I’m dealing with a financial adviser who is straight-up ignoring my concerns. He’s created a total mess in the portfolio he’s managing, and many of the notes he invested in require me to go through him. But he won’t respond to me at all.
Who should I complain to? Should I go to the FCA or the platform where the money is held?
Why complain? Just fire him and move on.
Hollis said:
Why complain? Just fire him and move on.
That’s definitely my plan.
Why not just initiate an asset transfer with a new brokerage like Vanguard or Fidelity?
Raven said:
Why not just initiate an asset transfer with a new brokerage like Vanguard or Fidelity?
Can I do that if my adviser is with NW Mutual? I want to move everything and manage it myself but don’t know if I can transfer directly or if I need him to sell things first.
@Denali
You can initiate the transfer from your new brokerage. Schwab, Fidelity, or Vanguard can help you with this. They can transfer your assets “in kind” (the stocks themselves) or as cash if you liquidate beforehand. Just be aware of any tax consequences if you sell.
@Denali
I’m looking to transfer to Robinhood. Do you think I’ll have to liquidate everything first?
Why are you letting him manage your portfolio? Just transfer it to a brokerage and take control yourself.
Check out https://www.finra.org/ and use their BrokerCheck tool to see if he has a history of complaints. You can also file a formal complaint through them.
Emerson said:
Check out https://www.finra.org/ and use their BrokerCheck tool to see if he has a history of complaints. You can also file a formal complaint through them.
This is the right move. Your complaint will go on record and get reviewed by his firm.
Emerson said:
Check out https://www.finra.org/ and use their BrokerCheck tool to see if he has a history of complaints. You can also file a formal complaint through them.
Thanks! I checked, and it looks like he doesn’t have any issues on record.
Fire him. As your adviser, he works for you. If you’re unhappy, it’s time to move on and manage your money yourself. It’s not as hard as you might think.
Do you have a contract with this adviser? It should explain how to terminate the relationship. Otherwise, transfer your funds to another broker, and they can guide you through the process.
Haze said:
Do you have a contract with this adviser? It should explain how to terminate the relationship. Otherwise, transfer your funds to another broker, and they can guide you through the process.
It’s actually my sister’s account, but I’ll check the paperwork. I want nothing to do with financial advisers anymore—they’re all crooks.
Take control of the portfolio yourself. Once you’re managing it, you won’t have anyone else to blame.
Westley said:
Take control of the portfolio yourself. Once you’re managing it, you won’t have anyone else to blame.
I already know how to manage a portfolio. This is my sister’s account, and she has a lot of structured notes tied up until 2027.
Just fire him already.
Pull all your money out. Use your dollars to make the statement. Be cautious of tax implications, though.
Sloane said:
Pull all your money out. Use your dollars to make the statement. Be cautious of tax implications, though.
True. But remember, your money might be confused during the transition. It’s important to reassure it that it’s not its fault.
Look into the ACAT process. This lets you transfer assets from one brokerage to another. Your new broker, like Vanguard, can help walk you through it.