financial advisors

[sunny]

My husband retired in 1997 and asked a financial advisor of a major financial company if he should roll over his portion of his public employee retirement account and if he did would he have more income and be able to leave some to his heirs. The financial advisor's response was yes to both items and he detailed a plan. So we proceeded to roll over his account into the financial company's annuity and we have made less money than was projected (3% growth last year in one of the hottest years) and we have been taking 10% income off the account a year. So needless to say, we have lost an average 400-500 dollars a month income since 1997 and since the latest down turn in the market we have lost about 60,000 of our initial investment. We get no advice from this financial advisor whatsoever.. Do we ahve any recourse? Can we file a suit to recover the lost income due to the mismanagement of our annuity?

 

[ALawyer]

It sounds as if the financial advisor was an insurance salesman. If there was fraud or misrepresentation you have rights. You may have to go to arbitration, depending on the exact product you bought. Check out FreeAdvice.com under Securities law and broker disputes for starters.

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