Q: I was invited to a free lunch seminar given by a “Senior Specialist” who offered to review my retirement portfolio and make recommendations. It all sounds good. Should I have concerns?
A: Yes. Be wary. Many people just like you have been cheated out of savings, windfall insurance payments and even the equity in their own homes. You have worked hard over the years and sacrificed to get where you are today. Don’t let unscrupulous fraudsters cheat you out of your hard-earned money.
Do Your Homework
You should research any professionals who call themselves “senior specialists.” The designation implies that that individual has specialized knowledge and expertise in assisting seniors, but sometimes that designation can be “earned” with little or no training at all. Before doing business with a senior specialist, you should check with the state regulators and/or licensing agencies to make sure that that individual is properly licensed.
Remain Vigilant
Many people are lulled into a false sense of security by the longevity of a relationship, a perceived friendship or even just a smooth-talking professional. Whatever your circumstances, you should always review your investments and question any suspicious or unexpected transactions. Look for signs of excessive or unauthorized trading. Ask your advisor to explain anything questionable. A reputable advisor will be available for questions and open to discussing your account on a regular basis.
Be Suspicious
If you experience unexpected, significant delays in getting withdrawals from your account, that may be a sign of an issue. Certainly, there are types of investments that have restrictions on your ability to withdraw from them, but all those restrictions should be fully disclosed before you make the investment.
Don’t be Easy Prey
The death or hospitalization of a spouse has many sad consequences. Don’t allow financial fraud to by one of them. Unfortunately, one of the times when seniors are most vulnerable to fraud is during such times, since the emotional strain of the tragedy makes them an ideal target for fraud. If you find yourself suddenly in charge of your own finances, get the facts before you make any decisions.
Shun the Scammer
It’s nice to have friends stop by for a visit, but it’s not so nice to open the door to a home repair scam. Beware of “contractors” who knock on your door and say your roof or driveway are in need of repair. Ask for a business card and thoroughly investigate the company and/or get a second opinion before agreeing to any repair work. Save your good manners for friends and family members, not strangers looking for a quick buck.
Consult a CPA
In making decisions that impact your financial future, remember that your local CPA can help. Working with a CPA, you can develop a strategy that should provide you peace of mind in your retirement years. He or she can offer the advice and information you need to make smart financial decisions. You may contact me at (409) 892-0233 or (409) 883-5306. My email address is brad@ekc-cpa.com
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Solutions
- Do Your Homework
- Remain Vigilant
- Be Suspicious
- Don't be Easy Prey
- Shun the Scammer
- Count on Your CPA
Let us assist you
Beaumont: 3440 Eastex Fwy., Beaumont, TX 77703 Ph: (409) 892-0233 * Orange: 2250 Gloria Dr., Orange, TX 77630 Ph: (409) 883-5306
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