Looking for a New Financial Advisor

Q: I am 75 years old, my wife is 70. We are both in reasonably good health.

With Morgan Stanley from 1975 to 1990, I was invested in mutual funds. In 1991 my mutual funds were reduced and stock added. In 2004 I found many of the stocks had lost considerable value, most were tech. stocks. I thought it was the advisors job to... watch serious loss and advise selling.

In disappointment I transferred all to an independent advisor who liquidated all stock. I have $250,000 in an annuity and $200,000 in two separate funds. I now watch closely and on two separate occasions had to suggest he have a look and he ultimately made a change to a different funds.

I have $30,000 withdrawn from the annuity and am in the process of looking for a new advisor whom I would like to assume the responsibility of watching the progress of my investment. How do I find a person like this, or am I asking for something that doesn't exist, or am I asking too much.

A: I don't see how expecting an advisor (that gets paid for helping) to monitor your account and make adjustment is unreasonable.

Your experience is common. Many investors go to an advisor thinking that the advisor is the one managing the money--making the decisions of what to buy and when, monitoring it and taking action when necessary to improve your account or protect you from losses.

They soon find out, though, that they really are just working with a salesperson that sells financial products.

Here is a link to a Special Report that you will find helpful. It will help you know whether or not you even need an advisor, and, if so, what to look for in the one that's right for you.

Financial Self Defense

Let me know if I can be of further help.

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