topic Re: Managing a Retirement Account in Retirement

Managing a Retirement Account

MelissaH906450 — Mon, 15 Sep 2025 16:29:12 GMT

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?

Re: Managing a Retirement Account

dd98032427 — Mon, 15 Sep 2025 22:07:11 GMT

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.

Re: Managing a Retirement Account

SereneSeagull — Tue, 16 Sep 2025 01:04:19 GMT

Yes, agree with this.

Broker not responsible for unmanaged acct.

Re: Managing a Retirement Account

MelissaH906450 — Tue, 16 Sep 2025 03:03:06 GMT

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

Re: Managing a Retirement Account

nctarheel — Tue, 16 Sep 2025 04:02:12 GMT

@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.