Desperation Question re: online accounts

[keyslover]

FIL has Lewy Body Dementia and his bread and butter was with financial accounts, even trading and stuff with his own money.

There is a long background, if you want to hear it - let me know.

Short version: Do you know if financial accounts have a option for a "safety"?  He loves to look at his accounts, but we don't want to let him move money, buy/sell, basically anything except look.  This is all he does, look at the internet and read the paper.  We aren't ready to cut him off from his accounts if there is a possibility he can still just look.

[mrsslocombe]

I would call up the institution(s) where he has accounts and see what they say.

At Vanguard, there are two options that I can think of. One is to do sort of a reversed authorized user. IE, currently my husband has limited access on his parents' accounts. He can basically view them and that's about it. So you MIGHT be able to move management of the accounts to you and then make HIM the limited user.

The other workaround at Vanguard is that you can use their personal advisor services/management (there are account minimums and fees for this). Only the personal advisor can buy/sell/reinvest. The account holder can still move money into the account from an outside account, but it won't be invested until the personal advisor does it.

You could also see if they have any option for 2-factor authentication for buy/sell/trade. And set up your phone as the authenticator.

[dr.girlfriend]

Apr 19, 2023 12:29:45 GMT -5 keyslover said:

FIL has Lewy Body Dementia and his bread and butter was with financial accounts, even trading and stuff with his own money.

There is a long background, if you want to hear it - let me know.

Short version: Do you know if financial accounts have a option for a "safety"?  He loves to look at his accounts, but we don't want to let him move money, buy/sell, basically anything except look.  This is all he does, look at the internet and read the paper.  We aren't ready to cut him off from his accounts if there is a possibility he can still just look.

I agree with calling and asking.  My 84-year-old mom got scammed BADLY about a year ago -- she let an "Amazon rep" who called her out of the blue install an app on her phone, watch as she accessed her bank account and made transfers, etc.  She didn't even have an Amazon account at the time!  We called Fidelity and they set something up on her account so that she can't transfer anything out or give anyone else authority to access her account without a lot of extra steps.  I think they called it a "security hold" or something?  It was their fraud prevention group that helped us with it.

I know I have something with my son's 529 account set up by his grandparents where I can view it but not make changes.

These are both with Fidelity.

[pumpkincat]

Would mint.com be an answer? He would be able to see all of his assets/liabilities, trending, history, etc, but it's view only.

[spindle92]

Apr 19, 2023 18:33:15 GMT -5 pumpkincat said:

Would mint.com be an answer? He would be able to see all of his assets/liabilities, trending, history, etc, but it's view only.

Along this same line,  my father is obsessed with the Quicken software and looking at all his investments with Ameriprise on there multiple times a day.

He cannot do a single thing with the Ameriprise account thru QUicken but he can make all these stupid graphs and shit on Quicken and that makes him happy.

If you want more info on the exact set up we have for him, let me know.

 

[pumpkincat]

Apr 19, 2023 19:33:48 GMT -5 spindle92 said:

Apr 19, 2023 18:33:15 GMT -5 pumpkincat said:

Would mint.com be an answer? He would be able to see all of his assets/liabilities, trending, history, etc, but it's view only.

Along this same line,  my father is obsessed with the Quicken software and looking at all his investments with Ameriprise on there multiple times a day.

He cannot do a single thing with the Ameriprise account thru QUicken but he can make all these stupid graphs and shit on Quicken and that makes him happy.

If you want more info on the exact set up we have for him, let me know.

 

This is me.  I am your father.      Why do I do this?? No idea.