cfpboard financial self-defense guide

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    Cnsume Guide t

    Finncil Self-Defense

    W y kw rf

    CFP BoarDS

    Reviewed by Federal Citizen Inormation Center, U.S. General Services Administration

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    Welcome

    It should surprise no one that Certiied Financial Planner Board o Standards,

    Inc.whose core mission is to serve the publicwould publish a sel-

    deense guide.

    At CFP Board, we take the responsibility to protect American savers and inves-

    tors very seriously. It is why we insist that CERTIFIED FINANCIAL PLANNER

    proessionals adhere to a iduciary standard o care, which requires them to put

    the interests o the client irst. It is also why we uphold the CFP certiication as

    the standard o excellence or personal inancial planning.

    As the CEO o CFP Board, I have ound recent events particularly disturbing.

    Fraud and mismanagement by inancial proessionals have undermined con-

    sumer conidence. CFP Board is in an ideal position to advance the protection

    o consumers rom raudulent, unethical practices that can put their inancial

    utures at risk.

    CFP Boards consumer advocate, Eleanor Blayney, CFP, has written this guide

    as a irst line o deense or consumers who may be vulnerable to the minorityo inancial advisors who do not practice according to the highest ethical stan-

    dards. It is written in dedication to those who have been hurt by, or victims o,

    inancial raud and mismanagement.

    In these pages, CFP Boards consumer advocate alerts consumers to some o

    the common behaviors that warn o raudulent or unethical practices on the

    part o a inancial advisor. She describes these red lags and their potential

    consequences, lists the things that consumers should do to protect themselves,

    and provides inormation on how to ile an oicial complaint i unethical or in-

    competent practices are suspected. I encourage you to use this guide as a tool

    to protect yoursel and your loved ones.

    This guide, however, is just a starting point. To truly protect your inancial

    status, seek the advice o an advisor who will put your interests irst. A list o

    CERTIFIED FINANCIAL PLANNER proessionals in your area is available on CFP

    Boards Web site (www.CFP.net). The site also oers a wealth o inancial plan-

    ning inormation speciically designed to protect and educate consumers.

    I wish you success in your pursuit o inancial well-being.

    Kevin R. Keller, CAE

    CEO, CFP Board

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    caution: Red Flags ahead

    Check the news on any given day, and youll likely run across another sad

    tale o inancial raud. Even the most sophisticated investors can all prey

    to it, as the Bernie Mado saga clearly demonstrates.

    But you dont have to run in Mados circles to encounter inancial abuse. A

    2009 survey o CERTIFIED FINANCIAL PLANNER proessionals ound that:

    60% o respondents knew a consumer who had experienced

    raud or abuse at the hands o another advisor.

    The most likely targets o inancial raud or abuse were senior

    citizens, aged 61-75. (According to the Elder Financial Planning

    Network, seniors have lost $2.6 billion to inancial mismanage-

    ment or abuse.)

    These numbers leave us with serious questions. Whom can we trust? Where

    do we turn or guidance? What red lags can warn us o potential trouble?

    Thats why CFP Board has produced this Consumer Guide to Financial Sel-Deense. Here youll ind a series o red lags, taken rom a CFP Board

    survey o situations reported by CFP proessionals where a consumer had

    been taken advantage o by a inancial advisor. Each o these red lags:

    Identiies a common situation where consumers may

    be victimized.

    Describes the warning signs o raud or abuse.

    Shares real-lie situations in which consumers were abused.

    Shows you what you can do to protect yoursel.

    CFP Board is in a unique position to oer this booklet. As an organiza-

    tion created to serve the public, CFP Board holds CERTIFIED FINANCIAL

    PLANNER proessionals to rigorous ethical standards that put the clients

    interest irst and oremost.

    You can protect yoursel rom shady operators. Use the tips in this booklet

    as your irst line o deense.

    Eleanor Blayney, CFP

    Consumer Advocate, CFP Board

    1

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    2

    did You KnoW?

    60% o CFP certiicants know a victim

    o raud or abuse at the hands o

    another advisor.

    Source: CFP Board 2009 and 2010 Surveys

    Weve known

    him orever.

    Im sure you can

    trust him.

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    RedFlag2

    RedFlag3

    RedFlag4

    Red

    Flag5

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    3

    YouR selF-deFense moves

    Ask your advisor to provide services with the duty o care o a iducia-

    ry. This obligates them to base their recommendations on the clients

    best interests, ully disclosing any conlicts o interest (actual, potential,

    or perceived). I the advisor avoids the question or doesnt understand

    the term, go elsewhere.

    Trust, but always veriy. You cant board a plane without veriying your

    identity and passing security checks. With your very livelihood and u-

    ture security at stake, you cant aord to hire a inancial advisor with-

    out a background check.

    Ask your prospective advisor to identiy the organizations that license

    or supervise him. Brokers are regulated by FINRA; investment advisors

    by either the SEC or a state securities regulator; insurance agents by the

    state insurance commission in states in which they do business; CFP

    proessionals by CFP Board. Use these organizations Web sites to check

    the advisors background and disciplinary history, i any. (See the reer-

    ence list at the back o this guide or links to these organizations.)

    spot the Red Flag

    An advisor raudulently claiming to be a CERTIFIED FINANCIAL PLAN-

    NER proessional holds a power o attorney or a clients account and

    steals $1 million.

    An advisor gets business by claiming to be retired military, a CFP

    pro-essional, and even a Director o the CFP Boards Board o Directors. Cli-

    ents discover that none o these claims are legitimate only ater theyve

    been taken advantage o.

    Maybe hes lived next door or years. Perhaps your kids play together, you gol in the

    same oursome, or a close riend recommended him. Whatever the details, he claims

    to be a inancial advisor. Why not just go with him?

    To be sure, you want an advisor you can trust. But knowing someone as a person

    doesnt mean you know him as an advisor. People take it on aith that the advisor is

    who he appears to bethat the credentials on his business card are legitimate. Yet

    blind trust oten begets disaster.

    RedFlag1

    do YouR homeWoRK

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    4

    Just sign here.

    Ill take care o

    the rest.

    did You KnoW?

    Never sign any loan documents that

    contain blanks. This leaves you

    vulnerable to raud.

    Source: FBI Financial Crimes Report to the

    Public, FY 2009

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    RedFlag1

    RedFlag3

    RedFlag4

    Red

    Flag5

    RedFlag6

    RedFlag7

    Re

    dFlag8

    RedFlag9

    RedFlag10

    5

    Financial planning involves a lot o paperwork. To make the process easier, many advi-

    sors oer to complete the orms or you, using the inormation they have on ile. But

    that can lead to trouble. Any advisor can get your inormation wrong; an unethical

    advisor might alsiy data. Either situation can invalidate your contract.

    YouR selF-deFense moves

    Regardless o the paperwork burden, do not leave blanks that someone

    else could ill in without your knowledge or consent.

    Ask your advisor to send you copies o the inal, submitted documents.

    These should be clearly marked with the word inal (or as submitted)

    and the date the document was completed. That gives you hard evi-

    dence should a discrepancy arise later.

    spot the Red FlagAn advisor ills out an investor proile or a client. The proile incor-

    rectly describes the client as eligible or an investment. As a result o

    the misinormation in the proile, the client was put into an investment

    that was not suitable or the clients income or net worth. When the

    investment proved to be worthless, the loss was particularly damaging

    to the client.

    An advisor completes a orm to roll over his clients retirement plan to

    an IRA. The advisor incorrectly describes the client as no longer work-

    ing or the employer who set up the plan. The mistake renders the

    transer ineligible or rollover, and the client may be required to pay

    income tax on the account balance.

    While illing out a lie insurance application, an advisor asserts that his

    client has no history o alcohol abuse, even though her driving record

    includes an alcohol-related charge. When the client dies in a car acci-

    dent, the insurance company discovers the alse statement and reuses

    to pay beneits to her beneiciaries.

    RedFlag2

    Fill in all the blanKs

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    6

    This is just or my

    special clients.

    did You KnoW?

    There are no secret markets in which

    banks trade securities. Representations

    to the contrary are raudulent.

    Source: US Treasury Department, 2010

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    RedFlag1

    RedFlag2

    RedFlag4

    Red

    Flag5

    RedFlag6

    RedFlag7

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    dFlag8

    RedFlag9

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    7

    RedFlag3

    YouR selF-deFense moves

    Ask your advisor to veriyin writingthat his employer or company

    supervises the investment.

    Ask the employer or company directly whether it approves and super-

    vises the investment.

    I your advisor is a sole practitioner, veriy that she carries proessional

    liability insurance.

    Remember that investments should always be regulated or super-

    vised by third parties, with the risks and possible conlicts o interest

    ully disclosed.

    spot the Red Flag

    A broker uses the logo and guarantee o his ormer employer, an

    insurance company, to sell a tax-ree corporate bond returning 32% a

    year. (I the mention o a ormer employer doesnt send up red lags,

    the promise o a 32% return on a tax-ree corporate bond should!)

    An advisor sells away an interest in a private partnership to a client.

    The client loses her $4 million and has no recourse to sue the employer.

    An advisor oers a client an opportunity to earn a preerred inter-

    est rate. The catch: the opportunity involves lending money to the

    advisor himsel.

    Your advisor presents you with a private or exclusive investment opportunity. Her

    letter looks dierent somehow: maybe its not on her employers stationery, or it even

    bears the logo o another company. And though youve always done business at her

    oice, this time she asks you to meet at a local ca.

    Look out. Your advisor could be selling awayoering you an opportunity that her

    employer does not know about or supervise. That could hurt you in two ways: not only

    could your money be going into unsuitable or raudulent investments, but i they dont

    work out, you may have no legal recourse against the employer.

    beWaRe oF Rogue advisoRs

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    8

    Ill send you

    all the investment

    reports.

    did You KnoW?

    Thirty million Americans ages 18 and

    older, or 13.5% o the U.S. adult

    population, were victims o consumer

    raud during a one year period.

    Source: Federal Trade Commissions Fraud

    Forum, 2009

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    RedFlag1

    RedFlag2

    RedFlag3

    Red

    Flag5

    RedFlag6

    RedFlag7

    Re

    dFlag8

    RedFlag9

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    9

    RedFlag4

    maKe suRe it all adds up

    What i your advisors reports are the only reports you get? Even worse, what i you

    receive no regular reports at all? This happened to Bernie Mados clients, and we

    know how that turned out. Mados reports showed account balances that had long

    since disappeared into his boats, mansions, and cars.

    spot the Red FlagAn advisor asks a 71-year-old woman to transer accounts to his new

    irm. From then on, she receives no statements showing her accounts

    or the value o her investments.

    A client receives statements only rom his advisor. Later, he is horriied

    to learn that the advisor is going to prison or raud.

    An advisor accepts money rom a client or a speciic investment, but

    the client never receives written conirmation o the investment pur-chase. The advisor is later ound guilty o running a Ponzi scheme.

    YouR selF-deFense moves

    Make sure you receive regular statements rom independent third-party

    sources. Usually, these sources are the custodians o your assetseither

    a brokerage irm or a trust company. Reconcile the statements with re-

    ports you receive rom your advisor, and ask about any discrepancies.

    I you invest in limited partnerships, real estate, or non-traded securi-

    tiesany investment not valued requently or held by a separate cus-

    todianveriy that the investment manager is audited annually by a

    reputable independent accounting irm.

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    RedFlag1

    RedFlag2

    RedFlag3

    RedFlag4

    RedFlag6

    RedFlag7

    Re

    dFlag8

    RedFlag9

    RedFlag10

    11

    Red

    Flag5

    YouR selF-deFense moves

    Never make a check payable to an advisor. Never leave the payee line

    blank. I you pay a ee or the advisors services, always make the check

    payable to the advisors business.

    Reuse any request or a personal loan.

    Question any situation that gives an advisor unlimited access to money

    intended or investment (or money actually invested). That includes giv-

    ing the advisor a ull power o attorney or your accounts.

    Youve met with an advisor, liked what you heard, and decided to buy a inancial prod-

    uct. Then, when you get out your checkbook, the advisor says, Just make it payable

    to me. Ill make sure it gets invested. Or he tells you to leave the payee line blank. At

    best its unethical. At worst its raud.

    spot the Red FlagAn advisor deposits a clients check, made payable to himsel, into his

    own account or his own use. He then issues raudulent statements,

    leading the client to believe that the unds have been invested.

    An advisor talks a client into lending her money. Later she declares

    bankruptcy, and the client has little chance o collecting the debt.

    An advisor persuades a client to give him $100,000 or an advanced

    premium deposit und that will pay o her $2 million lie insurance

    policy. When the client asks or her money back, she discovers that the

    advisor is using the unds or his own purposes.

    dont give aWaY the KeYs

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    12

    I know its

    a difcult time,

    but you need

    to decide.

    did You KnoW?

    When the economy alters, its a prime

    time or scams. Con artists target

    people who are desperate or quick

    help with their money problems.

    Source: Consumers Union, July 14, 2009

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    RedFlag1

    RedFlag2

    RedFlag3

    RedFlag4

    Red

    Flag5

    RedFlag7

    Re

    dFlag8

    RedFlag9

    RedFlag10

    13

    RedFlag6

    YouR selF-deFense moves

    Be suspicious o pressure tactics or sales pitches during a major lie

    change. Its best not to make important decisions or at least a year or

    two ater a personal loss.

    Find an advocatea trusted amily member or riendto help you

    with truly urgent matters, such as meeting tax or reporting deadlines.

    spot the Red Flag

    An advisor convinces a recent widow to invest her $350,000 death ben-

    eit in a variable lie insurance policy. Her greatest need, however, is not

    insurance but cashcash thats now tied up in the insurance policy.

    A victim o Hurricane Katrina receives a loan rom the Small Business

    Administration to rebuild his business. An advisor presses him to pur-

    chase an annuity with the unds insteadan annuity he cant touch or

    10 years without signiicant surrender ees.

    A woman visits the local uneral home to make arrangements or her

    mothers uneral. An advisor meets her there with paperwork to move

    the mothers investments to the bank he represents. Only later does

    the woman discover that he not only moved the investments, but sold

    them without her knowledge.

    Your lie has turned upside down. Perhaps youve lost a spouse, are going through a

    diicult divorce, or lost your home. In the ace o events like these, we oten eel vul-

    nerable and lack perspectivenot the best time to make big decisions. Unscrupulous

    advisors know this and may swoop in with opportunities, pressing you or a decision

    beore you can think straight.

    step bacK

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    14

    This ones a

    no-brainer.

    You cant lose.

    did You KnoW?

    An analysis o Mados returns versus

    the S&P 500, showed that he only had

    three down months versus the markets

    26 down months during the same

    period, with a worst down month o

    only 1.44% versus the markets worse

    down month 14.58%.

    Source: SEC investigation report againstMadoff, August 31, 2009

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    RedFlag1

    RedFlag2

    RedFlag3

    RedFlag4

    Red

    Flag5

    RedFlag6

    Re

    dFlag8

    RedFlag9

    RedFlag10

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    RedFlag7

    YouR selF-deFense moves

    When your advisor recommends a und, insurance contract, or retire-

    ment strategy, listen careully or a air, complete discussion o the pros

    and cons. Write them down. I youre hearing only pros, youre not

    getting the ull story.

    Ask the advisor under what circumstances the investment will not per-

    orm as projected. Consider economic eventssuch as inlation or ris-

    ing interest ratesas well as your personal circumstances. What hap-

    pens i you need money or an unexpected event? What happens i you

    die early or outlive the income stream?

    Make sure the advisor ocuses on your speciic needs as much as on

    the investment.

    Ask or a description o the investment in writing, with a clear state-

    ment o its beneits and risks. In this document, youll see that such

    words asalways, guaranteed, and completelyare absent, even i

    they were used requently in the verbal presentation.

    spot the Red Flag

    An advisor consistently sells variable annuities to seniors with the promise

    o no loss o the unds invested and a high return. Seniors hear all the

    advantagesan income stream they cant outlive, guaranteed death bene-

    its, high yieldand sign up. The advisor, however, doesnt tell them about

    the steep surrender charges and limited options or distribution. More o-

    ten than not, the annuity turns out to be a bad it or the investor.

    No risk, high return. I it sounds too good to be true, thats because it is. A undamen-

    tal principle o investing is theres no ree lunch. I an advisor tells you otherwise,

    take your business elsewhere.

    looK FoR the doWnside

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    16

    This oer is good

    or today only.

    did You KnoW?

    The Scarcity Tactic, or implying that

    something is rare or scarce, is one o

    the most common persuasion tactics

    used in investment raud.

    Source: Outsmarting Investment Fraud by

    the SEC, AARP and FINRA

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    RedFlag1

    RedFlag2

    RedFlag3

    RedFlag4

    Red

    Flag5

    RedFlag6

    RedFlag7

    RedFlag9

    RedFlag10

    17

    Re

    dFlag8

    YouR selF-deFense moves

    Give yoursel plenty o time to mull over an investment beore you de-

    cide. Dont act until you ully understand what is being oered.

    Speak up when you eel pressured. Any eeling o pressure is reason

    enough to delay making a decision.

    Know how the advisor earns her pay, and consider this as you evaluate

    her advice. An advisor who practices as a iduciary will disclose upront

    whether her compensation is tied to a speciic product or recommen-dation. I she doesnt mention how she is paid, ask.

    Use your ree look period. Contracts or insurance policies and an-

    nuities oten give you this periodusually 30 daysduring which you

    can back out without incurring penalties.

    spot the Red Flag

    An advisor visits her clients at home, seeking a signature or a check.

    Ethical advisors may also make home visits, but only or the convenience

    o clients; unethical advisors invade the clients personal space to gain

    an emotional advantage. (One client, visited six times by a persistent

    advisor, considered signing the deal as a way to make the visits stop.)

    An advisor invites clients to a ree dinner and seminar. The resulting

    sense o social obligation created an implied pressure to sign up or the

    advisors limited time only investment.

    The bigger the decision, the more time and care it deserves. Ater all, the choices you

    make today can have consequences or years to come. Ethical advisors know thisso

    they give clients plenty o space or making smart choices, urging action only when

    chronic indecision has hurt the clients interests in the past.

    Unethical advisors see things dierently. They might push a deal to meet sales quotas

    or earn bonuses. For them, the ast decision trumps the right decision.

    dont let YouRselF be pRessuRed

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    18

    I can replace that

    with something

    better.

    did You KnoW?

    Churning reers to the excessive

    buying and selling o securities in your

    account by your broker, or the purpose

    o generating commissions and without

    regard to your investment objectives.

    Churning can be a violation o SEC

    Rules and other securities laws.

    Source: SEC 2009, April 15, 2009

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    RedFlag1

    RedFlag2

    RedFlag3

    RedFlag4

    Red

    Flag5

    RedFlag6

    RedFlag7

    Re

    dFlag8

    RedFlag10

    19

    RedFlag

    9

    YouR selF-deFense moves

    Whenever you are presented with a proposed transaction, ask, What

    does this cost me? In particular, ask about surrender charges, loads,

    commissions, internal expenses, or other transaction charges. (The ex-

    istence o charges isnt an abuse; not being told about them is.)

    Always ask your advisor, What do you get rom this transaction?Third-party payment or commission isnt a red lag all by itsel. But i

    the beneits or you arent enough to justiy that commission, look or

    other investment options.

    Consider whether the timing o proposed transactions is motivating

    the recommendation. Too requently, new annuities are sold just as the

    surrender charges on existing annuities have disappeared, or an advisor

    suggests a replacement insurance policy or inancial product just as she

    moves to a new irm.

    spot the Red Flag

    An advisor convinces a client to replace a variable annuity as soon

    as its surrender charges have expired, telling the client that this is a

    tax-ree transaction. The advisor makes $80,000 in undisclosed com-

    missions on the replacement annuity. The client now aces a renewed

    period o surrender charges.

    At the suggestion o his advisor, a client buys an insurance policy with

    an extravagant premiumnearly hal the clients annual income! The

    client has no beneiciaries and doesnt need the insurance or estate

    planning. What triggered the decision to buy? The advisor recommends

    the policy as a tax-ree investment likely to perorm better than other

    investment options.

    Better or whom? Ethical inancial advisors are always on the lookout or ideas and

    investments that make their clients lives better. In contrast, unscrupulous advisors typi-

    cally base their buy/sell decisions on the size o their commission or ee. Because selling

    sometimes eels like admitting a mistake, a suggestion to sell or something better

    can be a powerul motivator or investorsand a recipe or trouble in the hands o a

    scam artist.

    FolloW the moneY

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    20

    Its verycomplicated.

    No need to

    bother you with

    all the details

    did You KnoW?

    Financial abuse costs elders more than

    $2.6 billion annually, though our in ive

    cases are not reported.

    Source: MetLife Mature Market Institute Study,

    March 2009

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    RedFlag1

    RedFlag2

    RedFlag3

    RedFlag4

    Red

    Flag5

    RedFlag6

    RedFlag7

    Re

    dFlag8

    RedFlag9

    21

    RedFlag10

    asK, asK and asK again

    Financial matters are complicated. Thats why we rely on advisors in the irst place. Un-

    ortunately, lack o inancial expertiseor other issues, such as dementiacan make

    clients vulnerable to raud.

    spot the Red Flag

    An elderly client asked her bank or a better rate on her CD. She walkedout with an annuity that could not be surrendered or more than 10

    years without a steep sales charge. The client had no idea that her new

    investment worked very dierently rom her old one.

    A client had never heard o the companies he held as individual stocks

    in his advisor-managed portolio. He discovered this only ater incurring

    substantial losses.

    A client was unaware that his brokerage company had been named

    as the trustee in his estate planning documentsand that the named

    trustee could not be replaced.

    YouR selF-deFense moves

    Tell your advisor when you dont understand something. Ethical advi-

    sors will be happy to explain: they know that the best clients are well-

    inormed clients. I you dont understand the explanation, ask again.

    Forget about handing over your inancial decisions to a proessional

    because you dont want to be bothered. At a minimum, you must be

    able to assess whether your advisor is helping you.

    I necessary, get a second opinion on your advisors recommendations

    or approach. The cost o another set o eyes is trivial compared with the

    potential cost o raud or abuse.

    Plan or the possibility that you may not be able to handle your own

    aairs. Give power o attorney to a trusted riend, relative, or proes-

    sional to make inancial decisions in the event that you cannot act on

    your own behal.

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    RemembeR

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    to pRevent Financial abuse:

    Trust, but always veriy. Ask your advisor to provide services with the duty

    o care o a iduciary. Identiy the organizations that license or supervise him

    (see the reerence list on the next page), then check their Web sites or his

    background and disciplinary history, i any.

    Never leave blanks on paperwork, and always ask or inal or submitted cop-ies (with the word inal or submitted stamped right on them).

    Ask whether your investments are regulated or supervised by third parties.

    Make sure you receive regular statements rom independent third-party

    sourcesnot just rom your advisor.

    I you invest in limited partnerships, real estate, or non-traded securities,

    veriy that the investment manager is audited annually by a reputable inde-

    pendent accounting irm.

    Always make your checks payable to the advisors business or custodiannot

    the advisor hersel. Question any situation that gives your advisor unlimited

    access to your money.

    Take your time beore any decisionand dont make major decisions just

    ater a lie change, like a divorce or the death o a loved one. Find a trusted

    amily member or riend to help in reviewing or making the decision.

    Ask your advisor to list the pros and cons o each investment idea. I you hear

    only the pros, youre not getting the ull story.

    Understand how your advisor earns her pay. She should disclose any

    conlicts o interestactual, potential, or perceivedthat might aect

    her recommendations.

    Beore agreeing to any transaction, careully consider the charges youll incur

    and the timing involved.

    Understand your investments. Ask i you dont understand, and get a second

    opinion i necessary.

    Designate a trusted riend or relative to handle your investments in case

    something happens to you.

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    ResouRces and useFul linKs

    to Find a Financial planneR oR advisoR in YouR aReawww.CFP.net/search

    www.panet.org/PlannerSearch/PlannerSearch

    www.napa.org (click Find An Advisor on the let navigation panel)

    to checK the bacKgRound oF a Financial planneRoR advisoR

    Some o these resources may also tell you about your advisors employment history, disci-

    plinary record, and registrations.

    www.CFP.net/search

    www.fnra.org/brokercheck

    www.adviserino.sec.gov

    to File a complaintStart by taking your complaint directly to the advisor and the management o your advisors

    broker-dealer or investment advisor. I you ail to get a satisactory response, then contact

    the agencies below.

    I the complaint is about:

    a broker or securities product (such as stocks or mutual unds), contact:

    The Financial Industry Regulatory Authority (FINRA):

    www.fnra.org/Investors/ProtectYoursel/p118628

    Your state securities regulator:

    www.nasaa.org/QuickLinks/ContactYourRegulator.cm

    an insurance salesperson or product (such as insurance policies or annuities), contact:

    Your state insurance commissioner:

    https://eapps.naic.org/cis/fleComplaintMap.do

    an investment adviser or investment advice, contact:

    The U.S. Securities and Exchange Commission (SEC):

    www.sec.gov/complaint.shtml

    Your state securities regulator:

    www.nasaa.org/QuickLinks/ContactYourRegulator.cm.

    a CFP certifcant, contact:

    CFP Board: www.CFP.net/learn/complaint.asp

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    1425 K Street, NW, Suite 500, Washington, DC 20005

    P: 800 -487-1497 F: 202-379-2299

    [email protected] www.CFP.net

    Certiied Financial Planner Board o Standards, Inc. (CFP Board) is a nonproit certiication and

    standards-setting organization whose mission is to beneit the public by granting the CFP

    certiication and upholding it as the recognized standard o excellence or competent and ethical

    personal inancial planning. CFP Board owns the certiication marks CFP, CERTIFIED FINANCIAL

    PLANNER, and in the U.S., which it awards to individuals who successully complete CFPBoards initial and ongoing certiication requirements. CFP Board currently authorizes 62,000

    individuals to use these marks in the U.S. Learn more about CFP Board, CFP certiication and