Clint Campbell with UFCU has some helpful tips on what to look for when managing your money. Ask your advisor to identify the organizations that supervise him or her. Go to the websites of these organizations to verify the advisor’s credentials, For example, if the advisor is registered with a broker/dealer, you can use the “Broker Check” tool at FINRA.org. Their “Broker Check” report will include any disciplinary actions taken against them. You can also look up advisors on the Certified Financial PlannerTM (CFP®) website: letsmakeaplan.org. Never invest in something that sounds too good to be true or that you don’t understand. It’s a good practice to seek a second opinion from your accountant or another trusted advisors that you work with. Make sure that you understand the details including expenses and fees, tax consequences, restrictions on accessing the money, etc. Never make give a personal loan to an advisor and if he/she asks for one you should find another advisor. Do not leave blank spaces on an application that you have signed. Make sure you are getting regular account statements and confirmations. Online access to your accounts should is standard practice these days.
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