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Crummy Financial advisor

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I stated my question wrong in the previoius message, so here goes again.. My husband retired in 1997 and under the advice of a retirement planning specialist was convinced that rolling over his part of his public employee retirement account into a mutual fund would provide him with more income than what he would have received had he left it in the public employee system. Well, we have lost between $500-600 income on average per month and the mutual fund the advisor put us in made only 3% last year in a stellar year on the stock market and we are taking 10% income out of the mutual fund per year. Some of the funds that he could have had us in made between 60-124% for the year. Now with the stock market taking a dive we have also lost $60,000 of our mutual fund since march 10th, DO we have any recourse about the mismanagement of our retirement funds? The advisor has given us no or poor advice for the last 2 years and only has moved our funds at our request. I thought we were paying him and his company to ADVISE us and we have not received any advice. Is there anyway to recover our lost income?



You paid him to advise you, but you decided whether to follow his advise or not. He did not guarantee you a certain rate of return. While a few funds made 124%, others lost considerable value. You gambled in the stock market, made some poor decisions, and lost. If you want safety, buy treasury bills and CDs.

This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

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