Thank you to everyone who submitted a question as part of our 3rd Anniversary celebration! Here is another of the many Q&As we’ll be posting in the coming weeks!

My Mom is 77 and my Dad passed away 6 years ago. Their investments are too complicated for her to understand so she has let them go and her investment advisor blames my parents saying that they chose to buy, even though, I know that the advisor pushed them to buy into this complicated mess. Now, he refuses to communicate with her. Can you advise me how to help my Mom? How many funds should she be invested in? Please help me save what is left of her investments.
--“B”, California

Dear “B”,

Your situation is one that is shared by many "kids" of elderly parents.

For many years on radio and television, we have been encouraging couples, young and older, to BOTH share "money" responsibilities so that either spouse could take over if their spouse was incapacitated or died.

First, of all, with your mother, CALL OR VISIT (even better) the BRANCH MANAGER where your mother's account is located.

The broker, apparently, could care less to help, because the gravy train is over.

Find out if the broker had "discretionary" power over the account, that is, the ability to make /implement investment decisions without calling your father...if not, can he prove that your father approved EVERY trade?

If your suspicions are aroused that the broker recommended/made UNSUITABLE recommendations in light of your parents' written investments objectives found on their NEW ACCOUNT form...if enough money is involved, it might make sense to have a Securities attorney (attorneys listed on www.martindale.com) review the transactions to see if there is any possible for reason for recourse against the broker and/or the brokerage firm.

When you invest, you have the following rights:

• To ask for and receive information from a firm about the work history and background of the person handling your account, as well as information about the firm itself
• To receive complete information about the risks, obligations and costs of any investment before investing
• To receive recommendations consistent with your financial needs and investment objectives
• To receive a copy of all completed account forms and agreements
• To receive account statements that are accurate and understandable
• To understand the terms and conditions of transactions you undertake
• To access your funds in a timely manner and receive information about restrictions or limitations on access
• To discuss account problems with the branch manager or compliance department of the firm and to receive prompt attention and fair consideration of your concerns
• To receive complete information about commissions, sales charges, maintenance or service charges, transaction or redemption fees, and penalties
• To contact your state or provincial securities agency for any the following reasons: to verify the employment and disciplinary history of a securities salesperson and the salesperson's firm, to find out if an investment is permitted to be sold and to file complaints.

Source: Financial Industry Regulatory Authority

We don't recommend individual mutual funds because we seldom have enough investor information to make a suitable recommendation.

Final words...for your mother's sake and your peace of mind...TAKE CONTROL NOW!

Talking money with your aging parents can be touchy.  Click here to get our tips for getting the conversation started and getting the information about your parents’ finances  you need to know to help.

Read More In: Invest Wisely