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Guidelines for Protecting Yourself From Financial Fraud

It seems that the older we get, the more solicitations we receive from organizations or people that want to help us manage our money. Getting help is generally a good idea to make sure you are protecting and growing your assets wisely; however, in today’s world, you must be extra vigilant to protect yourself from financial fraud.

Here are some guidelines to be sure you don’t become a victim of financial fraud:

Check financial advisor’s credentials. The SEC regulates investment advisors; brokers are regulated by FINRA and insurance agents by the state insurance commission. Be sure to look up your advisor on one of these websites and check for any disciplinary records as well as employment history and registrations.

Understand compensation. Be sure you know how your advisor is compensated – hourly rate, flat fee or commission on the securities they sell or assets they manage. Also be sure you understand all the fees involved with an investment you are considering.

Get the pros and cons. Every investment discussion should include both the pros and cons; if you’re just getting one side of the story, be wary.

Watch the paperwork. One red flag is if you only receive statements printed on your advisor’s letterhead. You should get regular statements from independent sources. You should never leave any blanks on paperwork you fill out, and should always ask for final, submitted copies of transactions.

Pay to the right entity. Never give an advisor unlimited access to your money. Always make checks payable to the advisor’s business or custodian, not to the advisor directly.

Take time with big decisions. Never make a major investment decision after a life-changing event like the death of a spouse or a divorce.

Designate a financial power of attorney. Estate planning is always an important part of financial planning, especially when it comes to designating a financial power of attorney by appointing someone you trust to take care of your finances if you become incapacitated.

The Dorcey Law Firm, PLC, provides effective asset protection and estate planning services to Florida residents. Contact our Fort Myers law firm for your free consultation.

Categories: Asset Protection
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The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169