How to Fire Your Financial Advisor (and possibly sue them)

A viewer emailed me with a heartbreaking story. Her financial advisor convinced her to surrender an annuity, pay a $10,000 fee, and then buy another annuity. The advisor earned a big, fat commission, while the viewer at best would break even over time. This raises the possibility that her advisor was engaged in a practice known as "annuity churning."

Now she wants to fire her advisor. What should she do?

In this video, I walk through some steps to consider if you face similar circumstances. Please note that I'm not offering financial or legal advice. Consult with a financial advisor and/or attorney for professional advice.

Resources

FINRA Complaint: https://www.finra.org/investors/need-...
FINRA Brochure: https://www.finra.org/sites/default/f...
Example Termination Text: “Please remove yourself and your firm as my financial advisor/agent of record on all accounts and investments. I will be managing my assets independently going forward. Do not execute any further transactions on my behalf.”

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0:00 - Intro
3:26 - The Contract
4:09 - Getting the money back
6:04 - Firing the Advisor
10:04 - Filing a Complaint
13:18 - Hiring an Attorney

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. I've since sold my websites, bought them back, and started a new website and this YouTube channel.

I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (https://amzn.to/3by10EE)

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

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