Who Can You Trust With Your Money?: Get the Help You Need Now and Avoid Dishonest Advisors
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“ Bonnie Kirchner is perhaps the only person in America who is qualified enough to write this book. She has the experience, the firsthand knowledge, and the credibility to help you find a personal financial advisor you can trust. In ways no other author could, she helps you navigate the oftentimes treacherous world of personal financial advice and helps you learn how to find someone you can trust with your money, your financial plan, and your life’s goals.”— Robert Powell, Editor, Retirement Weekly; Retirement Columnist, MarketWatch.com/retirement“ This book is a must read for those consumers thinking about hiring a financial advisor and for those who have one already. Bonnie shares her personal story so that you can be protected from the scammers and the thieves that seem to lurk in the shadows. 99% of financial advisors are the good guys that wear the white hats and really want to help their clients succeed. Bonnie can help you sift through the masses to weed out that bad seed.”— Dee Lee, CFP®, Harvard Financial Educators and Personal Finance Editor, WBZ radio–CBS affiliate, Boston“ The two biggest risks to your financial well-being are not the markets and the economy; they are fraud and bad advice. The author shares her personal story of how this can happen even with those we trust the most. More importantly, she gives you the knowledge of what financial planning is all about and then how to steer clear of potential fraud or just plain bad advisors!”— Dave Caruso, CFP®, Chairman and CEO, Coastal Capital GroupIs Your Financial Advisor Stealing From You?If it could happen to Bernie Madoff’s clients, it could happen to you. Make sure it doesn’t. Bonnie Kirchner reveals the hidden signs that could mean you’re getting ripped off–and what to do about it if you are. You’ll also learn how to identify a truly reputable advisor and build a relationship that gives you your money’s worth. Nobody’s more qualified than Kirchner to write this book. She’s a CERTIFIED FINANCIAL PLANNER™ professional who was one of New England’s leading TV personal finance reporters. And, as the unwitting victim of her ex-husband, notorious Ponzi schemer Brad Bleidt, she found her own life ripped apart by one of the nation’s biggest financial scandals. Since divorcing Bleidt, she’s devoted herself to understanding exactly how financial scammers operate. This book shares everything she learned the hard way–so you won’t have to!• Choose a capable advisor you can trust• Ask the right questions; check the right details• Build a successful relationship with your advisor• Recognize minor discrepancies that may mean something is very wrong• Protect yourself if you learn you are being ripped off
Foreword . . . . . . . . . . . . . . . . . . . . xiAcknowledgments . . . . . . . . . . . . . . . xiiiAbout the Author . . . . . . . . . . . . . . . . xvIntroduction . . . . . . . . . . . . . . . . . . xviiChapter 1 Recent Investment Scams . . . 1Bradford C. Bleidt . . . 1Bernard Madoff . . . 8Chapter 2 What Is Financial Planning? . . . 15Chapter 3 The Meaning Behind Advisor Designations and Licenses . . . 21Chapter 4 Advisor Compensation . . . 31Chapter 5 Deciphering Fee Structures . . . 35Portfolio Development and Asset Management . . . 35Financial Planning . . . 36Stocks, Bonds, and Exchange Traded Funds . . . 36Mutual Funds . . . 37Variable Annuities . . . 39Indexed Annuities . . . 41Insurance . . . 41Chapter 6 Finding Additional Fees . . . 43Managed and/or Brokerage . . . 43Variable Annuities . . . 44Mutual Funds . . . 45Exchange Traded Funds and Index Funds . . . 46Chapter 7 Financial Products and Advisor Compensation . . . 47Investment-Related . . . 48Insurance Coverage . . . 49Financial Planning . . . 50Chapter 8 Statements, Communications, and the “Dreaded” Prospectus . . . 51Statements . . . 51Prospectuses—Mutual and Exchange Traded Funds . . . 53Shareholder Updates and Annual Reports . . . 55Prospectuses—Variable Annuities . . . 56Standard Charges (on Most Contracts) . . . 56Rider Electives . . . 57Proxy Materials . . . 57Chapter 9 The Roles of Various Financial Institutions . . . 59Investments in Insurance Products . . . 61Investment Management and Investment Product Sales . . . 63The Broker/Dealer . . . 63The Custodian . . . 64The Federal Deposit Insurance Company . . . 65The Securities Investment Protection Corporation (SIPC) . . . 66Chapter 10 Understanding What You Need . . . 67Chapter 11 Choosing Advisors to Consider . . . 77Chapter 12 Choosing Candidates to Interview . . . 81Chapter 13 Interviewing Candidates . . . 85Preparing for the Meeting . . . 85During the Meeting . . . 92After the Meeting . . . 97Chapter 14 Spotting Red Flags: Advisors to Avoid . . . 101The Name and Information Gathering Phase . . . 101During the Meeting . . . 104After the Meeting . . . 106Advisors to Avoid . . . 107Chapter 15 The Rules of Engagement . . . 111Chapter 16 Maintenance of the Advisor–Client Relationship . . . 127Chapter 17 Activity . . . 131Chapter 18 Accessibility . . . 135Chapter 19 The Dysfunctional Relationship . . . 137Chapter 20 Criminal Versus Non-Criminal Behavior . . . 143Chapter 21 Filing a Complaint . . . 149Appendix A Consumer Resources . . . 155Credit Ratings Agencies . . . 163Appendix B Glossary . . . 167Index . . . 187
