Investment scams in the U.S. were up 127% from 2021 to 2022, with nearly 1 in 3 U.S. residents reporting being scammed online in the last three years, according to Ipsos.
The financial fraud economy amounted to $24.6 billion in that period, and all victims who had their bank accounts drained thought it could never happen to them. But it did. The scammers have evolved and with modern technology, it has never been easier to appear legitimate. Having a financial adviser you can call in these instances could save you from becoming a statistic. Advisor.com offers offer the tools and expertise to achieve financial wellness, for everyone.
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Everyone’s A Target
One dangerous notion is that only the naive get scammed, which results in people letting their guard down. In reality, rich professionals are scammers’ favorite targets. History remembers several multibillion-dollar operations that prey on the wealthy, well-connected and educated. Think of the power the millionaires who fell for Bernie Madoff’s scheme had, and it still didn’t matter. When his fund crashed, they walked out with empty pockets.
More recently, former NFL quarterback Tom Brady, comedian Larry David, NBA star Stephen Curry and entrepreneur Kevin O’Leary all promoted Sam Bankman Fried’s Ponzi scheme, which misappropriated over $550 million from over 1 million crypto enthusiasts.
Because of the high volatility and risk associated with cryptocurrencies, most financial planners advised against investing with FTX Trading Ltd. under most circumstances. But the majority of Americans don’t have a financial adviser, leaving ample room for detrimental financial decisions. Find an adviser here and never make another financial decision alone.
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Grow Your Wealth Alongside Professionals
Preventing needless wealth loss is one side of the coin; growing your wealth is the other. Between your current assets and your ultimate financial goal lie thousands of tiny decisions. Financial advisers are trained to help you make them every time and grow your wealth in the shortest time frame. Because of compounding, every extra percentage in your favor today can turn into hundreds of thousands a few decades down the line. That’s why having a good financial adviser on your side matters from Day One. Apart from guiding you in investments, they can also help you save on taxes, create an optimal retirement plan and manage your debt.
It’s important to distinguish between a regular financial adviser and a fiduciary one. Financial advisers don’t always work with your best interests in mind. Many of them push bad securities that earn them fat commissions on top of their fees. Fiduciaries are obligated to put your interests first and give you the most accurate advice possible.
Advisor.com is a company that matches you with a fiduciary who will tailor its advice to your specific situation and financial goals. Fiduciaries are expected to provide transparent and complete information to clients, ensuring that clients are well-informed about the risks, costs, and implications of financial decisions. To test its unique approach, you can take a quick quiz and schedule a free consultation to start handling your assets responsibly.
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