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My Dad has a financial advisor/accountant all his life, my

Dad was a doctor....
My Dad has a financial advisor/accountant all his life, my Dad was a doctor. But now he has no money for retirement and we think he is making risky investments to make up for it. Wouldn't the advisor/accountant noticed a pattern of not good investments during his life span and therefore know the outcome of his investment decision and therefore be responsible.
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Answered in 3 minutes by:
10/11/2013
Sam
Sam, Attorney at Law
Category: Legal
Satisfied Customers: 27,011
Experience: More than 20 years of experience practicing law.
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Hello

My name is XXXXX XXXXX I look forward to discussing this and providing you information in this regard

Please tell me

1 - is your Dad of sound mind?
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Customer reply replied 4 years ago

He's 75 years old. He would have to be examined. But like all doctors he has had limited medical examinations.

Hello

Well, if the Financial Adviser is neglectful in his duty of care, he could be held liable. But since your Father has not been deemed incompetent, he also has a responsibility to observe that his investments are being done despite any adverse advice or caution that the adviser may be giving him.

The adviser would not be responsible for investments that your Father is adamant about doing. There is a duty of care involved, but also a contributory negligence factor.

I suggest that you will want to consider talking to your Father's medical doctor and see if they cannot convince your Father to have a mental evaluation. That way, if he is deemed to be borderline incompetent, you can pass that on to the adviser and they would then have to act with more caution.


I hope that this information is helpful. If you need further information, please just send me a reply asking for clarification. After that, I hope you will enter a positive rating so that I will be credited for assisting you. Thanks again for using this service. Your business is appreciated..
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Customer reply replied 4 years ago

I accept. (With respect) So an advisor is wasted money from a practical sense? They are just a salesman. Do they have any liability insurance and for what?

Hello

Well, it depends on the advisor. But yes from a practical sense that would be an accurate analogy.

I am not sure what you mean by "I accept (with respect)
Sam
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