| 02 April 2010
With more and more stories surfacing about clients being "cleaned out" by their investment adviser, broker, or insurance agent, Ohio's Department of Commerce has decided to take an public awarenes initiative, complete with website, TV commericials, and radio messaging.
Ohio's Division of Securuties (the governing body for Registered Investment Advisers in our state) has followed through on a great idea - that is, educating the commonplace mass affluent client, telling them what to look for in their financal professional. Such items might include experience, education, personal financial disclosures, conflicts of interest, and (last, but not least) past disciplinary actions. We'd like to think that all financial advisors are ethical enough to answer these questions honestly when asked, but a trending behavior in misleading clients in order to make a quick buck has told us otherwise.
Ohio's campaign "Be careful. I'm a con artist." hits the nail on the head. May folks get referred to their financial professional through a trusted source - a friend, family member, or co-worker. And while this is certainly a good way to be introduced, it shouldn't exempt anyone from a the scutiny of a thorough background check from a prospective client. As a Registered Investment Advisory firm, we could go on all day about this topic and how to go about checking up on your financial advisor. But the new campaign webiste does a better job outlining this exact topic. Spend some time reading this information and don't be afraid to check up on your own advisor - an ethical one won't mind the inquiry.
Capstone Wealth Partners, Ltd. |