Saving and investing money, whether you intended it for retirement, a nest egg or your child's education, is a smart financial move. Investing often means taking a risk with that capital in order to earn a high rate of return. Unfortunately, the unprofessional behaviors of others can impact the value of your savings or investments.
Are you a financial adviser who is thinking about leaving your current broker-dealer and moving on with your clients in tow? Maybe you want to go independent -- or maybe you just want to work somewhere else, under a different mantle?
Investors should be able to count on their financial advisors to do what is in their clients' best interests. While many of them do what they should, there are some who are very self-serving. Instead of advising clients about what is best for the investor, they look at things from a selfish perspective and try to do what is going to make them the most money. In some cases, they will even take money that the investor thought was being added to their portfolio.
While anyone can get scammed by a financial advisor, elderly people are particularly vulnerable to being taken advantage of in financial transactions. With that in mind, the Kentucky government established the Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention program.
People who are involved in handling client investments know that there are often some complex elements associated with these duties. Trying to ensure that you are always in compliance with applicable laws and regulations can be complicated. There may be times when you need to answer for your actions to the Kentucky Department of Financial Institutions, Colorado Division of Securities, New York Stock Exchange, Financial Industry Regulatory Authority or U.S. Securities and Exchange Commission. In some cases, courts might also be involved.