FINANCIAL ADVISOR or FORTUNETELLER SCAM 

SCAMS BULLETIN Host Jay White is a volunteer attorney who provides free legal assistance for low income seniors in San Mateo County, California.

September 26, 2019

You might like your financial advisor to predict the future in ways that could help you get rich. But legitimate advisors won’t promise to know what comes next – and you shouldn’t invest with anyone who guarantees you riches. It’s kind of a rule of thumb about investing: there are no guarantees, and anyone who promises you big money is likely running a scam.

A fortuneteller is someone who might read palms, tea leaves, tarot cards, and who generally predicts the future. Fortune tellers can be good entertainer.  Many people seek them out – whether for fun or in all seriousness.

But fortunetellers are not financial advisors. Period. Actual financial advisors are trained and licensed. If you want to confirm a person is a real financial advisor, you can look for an identifying licensed.

Here are things you need to listen for: Is a person telling you how to spend or invest your money? Do they see great wealth if you invest in a particular business? Do they see someone approaching you tomorrow with the opportunity of a lifetime – if only you’ll invest? Do they promise you more details about your future if you’ll pay an extra $50 ($100, $200) right now? Cautionary note: If a person starts pressing you for money, or giving you investment advice, walk away. And help protect the people you care about by telling your local police and the Federal Trade Commission at http://www.FTC.gov.