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Exploitation by financial planners

On Behalf of | Oct 1, 2015 | Financial Planning

You have worked hard your whole life so that you may retire in comfort, or at least without worry. Many times, this means hiring a financial adviser or planner to help manage your accounts. While finding the right planner can offer you peace of mind, finding the wrong one can have dire financial consequences you’re not prepared to handle.

Although most financial advisors call themselves professionals, some engage in trade and investment practices that are anything but professional. Unless you have investment knowledge or watch their every move, it may be hard to spot financial exploitation by your financial adviser.

If your financial adviser works on commission, and you are noticing a lot of movement with your investments, it might be time to ask about the status of your money. Financial exploitation is taking place when a financial adviser is purposely trading excessively just to create commissions for themselves. Likewise, any time a change in your investment portfolio creates new charges for you, other than commission, it may be a wise idea to ask about them. Simply asking your adviser why they made the decision they did or what a charge is for may uncover possible exploitation.

Financial exploitation and financial abuse are not just suffered by the weak, disabled or vulnerable. Anytime you take the advice of a financial adviser, you entrust them with your financial well-being and future. If they are making decisions about your money that are not in your best interest but in theirs, you may want to speak to a trustworthy elder law attorney. With their help you may be able to identify financial exploitation and minimize the financial damage done.