One of the biggest threats to your financial security is bad advice you could receive or investments you may make with a financial advisor. The Bernard Madoff case highlighted how important it is to do your homework, since many of the convicted swindler's clients trusted him and never asked how their investments worked.
Checking out your financial advisor is critical
A recent study by the CFP Board found more than half of certified financial planners have personally worked with an older client who has been subjected to unfair, deceptive or abusive practices when it comes to the financial advice they received or the financial products they were sold. "Older Americans have already given many years of hard work and dedication - raising families, serving in the military, building businesses - all to become one of our most financially secure generations," says CFP Board CEO Kevin Keller. "This survey reveals the pervasive financial abuse victimizing America's seniors."
It is not only older Americans who should be wary about financial advisor scams. The CFP Board, a non-profit organization that oversees certification for financial planners, suggests investors take specific steps to avoid falling prey to financial abuse. Watch the video >
TODAY Show on NBC
September 25, 2012