It may seem challenging to find a broker, financial advisor or financial planner you can trust. Here are some steps consumers can take to protect themselves.
First, check to see that the person appears in either system and that they are licensed or registered with a firm.
Prospective clients should also Google the advisor or broker's name to see if any news articles about past indiscretions or lawsuits appear. If so, it's another bad sign. The regulatory databases will also list any disclosures, complaints, arbitrations or settlements involving the individual. That makes it much harder for an advisor to steal money or take advantage of a client, since the assets aren't held in-house and clients aren't making checks out to the advisory firm, he said.
Proprietary investments — for example, owning a mutual fund run by your brokerage firm — aren't necessarily a fraud signal, but may be a sign that an advisor or firm is making money at your expense, Friedman said. And, importantly, understand your investments; only place your money with reputable asset and fund managers, experts said. If you can't understand it, it's a bad sign, as is an investment that seems too good to be true.
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