Notes for trust officers, private bankers and others concerned with estate and trust planning, from a Merrill Anderson Senior Editor and his retired mentor.
You want details? You got details, courtesy of Gretchen Morgenson. See It's Not Nice to Mess With J. R. Five years ago, the Hagmans quit their registered investment adviser and moved their account to Lisa Ann Detanna, a broker at Smith Barney, then owned by Citi. " … Ms. Detanna quickly began upending the couple’s portfolio, taking it from a conservative blend of 25 percent stocks and 75 percent fixed income and cash to the opposite: 75 percent stocks and the rest cash and bonds. "Never mind that when the Hagmans first sat down with Ms. Detanna, they told her they needed income-producing investments that would preserve their principal, according to the documents. "Ms. Detanna also sold Mr. Hagman a $4 million life insurance policy that required onerous annual premium payments of $168,000." In addition to heavy losses when stocks fell, Hagman lost over $400,000 on the unneeded insurance policy.
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