Is It Really Your Money?

[in2herbs]

Last edited Thu Nov 28, 2024, 09:16 AM - Edit history (1)

Like most investors, I believed that my financial advisor’s job was to “advise,” and that I possessed 100% ownership and 100% decision-making authority over my money in my investment portfolio. That is I did until July 7, 2023—the date my financial advisor, in reliance of his discretionary investment authority, stole my $2 million dollar investment portfolio, a theft committed solely because he disagreed with my vision for my use of my money in my investment portfolio.

Few investors are aware that discretionary investment authority severs the investor’s right to make decisions about their money the moment the investor hires a financial advisor. Because of this my financial advisor was never prosecuted.

Why does the SEC and FINRA allow the investor’s risk to this aspect of discretionary investment authority be a well-kept financial industry secret?

My just-published book IS IT REALLY YOUR MONEY? TRACKING MONEY FROM PAYCHECK TO PORTFOLIO is the true story of not only how discretionary investment authority puts every investor’s portfolio serviced by a financial advisor at risk of theft, but also leaves the investor without legal recourse when a theft occurs. Women—who now control more than half of all U.S. wealth — are most at risk of financial advisor fraud under our patriarchal system.

The book is available in soft cover and e-book formats on Amazon. The e-book is free on Amazon’s KindleUnlimited.

If you find the book to be informative please share with others. Also, check out the “Updates” section of www.isitreallyyourmoney.com, a website I created as an adjunct to my book. Update #2 is especially newsworthy. On the Blog section of the website feel free to share your comments and questions with others in the investing community.

NOTE: The website will not be live until 11/29.

CrossPosted in Non-Fiction and Women’s Rights and Issues

Edit: The website is now live. The address is https://isitreallyyourmoney.com

[Callie1979]

1. Thats why you only hire a fee-paid advisor & do the investing on your OWN

Or deal with one of the many large investment companies who dont pay commissions.

[in2herbs]

2. That is not possible to do when the investment starts with a company sponsored 401K. nt

[Callie1979]

3. I never used my company; I invested on my own.

And if the COMPANY chose the person who did the stealing then sue THEM

[Mike 03]

4. Intriguing

I am interested in this. Your story is so far from my actual experience, though. I don't doubt you at all. Don't financial advisors have certain legal fiduciary responsibilities and obligations?

My dad was an investor for most of his life, and my relationship with my current advisor is very much a two-way thing. I don't know much beyond my own experience though.

Anyway, I may well check your book out, and your website when it goes live.

Congratulations on getting a book written and published--that is no simple matter nowadays.

[in2herbs]

5. You wrote: "Don't financial advisors have certain legal fiduciary responsibilities and obligations?" The

answer is yes and that compliance with includes ethics, rules and procedures established by the SEC. Yet, the SEC failed in requiring my financial advisor's compliance and, instead, allowed the theft. Does the oversight responsibility then fall to Congress??