After my father died, my mother relied heavily on my brother and I when dealing with her financial affairs. She didn’t do anything unless she’d discussed it with us first and wanted one of us there when she met her financial adviser. However, she mentioned that she’s met with him recently without us and that, following his advice, she has moved her investments into a higher risk portfolio. I think the adviser should have consulted us. What do you think?
Phil Beck is an Independent Financial Adviser Picture: Smith & Pinching
– Credit: Archant
Phil Beck of Smith & Pinching responds:
This is a difficult question to answer: if your mother has the capacity to manage her own finances, then her adviser must base his recommendations on her wishes and needs, and he would not be able to discuss things with you unless she has given him authority to do so.
Having said that, as a profession we are committed to recognising when a client is in a vulnerable situation, and we have strict procedures in place to protect the client if they are judged to be at risk….
