An individual tweeted that his financial advisor had prepared his will and Enduring Power of Attorney for him for free. He seemed pleased about this.
This poor fellow has been completely suckered. He thinks he has something of value, and he is grateful to the person who gave it to him. I really don't understand this. Did this person have his taxes done by his hairdresser? His prescriptions filled by his mechanic? His appendix taken out by the clerk at the supermarket? If he doesn't actually know what his financial advisor is supposed to be doing for him, why does he even have one?
Financial advisors are not trained to prepare wills. Yes, they know a lot about money, but they don't know a lot about inheritance law. That advisor probably just downloaded a form from the internet and uses the same one for every client. He knows no more about wills than the person he gave it to, and I'm shocked that any so-called professional would mislead a client this way about his lack of expertise.
In my opinion the financial advisor who is preparing wills for people and passing them off as adequate substitutes for wills drawn by lawyers should lose his license. He clearly has poor judgment.
Lynne
ReplyDeleteI'm shocked that any so-called professional would mislead a client this way about his lack of expertise.[...]
I am not as they walk among us. Some financial advisers can be the worst when it comes to money matters. There are many horror stories out there. Finding a good financial adviser is akin to finding a 'good' lawyer. A lawyer who is honest and has integrity.
Yes, it can be hard to find good professionals. I myself had a terrible time finding a good doctor (GP) when I moved to a different province but eventually found one I really like.
DeleteI know a few financial advisors who are really good at their jobs and operate ethically and professionally. Like any field, that industry has the good ones and the not-so-good ones.
Lynne
Ty Ms.Butler for all the advice in your columns for the benefit of laypersons. I wonder if you could comment further regarding financial advisers? My elderly aunt in St.Johns has a financial adviser I cannot find listed as having any qualifications for this role. He is a distant relative of her late husband, takes her to all doctor's appts, shopping etc. I am not able to be there on a regular basis, being a resident of Ontario with family here, spouse, children and now grandchildren. I feel my aunt is vulnerable although she insists she doesn't know "what she would do without him" as there is no family in Newfoundland to intercede in her behalf, she had no children. She confided in me that he did "owe her a sum of money she lent him". What kind of financial adviser requires a loan from his client? She apparently pays him a fee per service for errands. I have told her I am not comfortable with this arrangement, should I point out that he is not certified? It seems to alienate us when I express these concerns. She has a generous pension, and other income from her deceased husband. She is entitled to use her money as she sees fit, but I don't want her to be taken in by anyone. Do you know anyone I could contact in Newfoundland to have this financial adviser checked out? or receive advice as to whether I should be trying to help further in this matter? She is very elderly and charmed by this man who gives her a hug when he visits.
DeleteThe Law Society of Upper Canada clearly states that "Other than under the supervision of a lawyer, paralegals may not provide legal services that only a lawyer may provide, such as drafting wills or handling real estate transactions or estates."
ReplyDeleteThis means that unless your will is drafted by a lawyer, the person who drafted it is actually prohibited from drafting it.
Sometimes it seems that the only people who know this are lawyers, when the provision was drafted to protect the unsuspecting public. I wish more people knew this!
DeleteLynne