Before you make a major purchase – car, television, refrigerator- most likely you’ve done some extensive research to ensure you are making the right decision. One of the most important decisions that investors make is choosing the right financial planner to work with.
Surprisingly, more than 70% of all investors do not do a background check on their broker before hiring them. Say what?
Yes, approximately 1/3 of people that decide to work with a financial planner do not check the background of that person that they are getting ready to hand over their life savings to. With the names of Madoff and Sanford making headlines, it’s even more important to at least double check your advisor’s background. It may not be a sure all prevention method, but you can easily find out if the advisor has had any prior wrong doings on his or her record.
