Ever been invited to one of those investment seminars, followed by a fancy free lunch? It's a popular tactic that so-called “experts” use to lure consumers to hours-long pitches for their investments or insurance products. They try to persuade potential suckers with impressive charts and handouts or glowing testimonials from other consumers who were "smart" enough to invest early. If that’s not enough, they resort to false promises of “your profit is guaranteed” and pressure tactics like “this offer is only available today” to bully consumers into paying.
Here’s some advice that you can count on:
- Visit the Financial Industry Regulatory Authority’s Web site to learn more about the “senior experts” and whether the fancy letters that follow their name actually amount to relevant credentials.
- Check their licenses with your state insurance or securities regulators or the U.S. Securities Exchange Commission.