How to avoid being ripped off by a financial advisor: 3 simple checks
It is alleged that Sydney-based financial advisor, Melissa Caddick stole $25 million from her clients. She has recently gone “missing”, leaving a trail of disaster for her clients and family members.Many con artists are very cunning and go to great lengths to conceal their wrongdoings. But there are a few simple steps you can take which will virtually eliminate any chance of you being ripped off.An advisor must be an independent intermediately, not a fund managerVirtually all fraud committed by financial advisors occurs when the advisor is in control of the investments. That is, they are…
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