In choosing a financial advisor, be aware that such titled individuals are not necessarily controlled by federal/state laws or professional associations. They are not subject to malpractice other than the outright theft of your monies. Some tread very closely to the scam artist in terms of what they promise and what they deliver to their clients.
The vast majority of these people are very personable and likeable individuals, glib and quite knowledgeable about the stock market and other forms of investments. Remember that their primary objective is to make money. Once you have developed trust and engage a particular advisor, don't be lead down the garden path and end up learning the hard way that the primary objective to make money is not necessarily in the best interest of the client but to that of the Financial Advisor.
To illustrate by a short story about a Financial Advisor, namely, Kevin J. Walsh who was associated with Gillman& Cioccia in Melbourne, FL and currently associated with Prime Capital Services Inc. And Investors Trust of America, was engaged as the advisor of an all-in-cash account. He talked his clients into investing the monies to a joint account and individual accounts for husband and wife. All of the monies were invested in insurance companies in the form of annuities and stock market entities. Once he realized all the monies he could make from these investments he "dumped" the client without notice. Over the few years of his "service" which involved twice a year meetings, at his convenience, that lasted no more than 20 minutes. So he was not spending a great deal of time with his client. Recently, attempts to contact Mr. Walsh resulted in responses by his secretary that "he is unavailable" or "I'll have hime call you." After nearly 30 attempts at contact to no avail, being "dumped" was a bitter pill to swallow.
Fortunately, there is a silver lining attached to the story. Rescue came via a phone call to my State Farm Insurance agent, Judy Cinotti in Longwood, FL. She was most sympathetic and more than willing to help. She brought in an expert, Mark Smith, to assist and in short order my problems were resolved.in addition, reference was made to a nedded accountant. All this was done, expending a great deal of time, energy and research with no monetary gain but simply good will. Judy Cinotti and her staff have been most diligent in serving all of my insurance needs for the past 4 year with the good of the client foremost in mind. They deserve recognition and all kinds of kudos and come most highly recommended.
Lee the lion
Longwood, Florida
U.S.A.
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