As you may already know, I get to work with the best clients.
The people who work with me are often motivated by compassion for their business partners and family members who depend on them. People invest their time and money now to make life better for those impacted by my client’s eventual absence.
I recently met a new prospect – a friend of a friend who needed a helping hand. The gentleman needed my help contacting Vanguard because he was getting nowhere on his own.
Vanguard has a reputation for being difficult to do business with, but often there’s a communication breakdown or inability to understand the jargon. That’s where I come in. I act as a translator to help ease the conversation and yield resolution.
We were bounced around between a couple of different departments, but it quickly became clear that Vanguard did not have an account for this client. It turns out that the employer plan had been transferred to T-Rowe in 2016.
We called T-Rowe with much the same result – there was no account in this client’s name.
I suggested that he contact his former employer and ask them to trace his retirement account.
It turns out that after he had a life-altering stroke (in his forties!), his sister encouraged him to grant his niece Power of Attorney. His former employer confirmed his worst nightmare – a check was issued from his retirement account to his niece, liquidating his entire retirement account.
This is a painful reality of life. AARP reports that 90% of fraud perpetrators are known to their victims.
One of the best ways to prevent family fraud is to create your contingency plan and legal documents before you need them.
Don’t wait to create your contingency plan in the middle of a storm!
Our ability to:
=> assess who we can trust
=> achieve solid solutions
=> make sound long-range decisions
is enhanced when done at a time of low stress.
When considering who is a reliable second-in-command, the #1 requirement is that they are trustworthy.
Ideally, this person has demonstrated that you can trust them with your life and your assets.