Help Clients Stay Safe
Insurance and financial advisors play a huge role in helping their clients achieve their financial objectives. Obviously, managing risks is an important element. Equally important is helping clients protect themselves in the marketplace.
Now, we’re not suggesting you literally stand guard over your clients’ money. But what you can do is educate your clients about common investment and identity scams.
For example, in most cases, clients will not know about Ponzi schemes, promissory note and prime note scams, and affinity fraud. You can do your clients a great service by enlightening them on these and other attempts to separate them from their money.
Similarly, since identity theft is America’s fastest growing crime, you may want to talk to your clients about how to safeguard their identity. Make sure they understand how to secure their personal information (lightening their wallets and purses, shredding mail, protecting their computers, etc.), as well as how to detect suspicious activity in their financial accounts. They should also know how to deal with an identity theft, should it occur.
Here are several useful techniques for discussing safety issues with your clients:
- Photocopy articles about investment scams and identity theft and send them to your clients, along with a handwritten note.
- Write brief articles about these topics on your web site or in your client newsletter.
- Encourage clients to visit the investor protection sections of the NASD and NASAA web sites.
- Provide educational materials on investment scams and identity theft, including NEB’s booklets on these topics. For further information, go here.
In short, don’t work hard to grow your clients’ assets only to have a con artist steal them. By educating your clients about scams, you not only will render them an invaluable service, you’ll also enhance your own reputation. After all, scam artists don’t help consumers avoid scams.
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