She says I have not rights to see or question what she is doing with his money. She says she does not work for me and is not required to tell me anything about his finances. I don't believe this is in the best interest of my father. Is she correct? Isn't there some sort of oversight that should be happening when managing this amount of money?
I'm 61 and I rebalance one a year, usually on New Year's eve, just for a comparison .
I would contact the financial advisor, because his advice on how to invest the money may have changed. I think you need to have a non accusatory conversation with your sister pointing out the danger of keeping more than 100,000 in a single account. Does she think the plan unwise, OR Is she unable To execute for some reason?
How on earth does a bank accidentally send you a bank statement? Also, who is this financial planner working for? Siblings or Dad? Who hired him?
From my experience, if one has financial POA they do not have to disclose anything to anyone unless court ordered. It's just a nice pleasantry if you do.
Many people do not go for optimal growth of money when someone is older because increased growth usually comes with increased risk of loss. Often there is also reduced liquidity if the money is needed right away. Is the advice of the financial manager conservative, given the age and health of your father?
It sounds to me like her main problem was in not getting the taxes done. Perhaps she is financially naive and could be making more money. Is your father no longer competent? Her job as POA is to see that his money is to be used reliably for his care. Making more money is not really a priority at this stage of life. What you can do is to work with her to move the money in the way you think best. She can sign off the movement of money if she thinks it is wise. I hope that the family is not too alienated by now.
I was thinking of my mother's finances. I could be making more money with what she has, but she wants to keep things as they are. I know she is losing money to inflation, but she wants to avoid the stock market. I don't really blame her, since it has been mighty volatile lately. So the money stays safe in the bank, where it is getting virtually no interest. I miss the days when banks actually paid interest.