A client tells me about trying to help out an elderly relative. She isn't worried about him being vulnerable because his "wealth advisor" keeps an eye on his finances. I tell her about FINRA and its Broker Check. She mentions this guy is with this outfit in Minnesota that will remain nameless, but I have seen their lack of supervision before. Curious myself, I look him up and there are 67 disputes on his rap sheet, including many with a six-figure payout. To his credit, the most recent was in 2006, for events several years before that, so maybe he got religion.
Another client, 96, sells her house and puts the proceeds in "managed accounts" at places whose names start with JPM and Fi. After $5,500 of fees, she ends up with $11,000 of dividends and $18,000 of net short-term loss. Now there's a reason to live to 100 -- claiming $3,000 a year.
