Thursday, 4 October 2012

Maude and the Advisor who failed


This is the story of Maude and of how my business came to be set up. Maude was a client of an advisor friend of mine, she was reasonably wealthy and over the years my advisor friend had served her well, getting her an extra percentage point growth here and there and keeping a watchful eye on her investments. He earned a little retainer each year and all was well.

Until Maude had a stroke – She had a severe stroke and her son who lived away came to my advisor friend and said ‘You were my mum’s financial advisor; she held you in great regard and said you did everything for her.’ My friend was delighted, Maude’s son recognised how well he had served her (he even thought the son might become a client). Then Maude’s son asked a simple question, ‘where is her Power of Attorney’, on hearing that my friend didn’t know his mood darkened ‘You are her financial advisor, you had told her that everything was well, and that her affairs were taken care of, she told me often when I spoke with her that I had no need to worry because you had her affairs in order, yet you missed a simple thing like that.’

The financial advisor was distraught, nobody at financial advisor school had taught him about powers of attorney, but he knew everything about investments, but now in this pivotal moment investment performance didn’t matter. For the next three years the son and the advisor watched as the investments went up and down with the markets – they could do nothing more as nobody could access the funds on behalf of Maude and Maude couldn’t do it herself.

After three years Maude suffered another stroke and died, the son contacted the advisor and said ‘You were my mother’s trusted advisor she put all of her faith in you and you told her that everything was in order – so where is her will?’

Will and Probate Services can make sure that you never go through what Maude’s family went through – Call us on 01778 382723 we can help.