ImAhoosier
Junior Member
I live in Northern Indiana. My father passed away this summer and I was left executor of his estate. There was no life insurance, so I contacted his so called "financial adviser" to inquire on status of his account with them. The assistant there expressed her sympathy and said that my Father adored his daughters and was always talking about us...etc. I was informed my father had a Transfer on Death contract put on his IRA, which designated my sister and I as beneficiaries. (I've since been told that an IRA is only setup to have beneficiaries, not Transfer on Death Agreements?) Two days later I was even given a Date of Death statement of his account with the required list of documents we would need to have funds released.
One month later I contacted the adviser once again to see about having funds released. I explained to them I needed to loan a portion of funds to my Father's estate. My estate attorney drew up the release form, my sister and I both signed it, the city's assessor's office signed and stamped it, and I delivered it to the office that day. My sister and I also completed the paperwork required to setup our own decedent's IRA's as well. I was told upon leaving that day that I could expect a check in aprox. 2 weeks.
A little over a week later I was contacted by the adviser's office. The assistant informed me that my Father set up his account with them in 2004 and had 4 beneficiaries listed for the TOD, and had CALLED in sometime in July- September of 2008 and requested to change his TOD designations to just two, my sister and myself. BUT- he never signed and returned the updated TOD contract, so they go back to the original that they have on file for him which is divided four ways. She said that their office showed only two, but the corporate office never got the signed contract back so they would not allow them to honor the change.
We were outraged. I began going through the statements and came across a Yearly Dues statement. This statement is from September 2009, Directly from the investment company's Corporate Office. The first page gives options of paying your yearly dues, and the second page listed the beneficiaries they have on file for his account. I called the adviser's office back immediately and inquired about why the Corporate office would have sent him this statement, which showed his change to only the two beneficiaries if that was Not In Fact the information they had. The assistant said that a TOD is a binding contract, and that if the updated TOD was never signed and returned that she didn't believe there was anything that could be done about it, I told her to try. Two weeks later the assistant called me back and said there was nothing they could do to correct the issue.
I filed a formal complaint with the investment company's corporate office. I've filed a complaint with FINRA, and the SEC. FINRA did look into the matter and determined pretty much nothing. I received a letter that explains they contacted said "Adviser" and he does recall shortly after my grandmother's passing, that my Father called in and requested to change his IRA TOD beneficiaries to myself and my sister. AND, unless the other two beneficiaries will disclaim the IRA, that they WILL honor the last signed agreement they have on record. Which I've already met with the other two said beneficiaries who are my cousins, and they simply lost all sense of moral and values when they learned they were getting money.
I want to know how this is acceptable? You pay Financial Advisers because you either don't know anything about investments, or you just don't have the time to manage your own. My Father and this "Adviser" had previously been co-workers for a number of years as well as friends, though clearly he did my Father No favors. What are my rights in pursuing this further, and how do I go about doing this?
One month later I contacted the adviser once again to see about having funds released. I explained to them I needed to loan a portion of funds to my Father's estate. My estate attorney drew up the release form, my sister and I both signed it, the city's assessor's office signed and stamped it, and I delivered it to the office that day. My sister and I also completed the paperwork required to setup our own decedent's IRA's as well. I was told upon leaving that day that I could expect a check in aprox. 2 weeks.
A little over a week later I was contacted by the adviser's office. The assistant informed me that my Father set up his account with them in 2004 and had 4 beneficiaries listed for the TOD, and had CALLED in sometime in July- September of 2008 and requested to change his TOD designations to just two, my sister and myself. BUT- he never signed and returned the updated TOD contract, so they go back to the original that they have on file for him which is divided four ways. She said that their office showed only two, but the corporate office never got the signed contract back so they would not allow them to honor the change.
We were outraged. I began going through the statements and came across a Yearly Dues statement. This statement is from September 2009, Directly from the investment company's Corporate Office. The first page gives options of paying your yearly dues, and the second page listed the beneficiaries they have on file for his account. I called the adviser's office back immediately and inquired about why the Corporate office would have sent him this statement, which showed his change to only the two beneficiaries if that was Not In Fact the information they had. The assistant said that a TOD is a binding contract, and that if the updated TOD was never signed and returned that she didn't believe there was anything that could be done about it, I told her to try. Two weeks later the assistant called me back and said there was nothing they could do to correct the issue.
I filed a formal complaint with the investment company's corporate office. I've filed a complaint with FINRA, and the SEC. FINRA did look into the matter and determined pretty much nothing. I received a letter that explains they contacted said "Adviser" and he does recall shortly after my grandmother's passing, that my Father called in and requested to change his IRA TOD beneficiaries to myself and my sister. AND, unless the other two beneficiaries will disclaim the IRA, that they WILL honor the last signed agreement they have on record. Which I've already met with the other two said beneficiaries who are my cousins, and they simply lost all sense of moral and values when they learned they were getting money.
I want to know how this is acceptable? You pay Financial Advisers because you either don't know anything about investments, or you just don't have the time to manage your own. My Father and this "Adviser" had previously been co-workers for a number of years as well as friends, though clearly he did my Father No favors. What are my rights in pursuing this further, and how do I go about doing this?
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