Q: Dear BBB,
It seems like every time I turn around there is another investment related scam taking place. In today’s volatile market how do I find a financial advisor that I can trust with my money? I’m really starting to think that it is better if I just manage my own investments myself.
~ Ignited Investor
A: Ignited Investor, You are RIGHT to be concerned about finding a trustworthy financial advisor. With the economy in the shape its currently in no one can afford to become a victim of a financial scam. But I have to say I think it is WRONG for you to lose faith in the financial planning industry as a whole. There are many reputable, trustworthy, educated financial planners and investment advisors that really understand the market that are committed helping you improve your personal financial situation. The key to protecting yourself is to get as educated as you can on finance and investing, so that you know what questions to ask a financial planner or investment advisor. Do your research before hiring an advisor. Visit vi.bbb.org for company reliability reports. Also go to bcsc.bc.ca to see if the advisor is registered with the BC Securities Commission. And use common sense – if it sounds too good to be true – it usually is!
Q: Dear BBB,
My husband received a letter last week from a law firm in the U.S. stating that he has been identified in the will of a relative and that he will be receiving a large inheritance in the coming months. The letter said that we need to send a cheque of $49.95 for fees to process the legal documents. I thought it was weird that the letter didn’t actually identify who the inheritance was from. I tried contacting the law firm, but no body is getting back to me. Is it possible that this is a scam?
~ Wishful Wife
A: Wishful Wife,
RIGHT, the BBB has received a number of calls from people getting an official looking letter in the mail, asking for money for legal fees in order to process an inheritance. From the sounds of it, this is most certainly a scam. In most circumstances if you do receive an inheritance you don’t need to send money for legal fees. Usually the legal fees will be dealt with through the estate of the deceased or it will be deducted from the total inheritance. Whatever you do don’t send the law firm a cheque as you will probably never hear from the company again, and don’t give them any personal banking information as they could also steal your identity. If you do come into a legitimate inheritance the law firm should be able to provide you with the name of the name of the deceased, the name of the executor and copies of legal documents pertaining to the inheritance before any personal or financial information is exchanged.