You needn’t mention younger, if you plan to remain in that firm.

However, I would want to have a specific broker, one that comes highly recommended by a friend or family member.

Do your research first, then transfer. You can thank the broker for his years of service but you have decided to move on.

Mine has just retired. Have enjoyed him for 37 years. His son has now taken over the business, but my advisor says he'll still keep in touch with me. He's helping me find a retirement community so I can move out of this condo.

I would not feel awkward about it. He sounds like he is not really interested in doing the job anymore anyway. If you are happy with the firm, call the corporate and ask for a more local, more available advisor. You can allow them to inform the present advisor about the transfer of the account.

There is no reason at all to stay with the same brokerage form, who, honestly, seems to be very lax at supervision. You can do best with a clean sweep. Start interviewing other firms. And ask how they make their money and how much they charge. Most take a flat percent of assets held.

Or you can go with a Garrett advisor for a fee-only plan, and then do your own investing with no-loan mutual funds thru Schwab or Vanguard or another low cost company.

And have you talked to the attorney about updating everything?

https://www.garrettplanningnetwork.com/

Don't think of it being awkward. It happens all the time.

Take the "personal & emotion" out of it -- it is BUSINESS.

Thanks. Seems like the best approach might be to be sure where I'm going will be an improvement, and then, like someone said, one difficult conversation. I already delicately broached the topic with my Dad and he seems to at least understand I might have valid concerns. it's one of the top ten rated brokerages, so it seems easiest just to stay with them and request a closer and more attentive advisor.

Thanks for the replies. It's very hard to get what feels like objective, unbiased input about this situation. Funny enough, a distant family acquaintance is considered something of a guru in the independent financial advice field (fee only). I tracked her number down in desperation a couple weeks ago. Although she remembered me quite fondly and was pleasant to speak to, her main line of advice seemed to be to consider moving everything to the firm she retired from a few years ago! And definitely for me to manage my retirement with them instead of where I currently manage my paltry IRAs. Proof to me that, the reality of a lot of these people is, at heart, they are marketing/sales types, whether fee only or brokerage!

"look, I'm power of attorney, co-trustee, and I want my accounts transferred to another, younger broker, at once, who is in the DC/MD/VA area"

A power of attorney is a piece of paper - you should say you "hold a P of A". Your description is as if you're talking of a joint account - your mother's estate and your father for whom you hold a P of A? Or is the entirety of the property in a trust for which you are a co- trustee? Who and where is the other one? I'm asking because when speaking to financial institutions or any kind, these are differences that matter and you should describe the situation (and your's relating to it) precisely.

To be clear, you're speaking about your account representative at a brokerage firm, not a financial adviser. That he took his "accounts" from place to place in that segment is normal. Accounts belong to the firm but people often are coached on how to go along. If you want to change it to another office (and I agree who knows what that would involve), speak to the office manager at the receiving office and let them handle it. You'll need to respond to requests for signed paperwork and legal documents.

Why do you want to have an adviser and not a cheap/nearly no cost account at a place like Schwab, E-Trade, Vanguard, etc? Is the expected amount of money in the hands of the ultimate heirs a big amount for them? Has it been actively traded (not a good thing) and not in funds?

Last impression - when you said "a distant family acquaintance is considered something of a guru in the independent financial advice field (fee only)."

My reaction was - so considered by whom? I interacted with very capable people in the private management business (their own firms) handling individual clients with 8 and 9 digit portfolios and not one of them would have ever described themselves that way or would have allowed anyone else to. Because nothing like that exists. Financial managers are not people who handicap horses or set betting lines for sports betting. The best ones work hard and work with their clients to follow their personal preferences and objectives and promise nothing more than that.

Mention to Dad that you are thinking of moving the money just as a "heads up" so he isn't surprised when you do it. I realize he has dementia, so proceed as appropriate for you and him.

Choose another advisor after getting some recommendations from knowledgeable people, talk to a couple of them first to get a first impression and some idea of how the money would move. Talk to Dad, and don't lie to him that the guy retired. You can be honest with Dad about errors made, using a local person, a fresh look at where the money is, etc. You can help dad write a note thanking the guy if that helps. Don't use the word "younger" anywhere.

I think you are tangled up in the awkwardness of this, and in the end I think it will be an easy transition after you get over the hump of notifying the person in FL. It's possible that the receiving organization will handle it for you.

Deepest condolences on the loss of your mother.

You do not even have to notify the previous person. You don't even need to talk to the brokerage house. You do all that thru your new agent. Never move the funds on your own, or you may incur nasty tax consequences. If done thru the company you choose, you will avoid those problems.

Thanks socks. She was in good health and spirits and it was one of the worst shocks of my life. I think being a caretaker just took a toll on her. Bless her, she never complained in the least. We had tried to tell her to get part time help for my Dad, and they could have afforded it, but she was having none of it. We are still working out the 'kinks' of live-in help, but making progress.

Firstly, a number of people have warned me about seeming ageist, that's probably good advice.

Elmer, thanks for your detailed and inquisitive response. You raise some interesting points. Yes most assets are in trust and I'm working to get the last of them in there. I worried this post would create the wrong impression about me or my family...it's actually not a lot of money in my opinion. Enough to take care of my Dad for the rest of his life, probably, but not enough I'm going to be wealthy with what's left over! My parents sensibly planned for their retirement, that is all. Thank goodness they did: I know of older people apparently living an 'upper middle class' life, driving nice cars, etc., who in fact, did not.* But back to their choice to use a big brokerage and a rep: I think people of my generation do a lot of investment management themselves. Pre-internet, in the 70-90s, people like my parents felt they needed brokers/account representatives to guide them. So you are correct, he is not exactly a financial advisor, but to some degree acts in that capacity.

As for the person I consulted, I don't want to somehow disclose her ID...she would NEVER call HERSELF a guru, I just playfully used that term because she had a somewhat high profile in the field. Maybe she was interviewed on CNN a few times, or maybe she wrote a well reviewed book at amazon...I'll leave it vague. A sub-plot here is I wish my parents had actually used her instead 25 years, for reasons I can't go into, I think they would have done better than with who they've had, but that's just my opinion. My INSTINCT is to think you are better off with a fee only advisor, than a "broker"/account rep. IF I had enough of my own money to warrant having either an account rep or a fee only advisor, I'd definitely go with the latter. BUT I am always aware not to trust my own biases. It would be interesting to see a study by - who, an economist??? - about which cohort actually makes off 'better' over many years.

* - one would be the family I ruffled some feathers by essentially "profiling" here, albeit anonymously: https://www.houzz.com/discussions/6157875/loan-missed-during-title-search-at-sale-how-often-does-this-happen

Find a fiduciary with low fees. Usually anything less than 1.0% is a low fee. We pay 0.5%. A fiduciary acts in the client's best interest, but a regular financial planner may not. They may buy and sell products to make a commission. After my Mother passed, I had my personal financial advisor handle transferring everything over. It was a little uncomfortable because my parents had long-term relationships with the two advisors, but their fees were too high and I wanted my money in one place.

Do YOU have a financial advisor? (If not, I'd respectfully suggest that you get one). If so, perhaps just move your dad's & mom's account to that person. I don't think i'd stay with the same firm that the current one is in. Have that firm transfer all of the records.

"Maybe she was interviewed on CNN a few times, or maybe she wrote a well reviewed book at amazon...I'll leave it vague."

Don't be impressed by the fluff. My experience is that real experts in any area, other than those in government posts or other roles requiring some degree of public presence, don't appear in the media. They're far too busy doing what they do to waste time in such ways.

One factor whose long term effect on investment returns is often overlooked is - management fees. Costs, whether embedded or external, consume investment returns each year.

For you and everyone else - if you want the best professional management at low cost - put your money into mutual funds. Choose those with 4 and 5 star Morningstar ratings and low costs, including some index funds. Diversify the funds you choose. Have as a goal to beat inflation in the long run, nothing else. Sit back and let the experts you've hired worry about your money for you.

The situation you describe suggests to me a need for some mutual funds and nothing more.

Good luck to you, davidrt.

...a number of people have warned me about seeming ageist, that's probably good advice.

Actually, in this situation, it's wise to look for someone a bit younger. I've been through 2 advisors who have retired. At this point in my life, I'm looking for someone with experience, obviously, but young enough to ride out the next 15 years or so. It seems like your parents' advisor is very close to retirement.

It's not his age, it is the mistakes and lack of explanation that should be your primary concern. I would have been making a switch the first time it happened. There's no excuse for sloppy work when a person's assets, that they depend upon for survival, are involved. You don't owe him any loyalty or apology - it's not like he's done the work gratis.

What someone said above about "financial advisors/planners" with many firms really only being salesman is quite true. They have sales goals to meet, sometimes are told to push certain products, and often, once the sales are made, the actual "management" is left to a computer program. For this "management", unsuspecting clients are paying "managment fees" (in addition to any mutual fund fees!) - a percentage of their total assets in the account. You have to watch out for and avoid this.

Essentially, I agree with Elmer.

At your father's age, you might not really need any complicated plan or possibly not even someone actively managing his accounts other than an occasional rebalancing. You might look at what Fidelity, T.RowePrice, or Vanguard or some other low cost brokers offer - free suggestions of asset mixes for various life situations, free analysis yearly with suggestions for rebalancing - which you can follow or not.

Here's my cautionary anecdote - my stepmother placed her entire estate in the hands of a firm (a "respected" local office affiliated with a big name financial services company.) When she passed away and her holdings were distributed to her heirs, we were flummoxed to see that her account manager had invested in several rather speculative, and inappropriate for her, funds - and had lost a fair amount of money when one of those investments collapsed. I am sure that she simply accepted whatever she had been told about the investment moves because she trusted him (and the big name).

What will happen? They will do as asked so they keep the account. The bigger question is why wouldn't you just move her stuff closer to your guy and make life simpler? Granted there are rules about how much can be moved where how fast..but still life is short make it simple.

"Granted there are rules about how much can be moved where how fast."

No, I don't think there are any restrictions at all. Not in transferring accounts from one financial firm to another, when the accounts are of the same type before as after. No restrictions and no tax consequences. What is it you're thinking of?

There can be problems and tax consequences if you take possession of the money in any form yourself. Let the company you are moving the account to handle it all and there will be no problems.

sushipup, the word "transfer" I used was deliberate because it has a specific meaning. I also was specific in saying "when the accounts are of the same type before as after."

If IRA accounts are involved, they can be transferred freely and the financial institutions do so day in and day out. The funds do not go through the hands of any individual when a transfer is made. If the funds and assets are not in IRAs, the underlying assets should be transferred, not sold, and doing so triggers no problem or tax consequence. A third party mistakenly or erroneously taking "possession" of stock certificates, as an example, can be remedied with no consequences.

I agree, leave it up to the sending and receiving institutions to do so and there will be no issues. This is a "much ado about nothing" conversation. It started off with moving account(s) and that's vanilla as vanilla can be.

Not that I don't want people to keep posting but I feel like I need to process what I've read so far. Thanks for the comments, it's a great community here. I do need to 'face the music' about this. Next time I see my Dad I'm going to hope I can get him to agree it's for the best to move on and make sure he isn't alarmed if the broker tries to call him to object.

And btw yes I know a safe harbor (I think they are called?) transfer can be done because I've done them a couple times myself. When I left a company I moved my 401k contributions there to my personal IRA with no tax liability.

"When I left a company I moved my 401k contributions there to my personal IRA with no tax liability."

David, that's a "rollover", not a transfer, and different rules apply.

"Safe harbor" has a particular meaning and I'm not sure it necessarily is used for what you're talking about. Tell the receiving financial institution to transfer in the assets, includingIRA to IRA if that's part of what exists now and the other securities and account balances if any. Likely (hopefully) any securities are held in street name and that makes it easy. You'll have to sign a form that authorizes the sending location to release the assets. That's it.

Find a financial advisor or firm with whom you wish to do business and he/she can guide you though the process of transferring accounts to the new firm. Currently, most of that is dome via the internet, but first, there will be forms you'll need to sign. Hopefully, your new advisor will be at a convenient location to you.

It's time to separate from the old advisor since he has moved away and seems incompetent or no longer cares.

I'm going to bring up another topic that you may have already handled. You say that your father has dementia, but that you need to get him to agree to the changes. There comes a time when rational discussions and planning with dementia patients is just not possible. I found that with my mother, who did not have dementia but at 95 was not being reasonable, we did agree to change her mailing address to mine and let me do the decision making. I also told her some little white lies. But I managed her money and saved her a good amount of money every month.

So keep in mind that someday you wll probably have to give up on getting your father's approval.

Another thing to consider is planning for the what-if situation of something happening to you. Are documents in place for another person to take over? Do you keep that person up on what's happening, not going into details, but so they can step in if there's an emergency?

Dealing with a dementia patient's affairs takes a lot out of you, so be sure to not let it get you down. Self-care is critical for you. Have a plan.

Thanks so much for everyone's feedback. Based on all of these responses, I have developed an 'action plan'. It will take a while to implement of course, but I will bump the thread to follow-up.