McFideo™ finds financial predators. How would you know if there’s a financial predator lurking around your assets or accounts? CNBC reported Bernie Madoff, Scam of the Century.
How can you spot a financial predator?
What does a financial predator look like, answer suddenly they start driving nicer cars, sporting nicer suits, living in nicer houses. What does a financial predator do? Pounce when you’re not paying close enough attention to your account activity – perhaps you’ve taken ill, got injured or hospitalized, on new meds, out of the country or distracted by a new team, new project, or perhaps there’s a new grand child. Any distraction is an opportunity for a financial predator to pick your account and begin to empty it, change terms, account agreements or investments or…your account statement mailing address without you knowing it.
Subtle financial predators
Some suddenly tell you they are about to go on vacation on their new yacht,drop a few names (to impress you) then while your guard is down, cajole you into switching into new hot investments, strategies and charge high commissions and fees. But what often happens is losses pile up, your account turns into a risky, speculative gambit and the broker or adviser collects huge fees and commissions and you are left holding the bag.
Some financial predators begin to loot your account then switch to a new firm and blame delays in account information on the old firm or the “system” – don’t buy it; speak to a branch manager or supervisor right away – there’s no harm in asking the status or holdings or about anything concerning your account.
Some always seem to have a smile, many times it’s genuine and authentic and caring and empathetic and sometimes it’s not.
Financial predator – things YOU can do to help spot
- Do you open all the mail you get from your bank, brokerage, investment planner, investment adviser, trust company or financial institution right away?
- Do you meet with your adviser in person?
- Do you talk to your broker on a regular monthly basis?
- Get to know the branch manager or supervisor in the broker’s or adviser’s office.
- Check the company website every now and then for the firm and person you are dealing with to spot updates to their services, products, strategic partners or new “joint ventures”
Financial Predators – a final note
Bernie Madoff is unfortunately, not the last scam artist nor the worst. Allen Stanford advertised extensively on televised professional golf matches and had a team of people handling investors’ “CD’s” (Certificate of Deposit) in an off-shore bank.
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