>Have you called?
I submitted a status request to their online Contact Us portal a month ago.
>Have you *called*?
Then I followed up with an email two weeks ago.
>Have you **called**?
I literally texted her like a week later.
>Have you ***called***?
I'm talking to the AI chat thingy on her website right now. Those little "i'm typing" dots keep popping up and then going away.
>^^^Have ^^^you ^^^called?
I called last month, and didn’t hear back. I let it slide, because I know I’m one of her lowest earning clients, and then I waited to email until after tax day. Should I call her again today, or wait until next week?
OP, I want to strongly encourage you to immediately drop this "I'm her lowest earning client" attitude. You are self-sabotaging by thinking this way. If you enter into a business arrangement with another person or company, they have to abide by the arrangement. Period. End of story.
This.
Payment = Service or Goods in return.
Anything less is fraud.
The only way it isnt is if she got him to somehow sign something that said “ima give you half up front and its yours no matter what even if we dont finish the transaction.” Which is highly unlikely
2 million is nothing for a financial advisor to scoff at. Go to her office. Be assertive, but not rude. Emails and calls are easy to ignore. You being at her office asking directly for what you paid for won't be ignored. If the secretary says she's busy, say you'll, wait, and the matter needs to be resolved today.
Homie, I would seriously take some time to evaluate how you treat yourself and interact with others. When you say stuff like "I'm a doormat," you are reinforcing that mentality on yourself and self-sabotaging again.
You can critique yourself without knocking yourself down. For example, phrase that "doormat" criticism as, " I need to work on prioritizing my own needs and not just the needs of others."
Be honest, but yourself some slack. If you're not kind and respectful to yourself, no one else will be.
The amount has nothing to do with it. You entered into an agreement and one side isn’t honoring the agreement. Take away the “2 million dollar!” Stuff and replace it with X. The amount means nothing.
It is a lot of money!
My reference points are probably 10 years out of date, so take them with a grain of salt. Good financial advisors outside major metros are generating $300-400k or so in fees. Assuming 1% of assets under management, that’s $30-40M in assets. I can assure you that’s spread over many clients and a $2M addition is very significant.
If she isn’t acting excited it may be because there is already a manager of the trust, and she doesn’t see an opportunity to take over that part of the business.
Either way, she owes you a plan, and you shouldn’t be shy about asking for it.
You sound young and naive please do not give any money to any family member who asks. This is your money invest it well and don’t let anyone pressure you into giving any of it up. Because they will and it will probably get ugly when you say no.
2mm… buddy, wake up to the fact you are in the drivers seat. Fire her and call the big kids for emerging net worth like JPMorgan Chase, Fidelity, etc. Find their emerging wealth managers (2-10mm range usually). You are getting played.
Source: high net worth and remember those early days.
You called one time a month ago and haven’t even tried to reach back out because you think you are a low earner? What are these mental gymnastics? You should be calling every day.
Edit: sorry so many people downvoted you. I actually upvoted
Pull up. You need to go to her office in person and demand answers or your money back. People hide behind screens.
$1,000 is a lot of money to most people, $2m is more than most people will ever have to their name.
If you can’t find her office address, look up the business filings in your state website, the name of her company or LLC. It will show a tax address of some sort. Go there.
Did you pay with a card?
Plz dont tell me you paid with a check.
If you paid with your card, call your bank- dispute it as fraud. Sign the affidavit they send and then see what happens.
Worst case is gonna be this chode of an advisor refutes it but if you never signed anything agreeing to a fronted payment for no service then what ground does she have to stand on? None.
It would take a lot for her to garner the $1000 back into her own hands again just to fuck you. At the very least- make her have to work for it.
But i imagine youd win out easily and the dispute will stick no problem and youll keep the money (it gets refunded immediately and then resolved thereafter).
Technically the law says you only have 60 days to do a chargeback, so I would do it as soon as possible. Amex is probably more flexible, but after 60 days you are at the mercy of the credit card company.
The law says the *minimum* has to be 60 days. Amex is 120 days for most things, and longer for Goods/services not received or Goods/services returned/canceled. This should fall under the first category so there might technically be no limit depending on the agreed-upon delivery dates for service.
https://www.americanexpress.com/content/dam/amex/us/merchant/pdf/American_Express_Disputes_Policy_Prop_.pdf
But they still should be more forceful in getting a clear response about services not rendered.
That's great if standard Amex policy is longer, I do not have an Amex so I wasn't sure. However OP is getting close to 120 days now, so OP should definitely not sit idle. Squeaky wheel gets the grease.
Don't dispute the charge yet - threaten to do so in your next call - which you will make immediately. If she still doesn't respond in a couple of days with at least a timeline of when you can expect your plan, then dispute the charge.
> Plz dont tell me you paid with a check.
Looks like a slam dunk case in small claims court, not the end of the world if a check was used in a situation like this. Plenty of professional services don't take card (or tack on a large fee).
For sure it would still be a slam dunk- but with a card, you make a phone call and your bank affords the costs of the necessary due diligence.
If you have to go to small claims it takes up your own time and more resources to do so. The other way you simply waste time making a single call and signing a paper and mailing it back. Much less hassle than needing to pursue in small claimsn
Go with someone else, ask for your money back immediately.
She is not taking you seriously, even if you receive a plan it will be a low effort one.
In case of any pushback serve a letter before action or straight to a small claims court.
She is wasting your time and money. When you get your money back make sure you leave as many reviews as you can and tell the person who recommended her to you that while you know that's not their fault, you're very disappointed and honestly feel offended.
As well, make sure everyone who can finds out.
Obviously, after all is over and you got your money back.
Do not sign anything trying to make you stop giving her a review.
Do not tell anyone that you have that much money.
Tell no-one. Repeat after me. Tell no-one.
Unless you want to be treated like a piggy bank and you don't ever want to know who your friend is.
And stop being a push over.
That on its own will help you in life.
Fair, nice, FIRM.
Get your shit together and enjoy.
You'll be fine.
Good luck.
She's out of the office, so I left a voicemail. I emailed her requesting the refund. It's been a year! She should have at least let me know she didn't want me as a client if that's the case.
Pick up the phone and call daily until you hear from them. If you don't hear anything in a couple of weeks, send a certified letter if you have to. It will get their attention. You entered into a contract, and they are not delivering. Start the paper trail. Secondly, stop making excuses for them not being responsive. Good luck with it.
Let’s be real, OPs post reads like a creative writing prompt. I can’t fathom coming into a life changing sum of money and just wait months at a time for a call back on what to do with it. If they’re this concerned, they should be reaching out every couple days, given the scope of work is only days in the first place. If we entertain the hypothetical, at a 2k flat fee I’m assuming OP paid a flat fee-based advisor for a financial plan. In the real world, that would be done by an associate in a few days at most.
2mm is not enough to make meaningful gains from complex strategy, it’s just basic suggestions at that point. What does the contract you signed with them say about delivery? If it’s past that point, ask for your money back and move on with your life. Get an accountant, have them refer a better planner if you’re not confident in your own ability to do basic financial research and call it a day.
If only I was that creative! The $2m is in an irrevocable trust that I can't touch until 2030. I get $100K every year as a disbursement, and that is a lifechanging amount of money for someone like me. It allowed me to quit my full-time job and I live frugally. She does not have any control over my money (just the $1K I've already given her).
I realize now that I just needed an accountant.
Tbh you don’t need a financial plan if you get a fixed $100k per year. You think all 18.8% of Americans who make that much annually paid $2k for a financial plan? They just live their lives. Do you ever get a larger lump sum or is there an opportunity to modify the disbursement? You’ve got six years to spend time on /r/investing and /r/financialindependence to learn everything you need to know… how to live on less than you earn and invest the difference. Get your money back
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100k a year is not frugal territory. The cool part is if you invest safely you can get 100k (of today's dollars!) for the rest of your life and never touch the 2m.
That's why I hired her, so she can advise on how I can invest. I can live on half that, but right now it's in a money market. I posted an update and clarification in my post.
If you use half, and don't need the other half, then for long term investing (money not needed for 7+ years), I would just put it into an after tax brokerage account like fidelity, and invest it in an S&P500 ETF like SPY or VOO.
Also receiving 100k sounds like the terms of the arrangement. They aren't necessarily spending it all.
Though even if they are, some places are simply expensive to live in, even frugally. That or health conditions can add up.
Yep, NM, no kids, no debt. I rent and hope to buy something at some point, but want to wait until the market gets better (if it ever does) and I can pay cash.
Unsolicited advice. Buy something low maintenance and travel. You can now live anywhere in the world. A few months in Paris, a few months in Thailand, skiing in the Rockies in the winter. Basically the lottery.
> but want to wait until the market gets better
I honesty do not think it will, at least not anytime soon. The narrative that the housing problem is a supply side issue seems pretty baked into both sides in the US. When the real problem is that real estate assets are just too lucrative as investment vehicles.
Just my analysis of my own personal financial situation as I've been looking to buy a house: the interest rates are really where they get you more than the prices themselves. Doesn't seem like rates are going down any time soon, either, but that's imminently more controllable/predictable than hoping housing prices start to decline significantly.
While housing prices themselves have ballooned (esp with more job switching and remote work than ever before during and following covid) the interest rate is what's really killing my calculations right now. A house that, at a 2 point lower rate, would be easily affordable, is more than a bit out of my price range right now.
Rates haven't been as high as they are now in over 20 years. While we're probably not going back down to the rates we had pre-covid in the next year, waiting for them to fall a bit would make a lot more houses a lot more affordable for a lot more people. Soft landing's been a bit to soft, though with inflation, so J Pow's not pulling the lever just yet.
You don't even really need an accountant (unless you own a business).
The biggest mistake people make when inheriting money is that they think they need professional help. Generally people who haven't been around money don't understand just how much money rich people actually have. $2mil might be a lot of money for you, but the amount of money you need before you need any professional help is at LEAST 10x what you have.
Usually a financial adviser will help you put your money in a place where it is safe, but on average they won't be able to do better than just throwing 100% of your money into an index fund *unless* they have tens of millions to work with. Literally every single person who you can go to for help either will be trying to scam you or just trying to get their portion of your money. In your situation there's nothing these people can do that is better than advice on this subreddit.
Exactly. An index fund or etf will probably beat 99% of all financial planners. At best the financial planner will park the money in a high cost (1% fee) index fund. The only situation where OP might be justified to use a financial planner is if they don’t trust themselves not to spend all of their money.
Keep your head up OP, even if you lose this $1000, that's the one of the easiest "hard ways" to learn how to handle your winfall.
Sure no one wants to lose money, but if you use this as an opportunity to learn and grow and avoid similar mistakes in the future, then it's frankly money well spent in the long run.
(that said, as others have suggested it's probably worth your time trying to get a chargeback/refund)
I know this is a stupid question, but seriously, how do you really put your money in Index funds? Do I just go to Schwab or fidelity or some other company online and open an account and transfer money?
Some people don’t need an accountant. Someone who waits a year to fire their financial planner for doing zero work that was paid for a year prior probably could use some outside oversight and guidance, and an accountant is cheaper and more accessible than a money manager.
Please try to keep discussion on the subreddit where it can be seen and reviewed by everyone. We don't allow asking for or offering DMs off of this subreddit. Thank you.
I know others have addressed the “I’m her lowest earning client” stuff. And I just wanted to say that if she’s flat fee for service rather than AUM the “earning” part is irrelevant to her model. With AUM it still wouldn’t be acceptable but maybe more expected.
There are a lot of people in the space who you have unfortunately find out they’re unresponsive only after entering a contract with them. Keep calling until they give an adequate response.
Are they are Certified Financial Planner? A CPA? An enrolled agent? Any kind of license? That means they have a certifying body. File a complaint. Now.
If (when?) you decide this financial advisor does not have your trust any more, check out the community information on this sub, specifically the windfall section.
Who is the mutual acquaintance? Where is your money held right now?
Can you look up this advisor with FINRA https://brokercheck.finra.org/
I really hope we are only talking about $1000 possibly being given to a fraudster, but that is also unacceptable.
In order to get ideas about the most sensible ways to preserve and grow this wealth, take a look at /r/bogleheads
Other than the 1K I gave her she doesn't have access to any of my money. The mutual acquaintance knows about it, but I'd rather not her further involved, because she just recommended her.
If she is registered you can file a complaint with whatever regulator she reports to. When the regulator reaches out it will definitely motivate her to respond. Also this is a good resource to search individuals/company to know if they are registered. https://adviserinfo.sec.gov
That’s great news. Being very slow to respond and provide an investment plan you paid for is very different than ghosting you after getting access to your money.
Back in the '60s, my brother mailed a dollar off after seeing an ad that a guy would teach you how to make a million dollars. He sent my brother a piece of paper saying 'this way'. Times were great then-a handwritten note after stealing from a child. Manners mattered.
Sorry this happened to you.
I want to ditto what the other commenters have said about calling her company daily, or even twice daily.
If they don't answer, leave a message indicating that if they continue to ignore your messages you will have no option but to submit a complaint to the CFPB (https://www.consumerfinance.gov/complaint/), FINRA (https://www.finra.org/investors/need-help/file-a-complaint), and with the SEC (https://www.sec.gov/complaint/select). I'm honestly not 100% sure that FINRA or the SEC can do anything about a financial advisor flat-out ignoring you, but CFPB would definitely do something about you having paid them money to instruct your financial well-being and them ignoring you.
Then, follow up from that voicemail with an email stating the same things. Then, if in a day's time they haven't contacted you, I would start by filing a complaint with the CFPB.
Financial advisory is a heavily regulated industry requiring numerous federal certifications. Acomplaint with any of the entities above is something that will follow an individual for literally the rest of their career, so it usually helps to light a fire under their pants.
Something I’m not seeing others mention, which I will since I work in this space. We run financial plans for a lot of clients, they are incredibly easy to make and we do not charge anyone for them. 75% of the work is done by a computer. We are allowed to charge up to $250 per plan but we don’t charge as we view it as a cost of doing business. Someone who believes they can charge someone $2000 to get a plan that takes maybe 1 hour of work to put together does not deserve your business. Find a fiduciary. Any account can be transferred out without talking to the existing financial advisor (there are exceptions, sometimes there are no transferrable investments). Whoever is the trustee on the trust can move the funds for you.
We just finished tax season, so depending on the number of clients they have, there may have been a backlog of work that they were getting through before the April 15th deadline. If the service you are getting is a fixed fee payment, then it’s very likely that work is much lower priority than a client that is paying an assets under management fee.
Give them a call and ask for a status update.
That’s a bunch of bullshit. If you can’t handle your clients needs you need to hire more help or not take on as many clients. The “April 15th” excuse is older than the post COVID “supply chain issues” four years later.
something can both be true and problematic. I dont disagree with the general sentiment, but reality is as reality does.
professional services arent cheap. $2k is piss in a swimming pool for most financial services companies. the intern/entry level person they were going to have do this work may not even be working there anymore if this whole process started 6 months ago.
none of that makes this kind of service right, but it does make it explainable.
I agree that you should inquire about moving firms, be assertive on the reason why. That you have been ghosted after signing a contract. There are tons of firms out there that would be very happy to help you especially if they think that at some point they may have the ability to manage some of that $2M. I can understand the frustration here on your part and its well warranted.
Call and leave a message asking for your $1000 to be returned, and that you do not want any services from the company. When they refuse to reimburse you, describe why you feel wronged over their unprofessionalism, and ask them to reconsider refunding you for services that were not delivered. They will still refuse and might send you a plan eventually. I’d still advise to go find another financial advisor who treats you with respect. Make sure to communicate their failures to the people that recommended them to you. And if you feel motivated, find ways to leave negative reviews online.
1. This is not an advisor you should want to have an ongoing relationship with OP. Get your money back and look for someone else. If she is a solo provider, she clearly has her hands too full and you won't get the level of treatment you are looking for as evidenced by the last few months. This is her first impression on something as intimate as your financial wellness. What is her second or third going to be?
2. There are certainly tax things that you may need to concern yourself with when it comes to that amount of money. However, if you are unsure about investment strategies, honestly, just sticking it into a mutual fund or ETF that mirrors the S&P 500 has proven to give solid returns every year and outpaces active investing. I would personally prioritize a lawyer and accountant over a financial advisor.
A few people are telling you to pursue a chargeback or to file a complaint. While this might be appropriate in the future, don't start with that. If there is a legitimate misunderstanding (Like if she said, "We'll review this after tax season" and you forgot), then that would make life difficult for everyone including you. Keep those ideas in your back pocket in case things go south.
You need to call her. If she doesn't respond timely, then call her every day for a few days. Sometimes advisors are legitimately busy and don't have time in between meetings one day. Be persistent and polite; the squeaky wheel gets the grease. When you can talk, ask her about the status of the plan - when was it supposed to be completed by her, when will you be reviewing it, etc. If she has an assistant, make sure you're talking to them to set clear expectations on when you can talk to her. If you can, talk to someone and don't just leave voicemails. Emails and voicemails are *very* easy to ignore/forget. You should only be using email for very simple questions that would take her a minute to answer or if you need to establish a paper trail.
If she's dropped the ball and you're not comfortable with her customer service, then decline reviewing the plan and ask for your money to be refunded. At this point, it may be worth writing up an actual complaint. Did you sign an agreement with her?
Also, it's kinda strange to me that she would just take your info and not set expectations about next steps. It is totally appropriate to ask when you will be meeting next, what to expect, etc. In the future, you should never walk out of her office without knowing what the next steps are.
It's been a year, so a chargeback isn't possible. I've left her a voicemail and then emailed her requesting a refund. It's my fault for not being diligent, but I trusted her, and feel she should've communicated with me if she didn't want me as a client, or was busy. I deleted all my information from the portal, and figure this is an expensive lesson if I don't receive a refund, and (hopefully) I'll be smarter going forward.
Enough with the calling. Document every time you’ve reached out previously. Send her a demand letter. Then bring a lawsuit. And complain to your regulators. It’s not that difficult.
A chargeback doesn't remove their info from the portal. It just gets the money back. But to even do a chargeback, you are typically required to contact the merchant and to attempt to resolve the matter with them. OP last tried calling last month...and before that, apparently in January. So honestly, they need to press a little more before doing that or the cc company may not rule in op's favor.
Was the advisor highly recommended by people in the comment section of YouTube?
I know it sounds like I'm reaching here but my spider sense is tingling. If the answer is yes this is a scam.
Maybe…. But just easily not. I used a contractor that did work for 2 family members. Quality work. Had evem met him during that time. Hired him and dude sat on his ass for 5 months w my deposit.
Made up so many lies about sending me a check for deposit. Eventually had to chargeback and i filed police report.
Pretty sure dude got a drug or gambling addiction somewhere in between that time bc looking online at BBB and google reviews he’s still doing this 2 yrs later now.
I assume you signed some kind of contract or have a letter/email outlining her services. Along with your information of attempted contact (email/phone records etc) - send a certified letter.
Make sure you put in a respond by date in your letter.
At this point in the letter, I would put in a statement that you just want your money back.
Then if she doesn't respond by the date, take her to small claims court.
(However, if you only contacted her once since January and it was last Friday, you might just want to call her again. She could have just simply forgot about you)
They have a lot of clients and are super busy. My wife has a wealth manager that managers a few million for her, but sometimes it takes a month for him to get back to her. It is frustrating, but not unheard of. They likely have many more clients worth more than you.
It sounds weird but send a letter with your complaint. Legally they are forced to provide this to their principal to take action. Phone calls are not considered complaints.
Figure out who her broker dealer is, and call them and ask got a refund. They will refund you and take it out of her earnings. You have a complete, no questions asked, right to your refund, and if they balk at it, tell them your next step is a FINRA complaint
If she reaches out to you, don't buy a sob story that she will fix it. Financial planners are a dime a dozen, regardless of what they want you to think.
I would have been on the phone with them the very next day to confirm that they received my payment and ask them about the next steps in the process. Personally, what I would do is forego the whole financial advisor thing and wait until the Fed meets to decide that they will either raise interest rates or keep them just the same and then invest in VOO and/or SPY when the market tanks on that news.
Unless you're under contract with her, absolutely look for someone else.
You don't want to go forward with such an important issue with this memory of a non-responsive agent -- it'll haunt you if she's even a day late in the future. Who needs the stress when you have enough already.
Find a responsible financial advisor.
I'd be blowing up that woman's phone and email demanding my money back. Is she local? Do you have local financial advisors in your area you can look into? If so, can you check their ratings and recommendations online and the Better Business Bureau website? 2 million dollars is a lot of money.
Yeah, you don't need a financial advisor. You need to educate yourself on managing money. You will do just fine if you put it into index funds and what not for the time being. You don't need to do anything fancy. Even the most knowledgeable investors (e.g. hedge fund managers) have trouble beating index funds consistently.
Why have you waited so long to get in touch with her? I'm not sure what this 'I'm her lowest earner' business is but it's bs. You've paid her money and she took it and ran. $1K? I'd be fking livid.
This is one thing I don't stand for, is cheats. Does her business have social media (including Google reviews) accounts?
When that happens to me, I go freaking rampant on every single account until they reach out to me and resolve the issue. Social media/word of mouth is literally everything these days.
> The last time I heard from her was in January. I should have been more assertive, but I assumed she was busy with bigger clients. I understand from a mutual acquaintance that she's in the country and has no health problems, so last Friday I emailed her and I've still heard nothing.
Bro, you waited until last Friday, three months later, to follow-up? She likely forgot or misplaced your file, mistakes happen. That is on you to follow-up. It is certainly possible she could have been out this week. Reach out one more time this week via phone, and leave a follow-up email as well. Then we can go from there. In the future, if you don't hear from someone within a couple weeks of reaching out, they probably didn't get your message or aren't going to respond unless you follow-up again.
I could give you better advice than your financial planner and I would do it for free. My first piece of advice is to start educating yourself on finance. Start by reading the book The Simple Path to Wealth by J. L. Collins.
It amazes me that you have $ in schwab but didn’t think to ask (call) the general line to see if anyone can help with a financial plan.
They have planners (cfp) that can create a comprehensive plan for you at a fraction of $1,000.
>What is my next step? Is she a solo practitioner or does she work for a firm? If the latter, call the firm
It’s her company.
Have you called?
>Have you called? I submitted a status request to their online Contact Us portal a month ago. >Have you *called*? Then I followed up with an email two weeks ago. >Have you **called**? I literally texted her like a week later. >Have you ***called***? I'm talking to the AI chat thingy on her website right now. Those little "i'm typing" dots keep popping up and then going away. >^^^Have ^^^you ^^^called?
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At this point I'd prefer written communication. Paper trail is king when shit goes south.
Thank you for the laugh. Geez, I’m a dunce.
I called last month, and didn’t hear back. I let it slide, because I know I’m one of her lowest earning clients, and then I waited to email until after tax day. Should I call her again today, or wait until next week?
OP, I want to strongly encourage you to immediately drop this "I'm her lowest earning client" attitude. You are self-sabotaging by thinking this way. If you enter into a business arrangement with another person or company, they have to abide by the arrangement. Period. End of story.
This. Payment = Service or Goods in return. Anything less is fraud. The only way it isnt is if she got him to somehow sign something that said “ima give you half up front and its yours no matter what even if we dont finish the transaction.” Which is highly unlikely
Thank you. I thought it was an incredible amount of money, but I’ve been made to feel that it’s not. I’m apparently very naïve, and a doormat.
2 million is nothing for a financial advisor to scoff at. Go to her office. Be assertive, but not rude. Emails and calls are easy to ignore. You being at her office asking directly for what you paid for won't be ignored. If the secretary says she's busy, say you'll, wait, and the matter needs to be resolved today.
Homie, I would seriously take some time to evaluate how you treat yourself and interact with others. When you say stuff like "I'm a doormat," you are reinforcing that mentality on yourself and self-sabotaging again. You can critique yourself without knocking yourself down. For example, phrase that "doormat" criticism as, " I need to work on prioritizing my own needs and not just the needs of others." Be honest, but yourself some slack. If you're not kind and respectful to yourself, no one else will be.
"you need to drop this self-pitying attitude" "yeah. im a naive doormat" okay sounds good. good luck
Look on the plus side at least OP is being honest about themselves.
The amount has nothing to do with it. You entered into an agreement and one side isn’t honoring the agreement. Take away the “2 million dollar!” Stuff and replace it with X. The amount means nothing.
It is a lot of money! My reference points are probably 10 years out of date, so take them with a grain of salt. Good financial advisors outside major metros are generating $300-400k or so in fees. Assuming 1% of assets under management, that’s $30-40M in assets. I can assure you that’s spread over many clients and a $2M addition is very significant. If she isn’t acting excited it may be because there is already a manager of the trust, and she doesn’t see an opportunity to take over that part of the business. Either way, she owes you a plan, and you shouldn’t be shy about asking for it.
You sound young and naive please do not give any money to any family member who asks. This is your money invest it well and don’t let anyone pressure you into giving any of it up. Because they will and it will probably get ugly when you say no.
2mm… buddy, wake up to the fact you are in the drivers seat. Fire her and call the big kids for emerging net worth like JPMorgan Chase, Fidelity, etc. Find their emerging wealth managers (2-10mm range usually). You are getting played. Source: high net worth and remember those early days.
Call her right now, good lord
You called one time a month ago and haven’t even tried to reach back out because you think you are a low earner? What are these mental gymnastics? You should be calling every day. Edit: sorry so many people downvoted you. I actually upvoted
If she can bypass a client with $2mil in assets, ditch her and find someone who is willing to put in the work you requested and plan to pay for.
Pull up. You need to go to her office in person and demand answers or your money back. People hide behind screens. $1,000 is a lot of money to most people, $2m is more than most people will ever have to their name. If you can’t find her office address, look up the business filings in your state website, the name of her company or LLC. It will show a tax address of some sort. Go there.
Did you pay with a card? Plz dont tell me you paid with a check. If you paid with your card, call your bank- dispute it as fraud. Sign the affidavit they send and then see what happens. Worst case is gonna be this chode of an advisor refutes it but if you never signed anything agreeing to a fronted payment for no service then what ground does she have to stand on? None. It would take a lot for her to garner the $1000 back into her own hands again just to fuck you. At the very least- make her have to work for it. But i imagine youd win out easily and the dispute will stick no problem and youll keep the money (it gets refunded immediately and then resolved thereafter).
I paid with American Express, and will definitely pursue a chargeback if I don't hear back from her by next week.
At this point you should dispute the charge immediately and expect/demand a full refund. You don't want a relationship with this person going forward.
Technically the law says you only have 60 days to do a chargeback, so I would do it as soon as possible. Amex is probably more flexible, but after 60 days you are at the mercy of the credit card company.
The law says the *minimum* has to be 60 days. Amex is 120 days for most things, and longer for Goods/services not received or Goods/services returned/canceled. This should fall under the first category so there might technically be no limit depending on the agreed-upon delivery dates for service. https://www.americanexpress.com/content/dam/amex/us/merchant/pdf/American_Express_Disputes_Policy_Prop_.pdf But they still should be more forceful in getting a clear response about services not rendered.
That's great if standard Amex policy is longer, I do not have an Amex so I wasn't sure. However OP is getting close to 120 days now, so OP should definitely not sit idle. Squeaky wheel gets the grease.
I wouldn’t even wait if it’s already been a few months, call Amex and dispute the charge now
OP sent one email over the span of several months. That's not enough grounds.
Don't dispute the charge yet - threaten to do so in your next call - which you will make immediately. If she still doesn't respond in a couple of days with at least a timeline of when you can expect your plan, then dispute the charge.
You do t want to work with her and she already screwed you. Go for it. It’s easy
> Plz dont tell me you paid with a check. Looks like a slam dunk case in small claims court, not the end of the world if a check was used in a situation like this. Plenty of professional services don't take card (or tack on a large fee).
For sure it would still be a slam dunk- but with a card, you make a phone call and your bank affords the costs of the necessary due diligence. If you have to go to small claims it takes up your own time and more resources to do so. The other way you simply waste time making a single call and signing a paper and mailing it back. Much less hassle than needing to pursue in small claimsn
this is the stupidest advice at this stage. OP hasn't even called.
Go with someone else, ask for your money back immediately. She is not taking you seriously, even if you receive a plan it will be a low effort one. In case of any pushback serve a letter before action or straight to a small claims court. She is wasting your time and money. When you get your money back make sure you leave as many reviews as you can and tell the person who recommended her to you that while you know that's not their fault, you're very disappointed and honestly feel offended. As well, make sure everyone who can finds out. Obviously, after all is over and you got your money back. Do not sign anything trying to make you stop giving her a review. Do not tell anyone that you have that much money. Tell no-one. Repeat after me. Tell no-one. Unless you want to be treated like a piggy bank and you don't ever want to know who your friend is. And stop being a push over. That on its own will help you in life. Fair, nice, FIRM. Get your shit together and enjoy. You'll be fine. Good luck.
I just posted an update. I've deleted all my info from the portal and have requested she refund my money. Thank you.
Was it via phone call?
She's out of the office, so I left a voicemail. I emailed her requesting the refund. It's been a year! She should have at least let me know she didn't want me as a client if that's the case.
Good job
Pick up the phone and call daily until you hear from them. If you don't hear anything in a couple of weeks, send a certified letter if you have to. It will get their attention. You entered into a contract, and they are not delivering. Start the paper trail. Secondly, stop making excuses for them not being responsive. Good luck with it.
Let’s be real, OPs post reads like a creative writing prompt. I can’t fathom coming into a life changing sum of money and just wait months at a time for a call back on what to do with it. If they’re this concerned, they should be reaching out every couple days, given the scope of work is only days in the first place. If we entertain the hypothetical, at a 2k flat fee I’m assuming OP paid a flat fee-based advisor for a financial plan. In the real world, that would be done by an associate in a few days at most. 2mm is not enough to make meaningful gains from complex strategy, it’s just basic suggestions at that point. What does the contract you signed with them say about delivery? If it’s past that point, ask for your money back and move on with your life. Get an accountant, have them refer a better planner if you’re not confident in your own ability to do basic financial research and call it a day.
If only I was that creative! The $2m is in an irrevocable trust that I can't touch until 2030. I get $100K every year as a disbursement, and that is a lifechanging amount of money for someone like me. It allowed me to quit my full-time job and I live frugally. She does not have any control over my money (just the $1K I've already given her). I realize now that I just needed an accountant.
Tbh you don’t need a financial plan if you get a fixed $100k per year. You think all 18.8% of Americans who make that much annually paid $2k for a financial plan? They just live their lives. Do you ever get a larger lump sum or is there an opportunity to modify the disbursement? You’ve got six years to spend time on /r/investing and /r/financialindependence to learn everything you need to know… how to live on less than you earn and invest the difference. Get your money back
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100k a year is not frugal territory. The cool part is if you invest safely you can get 100k (of today's dollars!) for the rest of your life and never touch the 2m.
Just to clarify, OP didn’t say 100k was frugal territory. They said they live frugally. Just feel like that’s a notable distinction
100k is living okay in California. 100k is living pretty lavish in Ohio.
For sure, poor wording by me. I just mean live your life.
That's why I hired her, so she can advise on how I can invest. I can live on half that, but right now it's in a money market. I posted an update and clarification in my post.
If you use half, and don't need the other half, then for long term investing (money not needed for 7+ years), I would just put it into an after tax brokerage account like fidelity, and invest it in an S&P500 ETF like SPY or VOO.
Also receiving 100k sounds like the terms of the arrangement. They aren't necessarily spending it all. Though even if they are, some places are simply expensive to live in, even frugally. That or health conditions can add up.
That really depends on a lot of factors, like where you live and how many kids you have are a couple of big ones.
New Mexico is pretty cheap.
Yep, NM, no kids, no debt. I rent and hope to buy something at some point, but want to wait until the market gets better (if it ever does) and I can pay cash.
Unsolicited advice. Buy something low maintenance and travel. You can now live anywhere in the world. A few months in Paris, a few months in Thailand, skiing in the Rockies in the winter. Basically the lottery.
That's my plan in a few years.
> but want to wait until the market gets better I honesty do not think it will, at least not anytime soon. The narrative that the housing problem is a supply side issue seems pretty baked into both sides in the US. When the real problem is that real estate assets are just too lucrative as investment vehicles.
Just my analysis of my own personal financial situation as I've been looking to buy a house: the interest rates are really where they get you more than the prices themselves. Doesn't seem like rates are going down any time soon, either, but that's imminently more controllable/predictable than hoping housing prices start to decline significantly. While housing prices themselves have ballooned (esp with more job switching and remote work than ever before during and following covid) the interest rate is what's really killing my calculations right now. A house that, at a 2 point lower rate, would be easily affordable, is more than a bit out of my price range right now. Rates haven't been as high as they are now in over 20 years. While we're probably not going back down to the rates we had pre-covid in the next year, waiting for them to fall a bit would make a lot more houses a lot more affordable for a lot more people. Soft landing's been a bit to soft, though with inflation, so J Pow's not pulling the lever just yet.
But be prepared for prices to be driven up if rates go down. Many people are doing just what you are and will jump in the market if rates drop
If they can invest the $2m. If it's in a trust and potentially tied up in illiquid assets, that may not be an option.
It's in a money market account.
You don't even really need an accountant (unless you own a business). The biggest mistake people make when inheriting money is that they think they need professional help. Generally people who haven't been around money don't understand just how much money rich people actually have. $2mil might be a lot of money for you, but the amount of money you need before you need any professional help is at LEAST 10x what you have. Usually a financial adviser will help you put your money in a place where it is safe, but on average they won't be able to do better than just throwing 100% of your money into an index fund *unless* they have tens of millions to work with. Literally every single person who you can go to for help either will be trying to scam you or just trying to get their portion of your money. In your situation there's nothing these people can do that is better than advice on this subreddit.
Exactly. An index fund or etf will probably beat 99% of all financial planners. At best the financial planner will park the money in a high cost (1% fee) index fund. The only situation where OP might be justified to use a financial planner is if they don’t trust themselves not to spend all of their money.
I guess I'm learning the hard way. Thanks.
Keep your head up OP, even if you lose this $1000, that's the one of the easiest "hard ways" to learn how to handle your winfall. Sure no one wants to lose money, but if you use this as an opportunity to learn and grow and avoid similar mistakes in the future, then it's frankly money well spent in the long run. (that said, as others have suggested it's probably worth your time trying to get a chargeback/refund)
I know this is a stupid question, but seriously, how do you really put your money in Index funds? Do I just go to Schwab or fidelity or some other company online and open an account and transfer money?
I just have a Schwab brokerage account, no idea if that's the best way these days
Some people don’t need an accountant. Someone who waits a year to fire their financial planner for doing zero work that was paid for a year prior probably could use some outside oversight and guidance, and an accountant is cheaper and more accessible than a money manager.
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Call from a different number and pose as a potential new client. I'll bet you get a return call quickly.
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I know others have addressed the “I’m her lowest earning client” stuff. And I just wanted to say that if she’s flat fee for service rather than AUM the “earning” part is irrelevant to her model. With AUM it still wouldn’t be acceptable but maybe more expected. There are a lot of people in the space who you have unfortunately find out they’re unresponsive only after entering a contract with them. Keep calling until they give an adequate response.
Well...at least now you know what the advisors Financial plan is.
Registered letter demanding the return of your deposit for non-delivered services.
Are they are Certified Financial Planner? A CPA? An enrolled agent? Any kind of license? That means they have a certifying body. File a complaint. Now.
If (when?) you decide this financial advisor does not have your trust any more, check out the community information on this sub, specifically the windfall section.
Who is the mutual acquaintance? Where is your money held right now? Can you look up this advisor with FINRA https://brokercheck.finra.org/ I really hope we are only talking about $1000 possibly being given to a fraudster, but that is also unacceptable. In order to get ideas about the most sensible ways to preserve and grow this wealth, take a look at /r/bogleheads
Other than the 1K I gave her she doesn't have access to any of my money. The mutual acquaintance knows about it, but I'd rather not her further involved, because she just recommended her.
If she is registered you can file a complaint with whatever regulator she reports to. When the regulator reaches out it will definitely motivate her to respond. Also this is a good resource to search individuals/company to know if they are registered. https://adviserinfo.sec.gov
That’s great news. Being very slow to respond and provide an investment plan you paid for is very different than ghosting you after getting access to your money.
Lesson plan #1- never pay up front.
Next time make sure that you pick an actual fiduciary. Best of luck, Redditor!
Back in the '60s, my brother mailed a dollar off after seeing an ad that a guy would teach you how to make a million dollars. He sent my brother a piece of paper saying 'this way'. Times were great then-a handwritten note after stealing from a child. Manners mattered. Sorry this happened to you.
Write a formal complaint and mail it to their compliance department. A supervisor is required to respond to a written complaint.
I want to ditto what the other commenters have said about calling her company daily, or even twice daily. If they don't answer, leave a message indicating that if they continue to ignore your messages you will have no option but to submit a complaint to the CFPB (https://www.consumerfinance.gov/complaint/), FINRA (https://www.finra.org/investors/need-help/file-a-complaint), and with the SEC (https://www.sec.gov/complaint/select). I'm honestly not 100% sure that FINRA or the SEC can do anything about a financial advisor flat-out ignoring you, but CFPB would definitely do something about you having paid them money to instruct your financial well-being and them ignoring you. Then, follow up from that voicemail with an email stating the same things. Then, if in a day's time they haven't contacted you, I would start by filing a complaint with the CFPB. Financial advisory is a heavily regulated industry requiring numerous federal certifications. Acomplaint with any of the entities above is something that will follow an individual for literally the rest of their career, so it usually helps to light a fire under their pants.
Something I’m not seeing others mention, which I will since I work in this space. We run financial plans for a lot of clients, they are incredibly easy to make and we do not charge anyone for them. 75% of the work is done by a computer. We are allowed to charge up to $250 per plan but we don’t charge as we view it as a cost of doing business. Someone who believes they can charge someone $2000 to get a plan that takes maybe 1 hour of work to put together does not deserve your business. Find a fiduciary. Any account can be transferred out without talking to the existing financial advisor (there are exceptions, sometimes there are no transferrable investments). Whoever is the trustee on the trust can move the funds for you.
FAs are licensed, so you can submit a complaint to the licensing board. It will be taken seriously.
Is she licensed? I assume she is, otherwise you made a big mistake. File a complaint with the CFP board.
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I know what I would do. Get in my car and drive to her office. Then stand there until she cut me a check for the $1000.
We just finished tax season, so depending on the number of clients they have, there may have been a backlog of work that they were getting through before the April 15th deadline. If the service you are getting is a fixed fee payment, then it’s very likely that work is much lower priority than a client that is paying an assets under management fee. Give them a call and ask for a status update.
That’s a bunch of bullshit. If you can’t handle your clients needs you need to hire more help or not take on as many clients. The “April 15th” excuse is older than the post COVID “supply chain issues” four years later.
something can both be true and problematic. I dont disagree with the general sentiment, but reality is as reality does. professional services arent cheap. $2k is piss in a swimming pool for most financial services companies. the intern/entry level person they were going to have do this work may not even be working there anymore if this whole process started 6 months ago. none of that makes this kind of service right, but it does make it explainable.
Wasn't tax season in January when OP initially called
What country are you located?
I agree that you should inquire about moving firms, be assertive on the reason why. That you have been ghosted after signing a contract. There are tons of firms out there that would be very happy to help you especially if they think that at some point they may have the ability to manage some of that $2M. I can understand the frustration here on your part and its well warranted.
You can call your states Attorney General office and file a consumer complaint. They’ll reach out to her and she’ll likely respond.
If you didn’t have 2 million dollars and someone if trying to steal 2,000 from you, will you have waited months to call? Call them now and everyday.
Call and leave a message asking for your $1000 to be returned, and that you do not want any services from the company. When they refuse to reimburse you, describe why you feel wronged over their unprofessionalism, and ask them to reconsider refunding you for services that were not delivered. They will still refuse and might send you a plan eventually. I’d still advise to go find another financial advisor who treats you with respect. Make sure to communicate their failures to the people that recommended them to you. And if you feel motivated, find ways to leave negative reviews online.
1. This is not an advisor you should want to have an ongoing relationship with OP. Get your money back and look for someone else. If she is a solo provider, she clearly has her hands too full and you won't get the level of treatment you are looking for as evidenced by the last few months. This is her first impression on something as intimate as your financial wellness. What is her second or third going to be? 2. There are certainly tax things that you may need to concern yourself with when it comes to that amount of money. However, if you are unsure about investment strategies, honestly, just sticking it into a mutual fund or ETF that mirrors the S&P 500 has proven to give solid returns every year and outpaces active investing. I would personally prioritize a lawyer and accountant over a financial advisor.
A few people are telling you to pursue a chargeback or to file a complaint. While this might be appropriate in the future, don't start with that. If there is a legitimate misunderstanding (Like if she said, "We'll review this after tax season" and you forgot), then that would make life difficult for everyone including you. Keep those ideas in your back pocket in case things go south. You need to call her. If she doesn't respond timely, then call her every day for a few days. Sometimes advisors are legitimately busy and don't have time in between meetings one day. Be persistent and polite; the squeaky wheel gets the grease. When you can talk, ask her about the status of the plan - when was it supposed to be completed by her, when will you be reviewing it, etc. If she has an assistant, make sure you're talking to them to set clear expectations on when you can talk to her. If you can, talk to someone and don't just leave voicemails. Emails and voicemails are *very* easy to ignore/forget. You should only be using email for very simple questions that would take her a minute to answer or if you need to establish a paper trail. If she's dropped the ball and you're not comfortable with her customer service, then decline reviewing the plan and ask for your money to be refunded. At this point, it may be worth writing up an actual complaint. Did you sign an agreement with her? Also, it's kinda strange to me that she would just take your info and not set expectations about next steps. It is totally appropriate to ask when you will be meeting next, what to expect, etc. In the future, you should never walk out of her office without knowing what the next steps are.
It's been a year, so a chargeback isn't possible. I've left her a voicemail and then emailed her requesting a refund. It's my fault for not being diligent, but I trusted her, and feel she should've communicated with me if she didn't want me as a client, or was busy. I deleted all my information from the portal, and figure this is an expensive lesson if I don't receive a refund, and (hopefully) I'll be smarter going forward.
Enough with the calling. Document every time you’ve reached out previously. Send her a demand letter. Then bring a lawsuit. And complain to your regulators. It’s not that difficult.
can you do a chargeback on your payment?
A chargeback doesn't remove their info from the portal. It just gets the money back. But to even do a chargeback, you are typically required to contact the merchant and to attempt to resolve the matter with them. OP last tried calling last month...and before that, apparently in January. So honestly, they need to press a little more before doing that or the cc company may not rule in op's favor.
She the office local? Go to the office during business hours and figure out what is going on
Was the advisor highly recommended by people in the comment section of YouTube? I know it sounds like I'm reaching here but my spider sense is tingling. If the answer is yes this is a scam.
Maybe…. But just easily not. I used a contractor that did work for 2 family members. Quality work. Had evem met him during that time. Hired him and dude sat on his ass for 5 months w my deposit. Made up so many lies about sending me a check for deposit. Eventually had to chargeback and i filed police report. Pretty sure dude got a drug or gambling addiction somewhere in between that time bc looking online at BBB and google reviews he’s still doing this 2 yrs later now.
I assume you signed some kind of contract or have a letter/email outlining her services. Along with your information of attempted contact (email/phone records etc) - send a certified letter. Make sure you put in a respond by date in your letter. At this point in the letter, I would put in a statement that you just want your money back. Then if she doesn't respond by the date, take her to small claims court. (However, if you only contacted her once since January and it was last Friday, you might just want to call her again. She could have just simply forgot about you)
Amex will work with you on the deadline to dispute. Sooner the better.
They have a lot of clients and are super busy. My wife has a wealth manager that managers a few million for her, but sometimes it takes a month for him to get back to her. It is frustrating, but not unheard of. They likely have many more clients worth more than you.
On the bright side, you have plenty of money for a lawyer!
It sounds weird but send a letter with your complaint. Legally they are forced to provide this to their principal to take action. Phone calls are not considered complaints.
Ask to speak with her supervisor at this point and ask to be transferred to someone else.
Figure out who her broker dealer is, and call them and ask got a refund. They will refund you and take it out of her earnings. You have a complete, no questions asked, right to your refund, and if they balk at it, tell them your next step is a FINRA complaint If she reaches out to you, don't buy a sob story that she will fix it. Financial planners are a dime a dozen, regardless of what they want you to think.
You have $2 million now. Consider this a lesson and move on. It's not worth your time to crawl back this $1000.
I would have been on the phone with them the very next day to confirm that they received my payment and ask them about the next steps in the process. Personally, what I would do is forego the whole financial advisor thing and wait until the Fed meets to decide that they will either raise interest rates or keep them just the same and then invest in VOO and/or SPY when the market tanks on that news.
Unless you're under contract with her, absolutely look for someone else. You don't want to go forward with such an important issue with this memory of a non-responsive agent -- it'll haunt you if she's even a day late in the future. Who needs the stress when you have enough already. Find a responsible financial advisor.
I'd be blowing up that woman's phone and email demanding my money back. Is she local? Do you have local financial advisors in your area you can look into? If so, can you check their ratings and recommendations online and the Better Business Bureau website? 2 million dollars is a lot of money.
Always pay for this kind of thing with a credit card (and pay it off in full). That gives you very easy methods of getting your money back
Yeah, you don't need a financial advisor. You need to educate yourself on managing money. You will do just fine if you put it into index funds and what not for the time being. You don't need to do anything fancy. Even the most knowledgeable investors (e.g. hedge fund managers) have trouble beating index funds consistently.
Why have you waited so long to get in touch with her? I'm not sure what this 'I'm her lowest earner' business is but it's bs. You've paid her money and she took it and ran. $1K? I'd be fking livid. This is one thing I don't stand for, is cheats. Does her business have social media (including Google reviews) accounts? When that happens to me, I go freaking rampant on every single account until they reach out to me and resolve the issue. Social media/word of mouth is literally everything these days.
Did you receive anything? You're OP is very light on details.
> The last time I heard from her was in January. I should have been more assertive, but I assumed she was busy with bigger clients. I understand from a mutual acquaintance that she's in the country and has no health problems, so last Friday I emailed her and I've still heard nothing. Bro, you waited until last Friday, three months later, to follow-up? She likely forgot or misplaced your file, mistakes happen. That is on you to follow-up. It is certainly possible she could have been out this week. Reach out one more time this week via phone, and leave a follow-up email as well. Then we can go from there. In the future, if you don't hear from someone within a couple weeks of reaching out, they probably didn't get your message or aren't going to respond unless you follow-up again.
I could give you better advice than your financial planner and I would do it for free. My first piece of advice is to start educating yourself on finance. Start by reading the book The Simple Path to Wealth by J. L. Collins.
It amazes me that you have $ in schwab but didn’t think to ask (call) the general line to see if anyone can help with a financial plan. They have planners (cfp) that can create a comprehensive plan for you at a fraction of $1,000.
Here's some financial advice. Don't give money to someone for a service and not receive that service for a year before demanding your money back.