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

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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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