Q: Is a financial planner required to do a written yearly review of his client’s profile?
I trusted my financial planner and he had me initial or sign documents that I did not understand. He did not explain what I was signing and reassured me that he was taking care of me.
A: The term"financial planner" can mean different things to layman and professionals: e.g., a FINRA associate member registered representative (stockbroker); registered investment advisor; or certified financial planner. The stockbroker and//or his firm are required by FINRA to update your profile whenever they become aware of a change in your circumstances and/or at least every 3 years. There is no hard and fast rule for the investment advisor or certified financial planner (unless they are also registered representative) but the "best practice" is whenever they become aware of a change in circumstances and/or at least an annual meeting and update every year for those professionals.
David Neuman agrees with this answer
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