My portfolio has decreased in value by almost 50% since July 2007. I am a 67 year old widow that relies entirely on my investment income. My Licensed Financial Planner knew that I relied on my investment income to survive. He asked me many questions, including quite personal questions, in our first meeting so I know he is well aware of my circumstances.
Obviously he was well aware of my financial situation as well as the warning signs in the market. He knew that I was not in a position to accept the level of volatility and that I required less risky investments however he did not advise me to adjust my portfolio.
Last week I found a company, Phoenix Global, who are assessing my claim that my Financial Planner has been negligent and whether I have a case for compensation. I relied on my professional adviser but the service he provided was not what he promised.