Rose is a 71 year-old widow. She has raised three wonderful, successful children. Rose has lived a very independent life and has been very secret about her money matters.
Her problem? Rose was about to get SCAMMED! And none of her adult children knew enough about what was happening in her financial world to help her.
Rose has been a tax client of mine for almost 20 years. Last March, Rose called me in a panic, describing a situation that caused me great concern, she said:
“My financial advisor assigned me to a young man in his office about a year ago. I do not know him real well, but he just called me and told me that my retirement investment has just come “due” and that I MUST roll it over right away. He told me that I had to come to his office TODAY to sign the paperwork.”
I had never heard of a retirement investment like Rose’s as having a “due” date requiring immediate rollover. I knew that Rose did not have her retirement funds in a CD, which does have a maturity date necessitating reinvestment. I asked Rose to come to MY office that afternoon so that I could review her investment in better detail. The information Rose brought with her to our meeting confirmed
my suspicions. That in fact, her retirement investment did NOT have a “due” date and furthermore, this agent had deliberately misrepresented the management of this investment in Rose’s mind to be like a CD, solely to generate a new commission.
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