Financial Self-Defense

The last several years represent turbulent times for investors. Between the Madoff scandal and bailouts in the financial sector, many investors are concerned about where to invest their money and whom to trust with planning for their financial future. It is important for consumers to have confidence in those who are providing advice and counsel in the realm of financial planning. To make informed decisions about their investments and those who are advising them, consumers must have the proper resources available to them.

The Certified Financial Planner Board of Standards, the non-profit organization that grants the Certified Financial Planner™ designation (CFP®), has published the “CFP Board’s Consumer Guide to Financial Self-Defense.” The Guide includes real life stories of consumers who have experienced abuse in dealings with unscrupulous financial advisors, including how many of them have recovered with the help of CFP® professionals.

Written by the CFP Board’s Consumer Advocate, Eleanor Blayley, CFP®, the Guide helps the public learn what they can do to protect themselves, take steps required to select a qualified financial advisor, and feel empowered when making financial decisions with the help of an advisor.

The publication also outlines 10 red flags that signal unethical or unqualified financial planning professionals and how to defend yourself properly against financial fraud and mismanagement. The Guide is available online at www.CFP.net/financialselfdefense/.

The Guide will be included in the Winter 2011 Consumer Information Catalog, published by the GSA Federal Citizen Information Center, and will be available to consumers in November 2010. Consumers may request a free printed copy from the CFP Board by calling 800-487-1497 or sending a request to mail@CFPBoard.org.