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COLORADO SPRINGS, COLO. -- Money coach Bill Stanley says there are a lot of people calling themselves "senior specialists" these days. They have a variety of designations that imply an expertise at providing services to investors over 55.
But, seniors need to beware.
"Be very skeptical of these people. Many are just salesmen targeting older investors through seminars such as the 'free lunch," says Stanley. "Their 'advice' consists of reviewing your investment portfolio and then recommending you sell everything and buy their investment or annuity".
Some designations do require training, but many involve little or no training.
Some steps to take before committing money:
* Check out the company behind the postcard; call or go online to find out what kind of firm it is.
* A good financial professional will welcome questions, so ask a lot of questions.
* Brokers and investment advisers are required to be licensed or registered, and they must provide disclosures.
* Ask for all this material and read it carefully before signing anything.
* Don't be pressured to buy something at the first meeting.
* Understand exactly how the person will be paid and how much.
State and federal agencies are working to protect seniors, and there is a lot of defensive information online. It is up to the individual to protect himself/herself.
If you have a parent who might be vulnerable, it could be up to you to help protect Dad and Mom. But it often is extremely difficult for an adult child to tell parents what to do with their money.
"What you might do is find a competent financial professional to review what the senior specialist is proposing", says Stanley.
For more information you can email Bill Stanley at MoneyCoachBill@aol.com.
