Legal Question in Investment Law in Illinois

Investment loss-Trust

My husband died 13 years ago. He left a significant amount of money which I immediately placed in the hands of Financial Planning Advisors, Inc. and into a Trust. (I'm 54 yrs. old. now) Last night, I sat down with a new advisor from Country Ins. who told me I've been paying excessive fees I didn't even know about. All I knew is that I was supposed to be paying a 1% fee for his services. She said I'd been paying about 6% or more to him but it was hidden from me. I'm ready to make a change because I've lost much of my investment last year and now the rest is being allowed to evaporate into his fees. I knew more was being taken out per year than I withdrew but didn't understand how. When I'd ask him, he'd just say, ''I don't know where you spent your money.'' Is there someone who could take a look at my information and tell me if what this new agent said is true about the fees I've been paying and if they were legal?


Asked on 5/29/09, 4:16 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: Investment loss-Trust

Sorry to hear about your husband. I am an attorney and licensed financial advisor. The fees you were being charged sound excessive. I would also caution you to take a look at your account to see if there was something called "Churning" going on - excessive trades placed to increase fees. You may have a claim here. However, it is somewhat complex. Feel free to email me directly for further (free) consultation to see what we may have here: [email protected]

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Answered on 6/10/09, 10:27 am


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