Financial Consultant is Gone

[GranSuz]

How can you find out what happened to your Financial Consultant? Does the Brokerage Firm not have to disclose information except -"He's on Leave of Absence"- and they assign you a new consultant until his return? Which he hasn't, and several of us that let him invest our retirement money when our work place sold out, trusted his judgements and all our monies were invested in the same thing. No one at the firm would tell us anything. How can we find out if his leave could have been business and not personal?

 

[JETX]

How can we find out if his leave could have been business and not personal?

You can try to contact him at home.
However, I have to ask.... what difference does it make as to whether he is there or not. Your investments appear to be with an office.... not him personally.
As long as your funds are accounted for by the firm, why are you so interested in pursuing 'him'??

 

[GranSuz]

Financial Consultant

Because the stock he invested our money in took a big dive after another company like it was found fraudulant, and we lost money. We haven't been able to find out anything about it except to "hold on to it and it will be back up". Thought it was strange he disapeared in that time frame and no one will tell us anything. That's Why. This was our retirement money.

 

[GranSuz]

etc. on financial consultant

also, we invested our money when he came to us, when our work place sold, about investing with him. We knew him and trusted him and let him handle our financial affairs even when he move to another town.

 

[longneck]

I would take your statements to another broker and see what he/she says. That's the only way you'll get an opinion outside the context of your initial transaction.

But make sure to weigh anything the second broker says against their desire to land your account.

 

[huk]

If he left the biz, his licence will have to have been placed in "Escrow"
If you go to your states official website there will usually be a Licencing status section that will allow you to find out

 

[Dandy Don]

You will probably have to wait a month or 2 (or longer) to find out if he is facing censure from the NASD or whatever body regulates illegal broker activity. He is probably going to face some type of discipline/suspension/revocation of license and this is the process that is happening now.

DANDY DON IN OKLAHOMA ([email protected])