{ "media_type": "text", "post_content": "Advisor looking for advise. \n\nSat with a client who is POA for her mother’s estate. Mom is in her 90s. Client was concerned of the potential sell off on the horizon and wants to reallocate moms funds", "post_id": "5bc523314d01d00012460755", "reply_count": 12, "vote_count": 1, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

Advisor looking for advise.

Sat with a client who is POA for her mother’s estate. Mom is in her 90s. Client was concerned of the potential sell off on the horizon and wants to reallocate moms funds

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If Mom has believed & invested that way for the last 60+ years, she is probably sitting on enormous unrealized gains. Tell daughter, “Wait for the step-up in basis. Reallocate then."

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Get them both in your office and have a conversation about it. Let them duke it out while you act as an arbiter .

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What is the equity weighting?

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I almost always make some tweak after a meeting like that. It can be less of a confrontation and more of a “let’s team together” to make sure we’re making good decisions. Nothing wrong with that

helpful

That is a relief to hear. I got anxious just thinking about it! 🤔

funny

Problem is mom wants nothing to do with reallocating. She wants to “stay the course and tough it out”. She seems pretty with-it for her age too. Feel like I’m stuck between a rock and a hard place

The majority is qualified, which was our focus. The father reallocated frequently until his passing in ‘13

Equity weighting is a good question. Important part that I forgot to mention The portfolio is in one fund... 100% S&P ETF. This is not only the account in question but the clients entire portfolio...

What?? That’s equivalent to malpractice.

I mean don’t get me wrong....it’s worked fabulous. But I don’t care if you’re 30 or 90...too much focus in equities for sure.

Geeez. Is this a for real situation.
All of it in SPY?? You’re responsible for it now. Diversify

If the client will not make changes, and they are truly 100% S&P I would not take on that responsibility. It dropped 37% on 2008. Let go of the accounts.

So, that’s the whole point. I’m trying to pull the assets over to diversify. Currently there is no advisor attached to the assets. A serious problem on multiple levels

Largely depends on if “mom” has assets to securely pay for living expenses etc.

If this is realistically “legacy money” - no worries - if it is to address future health or living expenses for mom - subtle changes in approach would be advised - staffer exiting from spy - some in 2018 and some early 2019 - staggering the allocation over periods

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