Raymond James "financial advisor"

[LivingAlmostLarge]

Can you put the advisor on notice that you are keeping an eye on things?
And although it does appear that the financial advisor did not act entirely in their best interest, and I wonder how they sleep at night, I want to play devil's advocate a little.

Do your parents think the fees were money well spent? Comparison: According to a Groupon poll, the average American woman spends almost $3800 per year (so about the same your parents spend each on their FA fees) on their appearance. I wouldn't dream of spending even close to that much. When I need my hair cut, I grab the Ginghers and my husband and we head outside to the porch. But I have friends who love fancy hair and makeup and all that jazz, and who am I to judge?

Do your parents have a non-financial reason for going with that advisor? Social or religious group contact, etc?

Also, a Silver Lining Alert: It appears that your parents have been diligent savers. Be grateful for that. I'm a bit jealous, frankly.

Silver lining is the fact my mom has a pension. But I think it's just the "thing" to do in a small town. Not really wondering if the person is smart or has any abilities or even is not out to fleece them with fees. My parents aren't even aware they are paying fees.

[Scallywag]

Silver lining is the fact my mom has a pension. But I think it's just the "thing" to do in a small town. Not really wondering if the person is smart or has any abilities or even is not out to fleece them with fees. My parents aren't even aware they are paying fees.

Do you have POA on their a/cs? It may be best to just get rid of RJ and move everything over to Vanguard or Fidelity or TD Ameritrade. Call that "advisor" and make him an offer he can't refuse to move their assets over to a less shady, non-rip-off operation

Granted, my net worth is not a lot, but I don't see the point of a "financial advisor", given you'll get market returns with VTI or VOO with some "safety" for the down years with BND.

22 mutual funds? Are you freaking kidding me? Surely that's cause for a lawsuit, and at least unethical, if not outright illegal?

[LivingAlmostLarge]

Do you have POA on their a/cs? It may be best to just get rid of RJ and move everything over to Vanguard or Fidelity or TD Ameritrade. Call that "advisor" and make him an offer he can't refuse to move their assets over to a less shady, non-rip-off operation

Granted, my net worth is not a lot, but I don't see the point of a "financial advisor", given you'll get market returns with VTI or VOO with some "safety" for the down years with BND.

22 mutual funds? Are you freaking kidding me? Surely that's cause for a lawsuit, and at least unethical, if not outright illegal?

No my mom keeps saying until my dad dies.