Hi,

I am having a problem with a financial adviser who was hired to manage my father's retirement account. During the interview process (last summer) I was trying to be cautious and was concerned about future performance and the fees associated with the account. He assured me that if for any reason we were not satisfied, we would be able to negotiate the management fee, and could just move our account if we weren't happy.

From the onset, this guy was a nightmare. He took forever to return calls, was not familiar with our accounts, was not very knowledgeable, seemed to be trying to sell us investments that we didn't want, and just instilled a general distrust in us. He would oscillate on his views when I'd ask him about the market and just didn't seem all that competent. Because of this, we stopped communicating with him and did not desire his advice concerning investments, until we got a statement from the company he represents showing a deduction for a "management" fee, even though there hadn't been any activity in the account for months. After a heated telephone call he agreed to ask his company to return the fee and wrote me this email:
David,

I will ask immediately for the January Management fee to be rescinded to your parent’s account. Again, I am sorry that this was overlooked. I will also look into any fees during the October to January period that are unwarranted and respond to you accordingly.

I understand that you will be moving the account. If you need further instructions, please email or write at any time.


Although this email seems very accommodating, in reality he is not making this very easy. How can I ensure that we will get our money back?


Thanks for any advice,
David


PS: After doing some research on FINRA brokercheck, I found that he has a pending customer dispute which is currently in arbitration:
"Client is alleging 1.) Breach of fiduciary duty and 2.)Misrepresentation in connection with the investment in two hedge funds and a direct participation program during the period september to october 2006"
alleged damages: $400,000.00.


He was also charged with petit larceny in the 80's, although it was dismissed. But here is his dubious explanation:
"I purchased a package of sudafed cold medicine, along with other groceries, from a grocery store in Arlington, VA. I placed the groceries in my parked car and placed the package of sudafed in my suit jacket pocket to take to work. Then I went into a nearby drug store and purchased some goods. Upon leaving the store (on sidewalk outside the store), I was stopped by a young store detective on suspicion of shoplifting the sudafed. They would not accept my explanation."


--Can this information be of any use? I had to mention the petit larceny as it perfectly characterizes the sleaziness I had been sensing from him over the months as well as his tendency to try and talk himself out of situations. I'd like to try and resolve this without the use of an attorney unless absolutely necessary.