Show Business 6F Sunday October 2 1994 Standard-Examine- r Where to get more information about stockbrokers financial planners Investors can learn to protect themselves Knight Riddtf Newspapers 9 (800) provides information on whether a stockbroker has been fined suspended or censured by securities regulators The NASD also will tell you if a stockbroker has had any run-in- s with criminal 289-9U9- Want more information about a stockbroker or financial planner? Here arc some contact numbers and addresses: For the brochure Invest Wisely write the National Association of Securities Dealers Corporate Communications 1735 K St Washington DC 20006-150- 6 e The NASD’s hot line authorities The Belter Business Bureau: The BBB keeps track of complaints it has received on stockbrokers and toll-fre- financial planners The agency also will tell callers whether an individual has tried to resolve complaints from customers The International Association of Financial Planners: The I AFP provides free consumer brochures that contain questions you should ask planners and advisers who want your business You can get the brochures bv calling (800) 45-42- 37 If you believe you have been the victim of fraud contact the Securities and Exchange Commission's Midwest Regional Office at 0 However the SEC (312) will not provide legal advice nor will it tell you about any ongoing investigations against a broker or adviser 353-739- By Sandra Bkyk Knght Rtdder Nespapcfs AKRON Ohio — You wouldn't buy a new car without driving it around the block a few times You certainly wouldn't buy a new home without looking into all of the rooms first So why give all of your retirement money or inheritance to a stockbroker or financial planner you don’t know anything about? Unfortunately it happens all too frequently State and federal securities regulators can cite a litany of stock scams eon orchestrated by smooth-talkin- g artists who persuaded strangcrsto entrust them with their life savings It doesn't have to be that way Investors willing to do a little legwork can protect themselves against stockbrokers and planners who dre incompetent or downright dishonest Before talking to anyone you should think hard about your financial objectives How much money do you have to invest? bo you intend to use the money for retirement? College? Do you want a low-ris- k investment with a steady income or arc you willing to take on more risk in exchange for potentially higher returns? If your investment plans include investing in stocks or bonds get a copy of Invest Wisely a brochure put out by the Securities and Exchange Commission and the Na- tional Association of Securities Dealers The brochure contains lots of good advice about how to interview prospective stockbrokers and protect yourself against fraud It also explains some of the terms commonly used in the brokerage busi- ness You can gel a copy by writing to the NASD 1735 K St NW fth Floor 20006-150- Washington bC 6 The NASD also provides a number you can call to detertoll-fr- ee mine whether a broker has had any run-in- s with the law You can find out if a broker has a criminal record or has been fined by the SEC or other regulatory agency The NASD will also tell you if the broker has been suspended or expelled from the securities industry e There isn't a number for investors who want to check out financial planners and investment advisers But that doesn't mean you can't find out if a planner has a checkered past said Robert Plaze assistant director of the SEC's investment management division Plaze said investors should request a copy of Form ADV a two-pa- rt document investment advisers arc required to file with the SEC The SEC requires advisers to give their customers the second part of the form which outlines the adviser’s educational background business practices and fee schedules The first part of the form outlines an adviser’s disciplinary history While advisers aren’t required to give that information to prospective customers investors can ask to see it Plaze said If the adviser balks investors should consider taking their business elsewhere he said But be forewarned: Not all financial planners are required to register with the SEC Planners who don't recommend investments in stocks or bonds aren’t considered investment advisers and don't have to file a Form ADV Plaze said If you decide to hire a financial toll-fre- planner the International Associa- tion of Financial Planners provides a free brochure titled “How To Protect Yourself Against Fraud" If a stockbroker or planner dots business locally you might want to check in with the local Better Business Bureau The BBB keeps track of complaints against brokers and financial planners A final warning: Even if an adviser or broker has a clean record she still might give you bad advice “As long as someone doesn’t do something criminal they can keep their license” Mark Holdcrman commissioner of the Ohio Division of Securities said To protect yourself against incompetent brokers and planners regulators suggest requesting a list of customers you might know in the community Try to get names of people whose financial profiles arc similar to your own Then call them up and find out how they fed about the advice they received Regulators also recommend asking people you trust for recommendations And if you don't know much about finance take a friend who docs with you when you interview a planner or broker “You’re buying a service or a product" Holderman said “Don't abdicate your common sense because someone might use the right buzzwords and intimidate you” The interest rates on these certificates THERE HAS TO BE SOME TIME INVOLVED WHEN IT COMES TO MONEY TIME EQUALS MONEY of Deposit get better as the years go by Just - AND IN THIS CASE IT’S THREE YEARS THREE YEARS AS A MATTER OF FACT ALL YOU NEED IS A FIRST AS YOU CAN SEE FROM THE CHART THE INTEREST RATE SECURITY BANK CHECKING INCREASES SUBSTANTIALLY WITH ACCOUNT (WHICH YOU HAD PLANNED TO OPEN ANYWAY) EACH PASSING YEAR AND GETS HURRY THIS OFFER IS ON THE UP AND UP TO BE REALLY TERRIFIC THE LAST YEAR I Three years really isn’t that long it’s NOT LIKE DOG YEARS IT’S MONEY YEARS AND I AND up AND OCTOBER 14 AWAY AND T expires on 1994 I ‘SUBSTANTIAL PENALTY FOR EARLY WITHDRAWAL MINIMUM BALANCE TO OPEN ACCOUNT AND OBTAIN APY IS First Security bank checking account is required I $500 MAXIMUM DEPOSIT IS $250000 r |