If you are like many other California residents who worked diligently to rebuild your portfolio after the Great Recession, you probably had to give your investment advisor a certain measure of trust. Perhaps everything went well for a while, but then you began to notice problems.
If you are among the many California investors who has concerns about the safety of the investments you make, you may take comfort in knowing there is an agency looking out for your well-being. The Financial Industry Regulatory Authority, Inc., works to protect you through education, discipline and enforcement.
To say you are having a bad day is putting it mildly. Your investments have gone south, and you are running the gamut of emotions -- dread, disappointment, frustration, anger. Maybe you were counting on these investments to carry you through retirement, or you had plans to take a trip or start a business with your gains. Maybe you just lost your life's savings.
Most insurance agents just want to make a living as you do. They want to put in their hours, go home and draw a paycheck. Sadly, like any other profession, some bad apples do exist — individuals who prey on the trust of innocent people.
When it comes to making your money work, you face many challenging decisions. The world of investments is complex and can be confusing. Not only does this provide many opportunities for making mistakes, but it also leaves you vulnerable to unscrupulous financial advisors who are willing to use your uncertainty to their own advantage.