Money magazine Comments - Ask Paul: A financial planner sold off my dad's portfolio without permission

Comment by Money magazine ()

Money magazine () — Wed, 06 Jul 2022 10:52:38 +1000

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Comment by Anthony Watts ()

Anthony Watts () — Fri, 08 Jul 2022 21:42:34 +1000

Yes, something similar happened as my father was dying. His "financial adviser" cashed in Dad's entire shareholding. He did this some 24 hours effort Dad died, claiming afterwards these were Dads " instructions" which he was"too ill" to put in writing. Despite the account the proceeds were out into paying the advisor considerable commission, we were not able to challenge any decision. We just sucked it up, but it has made us wary since then.

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Comment by John Robinson ()

John Robinson () — Mon, 11 Jul 2022 07:23:57 +1000

I have been to 3 financial planners and each time have lost significant money. The last was with th Suncorp Bank which lost half my investment of $150,000.when I tried to question the Bank I found that my original planner had disappeared without notice and the 'nominated replacement ' was at another branch too far away for me to access except by phone who would only advise to leave the money where it is. I took what was left of my money and ran. Now I can't face getting financial advice at all and I'm earn nothing but bank interest on what is left of my savings.

John

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