I don’t know much about stocks. My parents are almost 70 and they have like 30k in stocks with a financial broker. They received paperwork to sign because the broker is moving to a new company and in the paperwork I see that the advisor put foe the question : “What is your investment time horizon for this account?” The stock guy chose: “More than 10 years”. Then for the next question: “Do you have liquidity needs from the funds in this account?” He chose “No”. The next question after that if the answer was Yes, would have been to answer “If yes, when do you need these funds?” And the options are “within 3 years” or “more than 3 years”.
I’m trying to understand this…my parents are near 70 and perhaps what if they needed to pull some money out 5 yrs from now or so. Is that what this question is asking when it asks the investment time horizon and liquidity needs? Do we need to think about changing this and tell the stock guy or is this something completely different and I have no idea what I’m talking about?
