tag:blogger.com,1999:blog-8242926316765633205.post880390858281797288..comments2024-03-17T04:14:44.845-05:00Comments on Frugal Scholar: "Answers" from Mom's Broker:?????Frugal Scholarhttp://www.blogger.com/profile/12696815672500452503noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-8242926316765633205.post-58321546630640830932015-01-18T09:32:36.608-06:002015-01-18T09:32:36.608-06:00@Irene--Thanks so much! Sadly, she doesn't kno...@Irene--Thanks so much! Sadly, she doesn't know Serbian. And after many years of French study, she doesn't know much French. Language teaching in the US is ver poor--at least here (in a state proud of its French heritage). Go figure!<br /><br />@SL--Thanks for your expert opinion. I have to tread carefully. My mother likes the guy and he's very manipulative. He is now going to do her taxes also. I'm supposed to be getting sttements--but I don't think he has any legal obligation to send them. <br /><br />@KN--BTW, I knew someone in college w/ your last name--fellow named Mark. Now around 60 y.o. As above, my mother would have to choose to initiate something. <br /><br />@SSews--I think the guy is doing trades to get up to a set percentage of the portfolio. Hopefully, the portfolio is what he claims.<br /><br />@RH--Thanks--I myself have TIAA. My mother's TIAA was originally my father's account from his years of teaching. The broker talked my mother into putting the account under his control a few years ago. Formerly, half was under his control and the TIAA was separate. Not sure what the holdings are in the TIAA. Broker has right to make trades without consulting my mother. Broker's fees for 188 trades were about $10,000 last year.<br /><br />Typing these responses makes me more terrified than I was previous!Frugal Scholarhttps://www.blogger.com/profile/12696815672500452503noreply@blogger.comtag:blogger.com,1999:blog-8242926316765633205.post-1561735120521022052015-01-17T12:23:24.771-06:002015-01-17T12:23:24.771-06:00University Accounting Instructor lending a helping...University Accounting Instructor lending a helping hand<br /><br />After my wife read your blog she asked me my opinion about your situation<br /><br />1. TIAACREF<br />a. Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA–CREF) is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA–CREF serves 3.9 million active and retired employees participating at more than 15,000 institutions and has $2,667 billion[2] in combined assets under management (as of August 1, 2014).<br />2. What is asset allocation<br />a. Asset allocation is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investor's risk tolerance, goals and investment time frame.[1]<br />3. 2014 there were about 188 trades which was less than xx percent of the total portfolio or approx. 9,500.<br />a. Total portfolio is in reference to whose portfolio<br />b. Each trade the broker receives a commission<br />i. Just to put this into perspective: if a broker fee of just $20 then the total broker fees for the 188 trades would $3,760.<br /><br />Personal experience:<br /> A university student of mine asked me to help explain her father’s broker’s financial statements – the short story: the father’s account beginning balance was 130,000 and when I reviewed the account for the first time, the last statement showed a balance of just under 7,000 which is a decline of 95% of his portfolio - note: the father never withdrew any funds from the brokerage account.<br /><br />Depending on the state there may be a law that protects the elderly against this type of financial abuse<br /><br />My suggestions:<br />1. I would seek an Attorney/CPA<br />2. Consider asking the Attorney about contacting the FTC link pertaining to “FTC complaint assistant”<br />a. The web link: https://www.ftccomplaintassistant.gov/#crnt <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8242926316765633205.post-62402196919562665702015-01-17T11:09:53.530-06:002015-01-17T11:09:53.530-06:00I'm the one who works for a financial planner....I'm the one who works for a financial planner. I am qualified to make recommendations for portfolios though I don't do it professionally and won't here. The broker answered the questions quite well-if one understands the terminology. <br /><br />The returns don't seem bad, either, although I can't say for sure without seeing the contents of the portfolio. <br /><br />Having said the good news, the bad news is that the questions he didn't answer are cause to move the money. The number of trades are cause to move the money. But don't flee to one who isn't a fiduciary. And if you go to someone else, there will be either commissions to pay or, for a fee-only advisor, there will be high hourly fees or they will charge a percent of assets under management, usually 1% for 1 million or more or higher percent for less than 1 million.Seattle Sewshttps://www.blogger.com/profile/17808515384594236410noreply@blogger.comtag:blogger.com,1999:blog-8242926316765633205.post-72860596074413983052015-01-17T07:46:27.809-06:002015-01-17T07:46:27.809-06:00I second sewing librarian. Get him audited ASAP. ...I second sewing librarian. Get him audited ASAP. An honest broker would welcome and audit, a scammer wouldn't. Anonymoushttps://www.blogger.com/profile/02879709752365660666noreply@blogger.comtag:blogger.com,1999:blog-8242926316765633205.post-7208757668444083602015-01-16T21:41:11.992-06:002015-01-16T21:41:11.992-06:00I read your blog to my husband. He says, get an ac...I read your blog to my husband. He says, get an accountant and get a lawyer. And get the money away from this broker. In my opinion, 188 trades in one year is too many! By the way, have you ever seen a monthly statement? Good luck.SewingLibrarianhttps://www.blogger.com/profile/09884510117234994583noreply@blogger.comtag:blogger.com,1999:blog-8242926316765633205.post-70300541024056493062015-01-16T17:53:44.214-06:002015-01-16T17:53:44.214-06:00Sadly, I cannot help with this dilemma.
However I ...Sadly, I cannot help with this dilemma.<br />However I just want to say a comment about your last post- you must be very proud of your daughter! And Kudos to you for maintaining and developing her language skills. Its a gift that she will be able to pass on!!! Speaking different languages opens so many doors and the person grows.irenehttps://www.blogger.com/profile/07660966734715219488noreply@blogger.com