Since the advent of cell phones and the internet, the ways unwary senior can get scammed has multiplied rapidly. Before you move any of your retirement savings into a new investment, make sure you do this:
1.) Check Its Legitimacy – These websites – BrojerCheck.finra.org, AdvisorInfor.sec.gov, and nfa.futures.org show all registered financial advisors’ records and licenses. If you don’t see your guy or the company trying to hustle you, stay away.
2.) Check Its Transparency – Any legitimate investment should have several independent ways you can find its price and performance. Don’t take the word of other investors. Most Ponzi schemes pay off the early investors so they will become unknowing shills for the people who are really going to get fleeced.
3.) Check with a Friend or Independent Adviser – Before making your decision, run the opportunity by another professional with no skin in the game or even just talk about it with a friend.
4.) Take Your Time – Any advisor who is urging you to act quickly is not acting in your best interest. Legitimate investments will always be around tomorrow.
