Financial times are scary and the thought that your broker might not have your best interest in mind can push you right off the deep end. No matter what you think about the person on the other side of that desk you should always get informed yourself.
Check up on your broker using the FINRA BrokerCheck. It allows you to do a search of your broker to check for any complaints or disiplinary actions.
Read the material you are offered. The broker can go over it and explain it but you should still read it for yourself. Ask for time to read each and every word or take the material home with you. Either way – READ before you sign.
Talk with your tax accountant before making any moves with your money. The broker may THINK he knows tax law but things could have changed. It is best to talk with the tax expert before making decisions that affect your taxes.
January 6th, 2009 at 10:17 am
I have tried to contact the 4 Kingdom Advisors listed within 100 miles of me in Wellington, Colorado. 2 aren’t listed, one phone just rings and rings and the fourth says their box is full. I have been trying for over one week. Thought you should know.
Patrick
January 12th, 2009 at 11:37 am
[...] presents Should You Trust Your Broker posted at Out of Debt Christian, saying, “Financial times are scary and the thought that your [...]
January 27th, 2009 at 7:20 pm
[...] * It is great when this kind of advice comes from a non-tax personal finance blog. In her post “Should You Trust Your Broker” at OUT OF DEBT CHRISTIAN (Restoring Your Finances and Your Faith) Kathryn advices, “Talk with [...]