Ep. 74 – How to Know Your Advisor Is Not a Bernie Madoff
How do you protect your investment from possible investment fraudsters, A.K.A Bernie Madoff?
We’re sure that the last thing you want is getting ripped off your investment that you’ve probably set aside as your retirement plan, right? It is very important that you be extra careful when approaching an advisor to protect your money and future. Keep in mind that the role of your advisor is to administer things for you, not create them.
In this episode of the Secure Your Retirement podcast, we talk about the different things you can do to ensure that your advisor is legitimate. We cover your advisor’s dos and the don’ts and the red flags to look out for a Bernie Madoff.
In this episode, find out:
- A legitimate advisor has a third party as an oversight/ custodian
- Understanding that the custodian creates the investment statements, not the advisor
- Why you should have access and control over your third-party account
- Why your advisor should only administer your account not create anything
- How to make sure your advisor is rightly and legitimately licensed and registered
- How to safely transfer money from your accounts
- How to check the ADV form to know more about the advisor’s entity
Tweetable Quotes:
- “Make sure that whomever you’re working with, first thing is that they’re licensed.”– Radon Stancil
- “You should never be writing a cheque to the investment company; you’re going to be writing it to the custodian.”– Murs Tariq
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to morgan@pomwealth.net.