Financial adviser neglects elderly mother with $1 million in accounts, failing to reinvest matured CDs

From Yahoo Finance: 2025-06-02 11:00:00

An elderly mother with nearly $1 million in various accounts has been neglected by her financial adviser, who has failed to reinvest matured CDs worth hundreds of thousands of dollars. Despite repeated attempts to contact him, the adviser has not responded promptly, prompting frustration and concern.

For an account of any size, a financial adviser should ideally respond within one business day, if not a few hours. Failure to communicate effectively can lead to serious consequences, as poor communication is one of the top reasons clients leave their financial advisers, according to a survey by Financial Advisor Magazine.

If your financial adviser is unresponsive or lacks the necessary communication skills, consider finding a new adviser who prioritizes your needs and keeps you informed about your investments. It’s important to work with a reputable professional who acts in your best interest and maintains open lines of communication to ensure your financial goals are met.

When considering a new financial adviser, ask important questions about their investment strategies, outlook on the market, and expertise in managing your money. It’s crucial to have a clear understanding of how your adviser plans to handle your investments and address any concerns or questions you may have about your financial future.

Ultimately, proactive communication and transparency are key factors in maintaining a successful relationship with your financial adviser and ensuring your investment goals are met in a timely and efficient manner.

Read more: My mother’s adviser has not returned my calls. He manages $1 million. Is this normal?