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MelissaH906450
Contributor ⭐
September 15, 2025

Managing a Retirement Account

  • September 15, 2025
  • 4 replies
  • 2948 views

 

 

Situation:  My dad has two brokerage accounts, one managed and one unmanaged.  

 

Although he had been meeting with someone on his managed account, should that person alert my dad to any perceived issues with his unmanaged account? 

 

I am asking because once my dad ran out of cash in his unmanaged account.  He unknowingly started borrowing against the funds in that account to recevied his monthly allotment.  Outside of reporting that person to his manager is there anything else my dad can do? 

    4 replies

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    dd98032427
    Contributor ⭐⭐
    September 15, 2025

    The broker has no responsibility for the unmanaged account. Either your dad needs to pay better attention, or you need to monitor it for him, or you can pay the broker's fee for him to manage it for him. 

    Perhaps you can discuss your dad letting you review his monthly statements. Then you can together monitor the cash balance, and also review any buy/sell needed.

      SereneSeagull
      SereneSeagull
      Community Champion ⭐⭐⭐
      September 16, 2025

      Yes, agree with this. 

       Broker not responsible for unmanaged acct. 

        M
        MelissaH906450Author
        Contributor ⭐
        September 16, 2025

        Thank you, I figured so but wanted to make sure. 

          nctarheel
          nctarheel
          Community Champion ⭐
          September 16, 2025

           

           

          @MelissaH906450 wrote:

           

           

          Situation:  My dad has two brokerage accounts, one managed and one unmanaged.  

           

          Although he had been meeting with someone on his managed account, should that person alert my dad to any perceived issues with his unmanaged account? 

           

           

           

           

          First of all, @MelissaH906450, coming to a social media platform for what is essentially legal advice is ill-advised.

           

          Speak with an attorney regarding your very important question. Those at these type sites are neither legal counsel nor versed in legal matters.

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