While most financial advisors out there are trustworthy, there are those select few who will do anything to get their hands on their clients’ money. Think of the many people who suffered at the hands of Bernie Madoff and those like him. How are people supposed to avoid scammers like that when making investments? Mark Matson encourages prospective investors to closely vet their financial advisors. Mark Matson and his company want all investors to understand that financial advisors may be people who have no qualms about ripping off their clients.
This issue is more prevalent than most people realize, and investors want to know how and why this happens. They find it hard to believe that others are willing to take advantage of them and make the mistake of trusting advisors enough to hand over their money and expect that it will be handled with integrity. Investors assume that everyone is just like them; they want to believe all money managers are normal, empathetic, average people who will handle their money with the same care that they would take with their own. However, con artists do not see the world this way.
Mark Matson says that, “40 billion dollars a year is lost to people whose money is getting stolen, not just mismanaged.” Industry con artists are only interested in stealing their clients’ assets, and what they are doing is essentially a crime. However, as Matson advises, there is no end in sight. It will continue to happen over and over again if people do not become more prudent in choosing who handles their hard-earned cash.
Mark Matson’s mission is to put this to a stop and he reviews the best way in which that can be done. Matson says, “If you aren’t careful and don’t take the time to understand prudent investing, you will set yourself up to be a victim.” This couldn’t be truer. In addition to the con artists, there are many legal ways for financial advisers to gamble clients’ money away. Since many of these people can’t be held accountable or brought to justice, it is up to the investor to be savvy enough to say no to shifty risk takers and fraudsters. Matson feels that it is “a horror movie all on its own” and that investors are the only ones with the power to put an end to it.