PLACES TO FIND OUT IF YOUR FINANCIAL ADVISER IS ON THE UP AND UP

I’ll admit that I’ve been on a rampage writing blogs about the secrets of some prominent Dallas investment advisers, financial planners, and the like.

It all started when I did some checking, and what I found out I didn't like!

Well-known celebrities and business people offer their personal endorsements before, during and after some of the investment advisers' radio infomercials.

And just like those who are listening to their endorsement, you have to believe that they are willy-nilly endorsing someone whose ineptitudes and legal violations they know nothing about. If they did, they would probably distance themselves all together.

Prominent TV ministers, a well-known owner of a real estate company, baseball and football players, doctors, New York Times Best Seller authors, political figures – even state governors. The list of endorsers goes on and on.

And it's outrageous!

If you plan to use a financial adviser, or if you use one now, you should do your due diligence, and do it frequently. Here are some good places to begin a search to find out the truth:

Federal Criminal and Civil Suits. www.pacer.gov. Register for a free account. You can then access all of the U.S. court records. The cost is 8 cents per page.

State Criminal and Civil Suits. Google your state’s name plus judicial branch. You’ll find how to see all public and legal documents.

Broker and Securities Misconduct. To check to see whether or not your broker is actually registered to trade securities – and at least one Dallas radio hotshot isn’t -- his license was revoked and he paid a big fine for misconduct. (Nevertheless, he continues on) www.finra.org/investors/toolscalculators/brokercheck/index.htm.

Judgments and Liens. Here’s an interesting source. www.publicrecordcenter.com. In addition, for a nominal fee, the service will do a specific background check to see if there are bankruptcies, criminal convictions, pending lawsuits in your adviser’s past or present.

Forget the free seminar that comes with the free hors doeuvre, dinner, cocktails, chance to win a free trip to Mexico, the book with all of the answers, and the free one-on-one later visit at the adviser's office.

Do your homework. And if all seems on the up and up, ask the guy what his personal net worth is. That, after all, is a fair question. If he is barely hanging on, why would you want to buy his advice?

BILL CHERRY, REAL ESTATE BROKER

Dallas-Park Cities
Since 1964
214 503-8563