MW I'm a widow living off Social Security. I have $200K in a brokerage account, so why am I ignored?

By Quentin Fottrell

'I had to hunt high and low to have them sell my Tesla stock because it was tanking'

"The bank's higher-ups are not interested in me. I happen to know them personally." (Photo subject is a model.)

Dear Quentin,

I'm a widow, retired, with not much in the way of income and a small Social Security check. I also am helping my widowed daughter financially. I have a disabled grandson who will never be able to live alone. I have a second mortgage on my house to help my daughter finance her home. Their home-equity loans ballooned, and I asked for a review to see if they could lower the interest rate. Nothing.

I have $200,000 in a brokerage account. I need to put it somewhere where I'm not hemorrhaging money. I have had three different account managers. All of them quit, and I have no one to consult. I finally called the bank manager to get information as to why no one has been in contact with me. Most recently, I had to hunt high and low to have them sell my Tesla $(TSLA)$ stock because it was tanking.

Should I complain to the powers that be about this situation? Should I transfer all my money to another brokerage firm? The bank's higher-ups are not interested in me. I happen to know them personally. They took me for lunch when I was transferring my money. One of their relatives lives in my neighborhood. I'm frustrated and angry. While I know some of this is my fault, what responsibilities does a bank have to a client?

Widowed & Alone

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. The Moneyist regrets he cannot reply to questions individually.

Related: My friend's father gifted her Tesla and Google stock. They could be worth millions. Will they be split 50/50 in her divorce?

Your broker probably has 50 to 150 active clients who are all vying for attention.

Dear Widowed,

To paraphrase Oscar Wilde: To lose one broker is unfortunate; to lose three is careless.

That's my glib way of wondering whether your expectations are in line with those of your broker. The problem is twofold: 1) you have a broker who is keeps changing and does not maintain the kind of open line of communication you prefer, and 2) your broker probably has 50 to 150 active clients who are all vying for attention.

In addition, it may or may not be part of their business agreement to actively trade stocks on your behalf. Even if that is part of their duties, they may not believe it's a good idea to sell when one stock is having a bad month or even year. Many people wrote to me last April, panicked, because they wanted to sell their stocks or get into bonds. Their brokers, in some cases, tried to dissuade them from such an action. In retrospect, it was probably better to stay the course. But either way, they should respond to a client in one business day.

For every person bailing out of the stock market or selling a volatile stock, there may be many others buying low, because they know history has shown that, for those looking toward retirement, it is likely to benefit them in the long run. Tesla, for instance, has seen some highs (pushing through the $400-a-share mark in 2021 and last year) and some lows (falling to $101 in 2023).

Related: 'I'm confused!' Why does President Trump want a rate cut so badly?

Setting expectations and boundaries

What I get from your letter are some genuine grievances, frustration and a background of economic and personal instability, all of which has left you exhausted and stressed out. It may be that you want your broker to be able to provide a semblance of calm and stability in this environment. There's nothing wrong with that. But the stock market won't provide you with that same peace of mind, so you may be pushing a rock uphill.

If you have lost trust in this financial institution and its representatives, it's time to change banks. But you may also need to change your own communication style and make sure your expectations of a client-manager relationship accurately reflect both your needs and the services of the broker in question. It's a two-way street. A full-service brokerage is different from setting and forgetting your investments.

You may want your broker to provide you with a semblance of stability, but the stock market won't provide you with that same peace of mind.

A good broker should be able to give you the lay of the land, including guidance on stocks in light of the Trump administration's tariffs and concerns about interest rates and inflation. Fair warning: If you hire a full-service broker, you'll pay more than you would for a discount or online broker or roboadviser; they may require more agency to make decisions on your behalf; and they may still only communicate with you monthly. And full-service brokers may also disappoint.

Choose judiciously. Some, but not all, money managers are fiduciaries - professionals who have to act in their clients' best interest under the Investment Advisers Act of 1940. Any broker you use should be a member of the Financial Industry Regulatory Authority, known as Finra. Certified financial planners have similar codes of ethics. The National Association of Personal Finance Advisors could also be helpful.

Twists and turns of the market

Poor communication is one of many reasons to change brokers or advisers. In fact, 12.1% of people said they left their adviser for failure to communicate, according to this survey by Financial Advisor Magazine. Other reasons included cost (16.3%), the adviser's retirement (13.5%), failure to listen (10%), disappointing performance (10%), different values (6%), ineffective advice (5.7%) and bad rapport (2.8%).

History tells us that through the trials and tribulations of the U.S. economy and the stock market - whether it's the Great Depression or the recession of 2007-09, a worldwide pandemic or a trade war that aims to redefine America's relationship with its trading partners - the stock market abides. It takes patience and sometimes nerves of steel, but the long-term trajectory points up.

The S&P 500 SPX is a case in point: It fell 18% in 2022 but rose 26% in 2023 and another 25% in 2024. Historical data show that it can take between one month and one year to recover from a market correction, defined as a 10% fall from a recent peak. Right now, the index is up 9% year to date. Your previous advisers may have left the company or passed you along to a colleague. It could have been an unwelcome foist or an innocent change of responsibility.

Before you sign with a new broker, treat it as you would any relationship: Make sure you are aware of each other's needs.

Don't miss: 'I'm just being practical': I'm cashing out and selling all my worldly belongings. Is that wise?

More columns from Quentin Fottrell:

My friend's father gifted her Tesla and Google stock. They could be worth millions. Will they be split 50/50 in her divorce?

'I've been kept in poverty': Do I take a $70K job at 74 and lose my Section 8 housing allowance?

I'm single, 75, and living with kidney disease and a pacemaker. I've no long-term care insurance. Will I be OK?

Check out the Moneyist private Facebook group, where we look for answers to life's thorniest money issues. Post your questions or weigh in on the latest Moneyist columns.

By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms.

-Quentin Fottrell

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

August 22, 2025 05:30 ET (09:30 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.