Bernard Madoff’s Ponzi Scheme, which allegedly helped defraud investors of $50 billion, is the latest example of how the financial services industry fails to protect those they serve. The market chaos coupled with this case and apparent inability of the Securities and Exchange Commission (SEC) to monitor large financial businesses highlights the intensifying need for tougher regulation.
Until this regulation is in place and agencies in place are cracking down on unethical, fraudulent practices, investors must take the necessary precautions to ensure they are not at risk. I have written an article on this for you: Trusted Financial Advisor Or Broker? Discover the Difference With These 6 Guidelines
Build relationships with financial professionals who you know are doing the best for you, not just because your cousin Vinnie referred you to them.