#034: How to Avoid a Bernie Madoff-Type Scam
There are few things worse than getting involved in a financial scam. Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off. How can you avoid being scammed? Things to look for...
There are few things worse than getting involved in a financial scam.
Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off.
How can you avoid being scammed?
Things to look for in a financial advisor:
- Find someone who uses an independent custodian with a solid reputation. To whom are you writing the checks?
- Check out the firm on the Securities and Exchange Commission website.
- Research the individual via the Financial Industry Regulatory Authority (FINRA) Broker Check and the Investment Adviser Public Disclosure (IAPD) search function.
- Question anyone who gives you a guaranteed return, unless it is quite low.
Things to look for in a legal advisor:
- Check your state bar's disciplinary action history.
- Get your agreement in writing, including the fees that will be charge for the service recommended.
- If you pay any money upfront, how is it accounted for?
- Are they working inside their field of expertise?
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