How to Fend Off Financial Fraudsters

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How to Fend Off Financial Fraudsters

Feb 13, 2012

The "Consumer Guide to Financial Self-Defense" highlights behaviors that "warn of fraudulent or unethical practices on the part of a financial adviser." Produced by the Certified Financial Planner Board of Standards Inc., the 28-page booklet features a series of 10 "red flags." Each flag identifies a common situation where you may be victimized; describes the warning signs of fraud or abuse; shares actual examples in which individuals were cheated; and shows what you can do to protect yourself.

The chances of encountering trouble may be greater than you think. According to the board's survey of CERTIFIED FINANCIAL PLANNER™ [professionals], 60% of respondents knew a consumer "who had experienced fraud or abuse at the hands of another adviser." What's more, the most likely targets of such fraud were older adults, ages 61-75. Read more >

Smart Money
Glenn Ruffenach
February 13, 2012

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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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