If you are aged 20-50, you may have wondered if the person/company managing your parents’ investment accounts is doing a good job. The world of investing is confusing. It can be difficult to assess what is right or what may be paying for the advisor’s new McMansion on the hill.
Also, how do you bring this up without turning your 2 year-old niece’s birthday party into an embarrassing argument? You don’t want to disrespect your parents, right? Not to mention the question “Hey, is that investment guy with W.R. Sleasy really looking after your best interests?” could be construed as insulting, condescending or inflammatory by the same folks who would probably have double the amount in savings if it wasn’t for bringing you and your siblings into the world.
We all hear the nightmare stories in the news. But really, the Bernie Madoff-type stories are few and far between. More likely is the situation where you parents won’t lose everything but their advisor is making more than they are. How would you have any way of knowing?
So, how can you broach this topic without offending, insulting or otherwise causing drama? How can you show your parents you care about their well-being and aren’t simply trying to assure your inheritance?
We’re developing a series on this topic and wonder if you would find it interesting?