Many investors are nervous right now. As the world’s economic outlook remains uncertain, markets have taken a sharp dive in recent months. When this happens, people often turn to their financial advisers to navigate the storm. But sadly, volatile markets can lead some to partake in deceptive practices.
Even the most experienced advisers don’t know what the market will do next. And even if yours is held to fiduciary standards, they may not always act in your best interests. Whether they’re selling you faulty investment products or ignoring your risk tolerance, these actions can cause long-lasting damage to your financial health.
How do I know if my adviser is deceptive?
You may feel like you have a close relationship with your financial adviser. But unfortunately, the current state of the market may expose their true intentions. If your financial adviser starts displaying any of the following behaviors, it may be time to look for a new one:
- They stop returning your calls.
- They start charging you exorbitant fees and not explaining what they’re for.
- They ignore your feelings about risky investments.
- They stop caring about your future financial goals.
- They stop asking for your input.
- They start to judge the choices you make.
You can sue if your adviser commits fraud
There are plenty of decent financial advisers out there. But even those who hold a fiduciary duty may try and rip you off during this time. However, they are beholden to stringent rules that protect your interests. If they violate those rules, you can get the justice you deserve.