Brokerage Firm and spoke with the location manager and later the National Sales Manger. Both were less than conciliatory.

Would this action constitute any breach of Fiduciary trust or rather simply be a lack of professionalism on the original Advisors part?

Thanks,
Ken

Answer
Ken,

It is odd and unprofessional.  However you wouldn't have a claim unless there were damages, which has may definitions.  The easiest thing to do is change advisers.  Let me know if you need help with that.

Regards,

David Disraeli
www.pcfo.net

Personal Investment & Financial Planning Q`s

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David Disraeli

Expertise

Questions relating to potential claims against brokers. Suitability, churning, breach of fiduciary duty, the FINRA arbitration process, how to determine if an actionable claim is present.

Experience

25 years in securities, insurance, financial planning, securities industry expert witness. Helped many attorneys prepare cases before NASD/FINRA, helped individuals proceed on their own. Have helped recover hundreds of thousands of dollars.

Organizations
CFP Board

Publications
Expert on this estate planning board - extremely high ratings: http://www.allexperts.com/ep/933-112345/Trusts-Estates-Law/David-Disraeli.htm Interviewed on local news stations,

Education/Credentials
CFP since 1994

Past/Present Clients
Individuals and attorneys. Jack Cunningham, Esq 512.441.1411

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