Is Your Advisor Scamming You?

If you read the paper, it doesn’t take long to see that investment scams are on the rise. It makes you wonder whom you can trust. And when it comes to your money no one wants to take any chances and rightfully so. But how do you know that you can really trust the guy or gal on the other side of the desk?
Here are a few quick and easy tips to help make sure you are working with someone you can trust.

1) It is free to call or go online and check out your advisor and his company with the Better Business Bureau. On their website and over the phone they can tell you how many complaints someone has and if they have been resolved. They can also verify how long they have been in business. Note: You can’t be in business very long without ruffling at least a couple of feathers so just because someone has a complaint or two does not make them a bad advisor but if they have a long list of unresolved complaints beware! If you don’t do anything else, make sure you at least check with the BBB before you buy.

2) It would not be a bad idea to check with your local County Courthouse to see if there are any pending civil suits filed against your Advisor or his company. Keep in mind though that many financial discrepancies are handled out of court with mediators so also check the FINRA website (Google FINRA Background check) as this is another great source to check out who you are thinking about working with.

3) Make sure to ask your friends whom they would recommend and if they can’t give you a stellar recommendation then don’t go talk to their guy or gal. If they are not thrilled chances, are you won’t be either. By the way, if you are already my client be sure and refer me to your friends (assuming you are thrilled!) as most people prefer to work with an advisor that they meet through a friend. They will thank you for it, I promise!

These are not the only steps you can take to make sure your Advisor is above board but, in this day, and age, I would say these are some of the minimum standards you should apply when selecting an Advisor. I hope this information helps you get the help you need and find someone you feel good about working with.