I’m POA & caretaker for my 85yr old friend with dementia. She has recently become very confused and suddenly NOW her financial advisor is trying to convince her to give all her money to charity on her death. She has had her plans & beneficiaries in place for years & he’s NEVER proposed this…but suddenly since I’ve informed him that she may not be competent to make big decisions he is PUSHING hard to get her to donate everything. Is this ok? Do I need to hire counsel? Thank you
Is financial advisor doing something underhanded?
byu/Electrical_Joke_9806 inpersonalfinance
Posted by Electrical_Joke_9806
7 Comments
Why would you need to hire council? You’re the POA.
“No.”
Are they a fiduciary? Does advisor get a commission or other kickback on sales and donations?
Be very clear with the FA that his client has dementia, that you have PoA over her affairs, that they need to include you in all interactions and communications, and most importantly, that there is no interest in changing her plans and beneficiaries.
Does this FA work for a firm or large office? Maybe you need to bring others in on the conversation. Get things in writing.
‘Financial advisor’ is a broad term that doesn’t mean much by itself. Even being a fiduciary is no guarantee of appropriate advice. Unless your friend has a net worth in the tens of millions, I’d strongly consider using the services of one of the major financial companies (Vanguard, Schwab, Fidelity). At her age there is no need for a complex, actively managed portfolio.
Please fire him or at least put the fear of God into him.
Remove the advisor since you have the POA
Is he pushing a specific charity?
Regardless, as the PoA, you are the decision-making representative for the client.
He can want what he wants, but you simply say ‘no’. Any further pushing should result in firing him.