I think my Financial Adviser made some Bond trades that were NOT in my best interest after I notified them I was moving my accounts.
As the title states, I decided to move some retirement and non-retirement accounts away from an adviser and to a firm where I can self manage. One retirement account was 100% bonds and after I advised them I was moving it took four weeks to get the accounts moved and during this period I now noticed there were four sell/buy transactions (so effectively 8 transactions) and my gut is telling me they were swapping some ‘good’ bonds for possibly ‘not so great’ bonds that maybe they were holding for other customers they have. Any ideas of how to prove this out (a 3rd party?) and where to take it (i.e. FINRA)? Thanks!!
Edit #2: Thanks all and based on the input I have an action plan:
a) Ask them for a written response on why these trades were made – how did they benefit me.
b) Have an expert review (I think I have someone who would spend 15 minutes reviewing).
c) Unless, like a few commented, there were some real garbage given to me to replace more highly rated bonds, just take it in the gut and move on.
d) But if an expert tells me they smell a rat and they don’t have a fair explanation, I may take it further with FINRA.
Edit #1: Sorry I stepped into a class so I’m away for a few hours.I believe it may have not been in my best interest based on a cursory review of the yields and the quality of the corporations.They are a fiduciary.Definitely not rushing to report them just thought I could get some input. Will answer specifics in a bit. Thank you in advance for your comments.