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As investors look for guidance in these troubled markets, one question looms above all others:
Whom can you trust?
During boom times, it was easy to hire a financial adviser and put your money on autopilot. Now the market is in chaos and thousands of investors have been devastated by fraud, with Madoffed threatening to become an all-too-common verb.
Small wonder that many investors are getting reluctant to put their faith in experts. More than three-quarters of individuals with at least $1 million to invest intend to move money away from their financial advisers, and more than half intend to leave their advisers altogether, according to Prince & Associates Inc., a market-research firm.
The trouble is, many investors don't have the time or expertise to make all of their own investment decisions. So, having a professional on your side is crucial. But how can you guarantee that your expert is reliable?
The short answer is that you can't. There are no guarantees. But you can be a lot more sure than many investors are today.
The first step is to realize that you're ultimately responsible for your family's money -- you're the chief executive of your own investment company. Your financial adviser, mutual-fund manager, wealth manager and anyone else who handles your investments should report directly to you. Even if you don't understand the ins and outs of investing as well as they do, you're responsible for ensuring that they handle your money properly.
Once you recognize that you're in charge, you can approach your advisers like a boss -- not just a client. That means putting them through a tough vetting process to make sure they're competent, trustworthy and looking after your best interests. Here are some big questions to keep in mind as you review your candidates:
1. What's in the adviser's background?
'Think like an employer,' looking at a potential adviser's criminal and regulatory record, as well as references from past employers, says Wayne Cooper, founder of Wealth Management Exchange, a social-networking site for high-net-worth investors.
But all of that leaves an important question open: What exactly constitutes a red flag in an adviser's history?
'A discriminating person wouldn't just look at the fact the adviser had a complaint,' says George Brunelle, a New York securities lawyer. He suggests looking for complaints related to customer disputes, fraud or excessive buying and selling of securities, called churning. Investors should zero in on disputes that led to a substantial arbitration award.
On the other hand, some technical infractions -- such as failure to comply with continuing-education requirements on time are more common and may be permissible. Either way, there are lots of advisers out there, so 'it is best to comparison-shop,' Mr. Brunelle says.
2. What do the adviser's clients say?
It can be helpful to ask for references from past and current clients in life situations similar to yours. When talking to the clients, get specific about their experiences. How often did the adviser communicate with them? Has the adviser ever admitted to making a mistake? How often do they evaluate their goals with the adviser? Has anything about their relationship surprised or disappointed them? Has the adviser performed well in bull and bear markets? Is the adviser ethical?
Then ask them for additional references from people the adviser hasn't solicited, says Greg Rogers, founder and president of RayLign Advisory LLC in Greenwich, Conn. 'Try to find six degrees of separation from the adviser,' he says. 'You'll get better information if you get indirect references.'
3. How does the adviser get paid?
Knowing how advisers get paid will help you tell if they're working in your best interest. 'It's no different than going into a clothing store -- when a salesperson says you look great, you know they have a bias to sell you clothes,' says Mr. Sonnenfeldt, the Tiger 21 co-founder.
Advisers use a bunch of compensation structures. They may get a commission on the securities they sell; charge fees, either flat or a percentage of the assets they manage for you; work at an hourly rate; or a combination of all of them. Ask advisers to detail exactly how they work and the total compensation picture from managing your portfolio. Be wary of anyone who shies away from answering these questions in a transparent way, Mr. Sonnenfeldt says.
Also ask about conflicts of interest. For example, if advisers work on commission, ask for their firm's commission schedule and find out if there are a limited number of products or services they can recommend and why. If they can't justify the limited choice, that's a red flag. Meanwhile, if advisers take a percentage of assets as a fee, remember that they may be inclined to advise you to avoid moves that may reduce those assets, including charitable giving or buying a new house. Also be wary of an adviser who charges more than 1% or 2% of assets.
4. Where are the adviser's checks and balances?
The most glaring red flag in the Madoff scandal was the lack of checks and balances. Mr. Madoff's clients wrote checks and wired money to, and received statements from, Bernard L. Madoff Securities. The operation's auditing firm, Friehling & Horowitz, had only one licensed accountant and was operating out of a storefront in New City, N.Y. Madoff investors relied on this firm to verify the authenticity of trades, the SEC said in a complaint.
When purchasing investments, make sure you are writing checks to a third-party custodian, like Fidelity Investments Co. or Charles Schwab & Co., not to your financial adviser directly. This way, 'an adviser can make purchase decisions based upon my instruction, but they can't run away with my money,' says Wealth Management Exchange's Mr. Cooper.
Call the independent institution to verify it's serving your adviser, and never send checks anywhere but that firm's business address. What's more, don't allow your transaction confirmations and account statements to be mailed to your financial adviser instead of you. You should receive account statements from a third-party custodian.
Likewise, find out what auditors your adviser's firm uses. Auditors are crucial, since they verify the existence of the assets your adviser manages. Each state has its own database to check if an auditor is licensed. (While you're at it, check if your adviser has switched accounting firms or custodians recently, a move that could indicate trouble with the previous firm.)
It's also important to ask advisers about another kind of oversight: how the advisers conduct due diligence on any money managers they recommend investing with. Do they check out the managers' balance sheets, and how their actions line up with their investment strategies? Do the advisers have a personal relationship with the managers or get kickbacks from referring you?
Note, though, that it isn't uncommon for advisers to get a referral fee, 'as long as they disclose who is getting the money and demonstrate why they are recommending' the particular money manager, says Ken Springer, president of Corporate Resolutions Inc., a corporate-consulting and investigative firm.
5. What's the adviser's track record?
Advisers sometimes say they can't easily describe their track record, since they tailor each portfolio to an individual client's needs. But that excuse doesn't hold up. 'There are many ways to evaluate an adviser's track record,' Mr. Sonnenfeldt says.
For example, you might ask: How many clients beat their benchmarks or are in line with their goals? How have clients similar to me fared during recessions? Can you combine all of your clients into a single portfolio and tell me how the overall portfolio did? Remember to ask about both short-term (one year) and long-term (10 years or more) records, and ask if your adviser is using absolute returns or returns relative to the performance of the market.
Next, use the advisers' record to understand how they make decisions. 'You can ask about performance, but what you're really after is how the adviser processes decisions,' says Mr. Rogers of RayLign Advisory.
He suggests asking advisers to dissect a specific situation that has occurred to them. For instance, you could say, ''Take your worst investment and evaluate how you made the investment, monitored it and the decisions you made along the way to stick with it or get out,'' he says.
'If you feel they are dodging the question or putting a positive spin on everything, it's a red flag,' Mr. Rogers says. 'It could mean they're not going to deal with or handle the tough decisions.'
Finally, be watchful for claims of all-too-consistent returns. No adviser can deliver 10% to 20% returns every year. More reasonable -- and responsible -- is an adviser who says they may get you 10% one year, 2% the next and so on, Mr. Rogers says.
6. Can the adviser put it in writing?
Ask for a formal written outline of the services the adviser will be providing and what fees you will be paying. By setting concrete expectations, you can determine if an adviser is going to, say, 'help you set goals and do budgeting or just make investment decisions,' says Ellen Turf, chief executive of the National Association of Personal Financial Advisors.
Also ask advisers to spell out who else stands to gain from your relationship -- such as affiliated broker-dealers and insurance agencies -- as well as exactly how much the adviser, the adviser's firm and all those other parties will earn from your business.
Finally, find out whether the advisers are going to take on fiduciary responsibility, in which they are legally bound to act in your best interest. If advisers don't take this oath, they're only required to sell you products that are deemed suitable for you-and those may not always be the best fit for your financial situation or objectives.
7. What do other pros think?
Sure, you pay your adviser to do the heavy lifting, but it's imperative that you double-check any big moves -- especially in this turbulent economy.
That means knowing the basics behind your investments, insurance, estate planning and taxes, and then turning to other experts for confirmation. For instance, if your financial adviser recommends investing in commodities, read up on recent news affecting the commodities markets and then search out an expert and ask questions.
'Just like you would ask a specialist for a second opinion on your doctor's diagnosis,' ask your accountant, lawyer and other financial professionals for their opinions on individual strategies, Ms. Turf says.
投資者在困難重重的市場中尋求著指引，所有人都麵臨著一個問題：
你可以相信誰？
在zai市shi場chang熱re潮chao時shi期qi，你ni可ke以yi輕qing鬆song地di聘pin請qing一yi位wei財cai務wu顧gu問wen，近jin乎hu自zi動dong地di進jin行xing投tou資zi。但dan現xian在zai市shi場chang動dong蕩dang不bu安an，數shu以yi千qian計ji的de投tou資zi者zhe遭zao遇yu欺qi詐zha而er損sun失shi慘can重zhong，馬ma多duo夫fu(Madoff)幾乎成為了一個人人皆知的動詞。
因此，許多投資者越來越不願意信任專家也不足為奇。根據市場研究機構Prince & Associates Inc.的數據，目前持有投資資金超過100萬美元的投資者中，超過四分之三的人都打算從他們的財務顧問那裏撤資，超過半數的人計劃炒顧問的魷魚。
wentishi，henduotouzizhebingmeiyoushijianhuoshizhuanyezhishi，zijizhidingsuoyoudetouzijuece。yinci，yongyouyigezhiyerenshibangnichumouhuacefeichangzhongyao。danniruhecainengbaozhengzijidezhuanjiashikeyixinlaidene？
簡單的回答就是，你沒法保證。但你可以做到比現在的許多投資者更有把握。
第一步就是認識到你最終要為你家庭的資金負責──換句話說，你就是你自己投資公司的首席執行長。你的財務顧問、共同基金經理、理li財cai顧gu問wen以yi及ji其qi他ta替ti你ni打da點dian投tou資zi的de人ren都dou應ying當dang直zhi接jie向xiang你ni報bao告gao。即ji便bian你ni不bu能neng像xiang他ta們men那na樣yang理li解jie投tou資zi的de具ju體ti知zhi識shi，你ni也ye有you責ze任ren確que保bao他ta們men在zai認ren真zhen負fu責ze地di替ti你ni投tou資zi。
一旦你意識到自己才是負責人的時候，你就可以像個老板那樣和自己的顧問打交道──而不隻是當自己是客戶。這意味著你必須對他們進行一番嚴格的審查，確保他們稱職、值得信任，且能為你的最佳利益考慮。下麵是你評估審查財務顧問時需要謹記的幾個重要問題：
1、顧問有什麼過往背景？
高淨值投資者社交網站Wealth Management Exchange的創始人庫玻(Wayne Cooper)說，你應該像個雇主一樣想問題，查看你未來財務顧問的犯罪紀錄和監管紀錄，以及他們以前雇主的證明材料。
但這一切還有一個重要問題：查看顧問的過往經曆時，哪些才是真正需要警惕的？
紐約證券律師布魯內爾(George Brunelle)說，一個有辨別力的人不會隻看顧問是否有被投訴的經曆。他建議要看與客戶爭端、欺詐或頻密買賣（過度買入賣出證券）的相關投訴。投資者應當重點關注那些導致重大仲裁的嚴重爭端。
另ling一yi方fang麵mian，一yi些xie未wei能neng及ji時shi遵zun守shou繼ji續xu教jiao育yu要yao求qiu等deng技ji術shu性xing違wei規gui比bi較jiao常chang見jian，也ye是shi可ke以yi容rong忍ren的de。布bu魯lu內nei爾er說shuo，不bu管guan怎zen樣yang，財cai務wu顧gu問wen多duo了le去qu了le，最zui好hao是shi貨huo比bi三san家jia多duo看kan看kan。
2、顧問的客戶怎麼說？
yimingcaiwuguwenguoquhexianzaizonghuiyouyixieshenghuozhuangkuanghenileisidekehu，yaoqiuzhakanzhexiekehudezhengmingkenenghuiyousuobangzhu。zaihezhexiekehujiaotanshi，jideyaowendexiangxijuti。guwenhetamenlianxidepinlvzenyang？guwenshifouchengrenfanxiacuowu？tamengeduojiuhuipingguyuguwendetouzimubiao？tamenheguwendeguanxishifouzengrangtamenjingxihuoshishiwang？zheweiguwenshifouzainiushihexiongshidoubiaoxianchuse？guwenderenpinzenyang？
康涅狄格谘詢機構RayLign Advisory LLC創始人兼總裁羅傑斯(Greg Rogers)說(shuo)，然(ran)後(hou)你(ni)再(zai)問(wen)問(wen)這(zhe)些(xie)客(ke)戶(hu)，想(xiang)辦(ban)法(fa)得(de)到(dao)那(na)位(wei)顧(gu)問(wen)沒(mei)有(you)提(ti)到(dao)的(de)其(qi)他(ta)客(ke)戶(hu)的(de)評(ping)價(jia)。他(ta)說(shuo)，試(shi)圖(tu)從(cong)顧(gu)問(wen)那(na)裏(li)找(zhao)到(dao)其(qi)他(ta)人(ren)的(de)評(ping)價(jia)。如(ru)果(guo)你(ni)能(neng)獲(huo)得(de)間(jian)接(jie)評(ping)價(jia)，就(jiu)能(neng)得(de)到(dao)更(geng)有(you)用(yong)的(de)信(xin)息(xi)。
3、顧問薪酬狀況怎樣？
知道顧問的薪酬情況有助於你判別他是否符合你的最佳利益。Tiger 21的共同創始人索內菲爾特(Sonnenfeldt)說，這和去逛服裝店沒什麼不同──當推銷員說你看上去好 了的時候，你該知道他們是想賣給你衣服。
財務顧問們有著各種繁多的薪酬結構。他們可能會從銷售的證券那裏得到傭金；可能收取管理費，固定的或是按照為你管理資產的比例收取；可能按照小時收費；huoshibaokuoyishangsuoyoufangshi。xiangxixunwenguwentamendegongzuofangshiyijiweiniguanlitouzizuhedezongtishoufeiqingkuang。suoneifeierteshuo，ruguoyimingguwenbukentanchengtoumingdihuidazhexiewenti，namenijiudexiaoxinle。
nihaiyaowendaoliyichongtudewenti。julishuo，ruguoguwenshianyongjinshoufeide，namenijiugaiwenwentamengongsideyongjinshoufeibiao，kankantamenshifouzhiyoushumuyouxiandechanpinhuofuwukeyituijian，xunwenqizhongdeyuanyin。ruguotamenbunengweiyouxiandexuanzegeichuhelijieshi，nazhejiushigejinggaoxinhao。yucitongshi，ruguoguwenanzhaozichanbilishoufei，nanigaijizhutamenyoukenenghuijianyinijinxingkenenglingtouzizichanjianshaodejudong，lirucishanjuanzhuhuoshigoumaixinfang。nihaiyinggaixiaoxinnaxieguanlifeichaoguozichande1%或是2%的財務顧問。
4、顧問的製約與平衡狀況怎樣？
馬多夫醜聞中最突出的警告信號就是缺乏製約與平衡。馬多夫的客戶填寫支票或通過彙款向Bernard L. Madoff Securities投資，並從這家公司得到證明。該公司的會計行Friehling & Horowitz隻有一名注冊會計師，而且隻在紐約新城設有一家店麵。美國證券交易委員會(SEC)在一份指控文件中說，馬多夫的投資者完全依靠這家公司來驗證交易的真實性。
在購買投資時，應確保將支票開給富達投資(Fidelity Investments Co.)或嘉信理財(Charles Schwab & Co.)這樣的第三方托管人, 而不是直接開給你的財務顧問。Wealth Management Exchange的庫玻說，這樣一來，財務顧問可以根據我的指示做出買進決定，卻不能卷走我的錢。
給(gei)獨(du)立(li)機(ji)構(gou)打(da)電(dian)話(hua)確(que)認(ren)它(ta)為(wei)你(ni)的(de)顧(gu)問(wen)提(ti)供(gong)服(fu)務(wu)，不(bu)要(yao)把(ba)支(zhi)票(piao)寄(ji)到(dao)該(gai)機(ji)構(gou)辦(ban)公(gong)場(chang)所(suo)之(zhi)外(wai)的(de)任(ren)何(he)地(di)址(zhi)。而(er)且(qie)，不(bu)要(yao)允(yun)許(xu)將(jiang)你(ni)的(de)交(jiao)易(yi)確(que)認(ren)書(shu)和(he)帳(zhang)戶(hu)報(bao)表(biao)寄(ji)到(dao)你(ni)的(de)財(cai)務(wu)顧(gu)問(wen)那(na)裏(li)。你(ni)應(ying)該(gai)會(hui)收(shou)到(dao)來(lai)自(zi)第(di)三(san)方(fang)托(tuo)管(guan)人(ren)的(de)帳(zhang)戶(hu)報(bao)表(biao)。
tongyang，gaoqingnideguwensuozaigongsishiyongnajiashenjixing。shenjixingfeichangguanjian，yinweitamennengheshinideguwensuoguanlidezichanshifoucunzai。meigezhoudouyouzijideshujukukeyizhakanyijiashenjixingshifouyouyewuzhizhao（順道查一下你的顧問最近是否換過會計行或托管行。這類舉動可能表示你的顧問與以前的公司有糾紛）。
同樣重要的是，要向財務顧問詢問另外一種監督性質的問題：財務顧問是如何對他們建議投資的理財公司進行盡職調查的。他們是否檢查了這些公司的資產負債表、他們的行為與投資策略是否一致？財務顧問與這些理財機構是否有個人關係、或因為介紹你的業務從理財公司拿回扣？
不過要注意，財務顧問收介紹費的情況並不少見。企業谘詢和調查公司Corporate Resolutions Inc.的總裁斯普林格(Ken Springer)說，隻要他們披露誰拿到錢、並說明他們為什麼要推薦某家特定的理財公司就可以了。
5.財務顧問的過往業績記錄如何？
財cai務wu顧gu問wen有you時shi會hui說shuo，他ta們men不bu太tai容rong易yi表biao述shu自zi己ji的de業ye績ji記ji錄lu，因yin為wei他ta們men是shi根gen據ju每mei位wei客ke戶hu的de具ju體ti需xu求qiu定ding製zhi投tou資zi組zu合he的de。但dan這zhe種zhong借jie口kou是shi站zhan不bu住zhu腳jiao的de。索suo內nei菲fei爾er特te說shuo，可ke以yi有you很hen多duo方fang式shi評ping價jia財cai務wu顧gu問wen的de業ye績ji記ji錄lu。
比如你可以問：有(you)多(duo)少(shao)客(ke)戶(hu)的(de)收(shou)益(yi)超(chao)過(guo)他(ta)們(men)的(de)基(ji)準(zhun)或(huo)與(yu)目(mu)標(biao)一(yi)致(zhi)？類(lei)似(si)我(wo)這(zhe)樣(yang)的(de)客(ke)戶(hu)在(zai)衰(shuai)退(tui)期(qi)間(jian)收(shou)益(yi)如(ru)何(he)？你(ni)是(shi)否(fou)可(ke)以(yi)把(ba)你(ni)的(de)所(suo)有(you)客(ke)戶(hu)放(fang)在(zai)一(yi)個(ge)投(tou)資(zi)組(zu)合(he)裏(li)，然(ran)後(hou)告(gao)訴(su)我(wo)總(zong)的(de)投(tou)資(zi)組(zu)合(he)的(de)業(ye)績(ji)？記(ji)得(de)短(duan)期(qi)（1年）和長期（10年以上）記錄都要問到，並問問你的顧問，他是采用絕對回報還是相對於大盤市場表現的相對回報來評估業績。
其次，利用財務顧問的業績記錄來弄清楚他們是如何做決定的。RayLign Advisory的羅傑斯說，你可以問到業績表現，但你真正希望了解的是這位顧問作決策的過程。
他(ta)建(jian)議(yi)讓(rang)顧(gu)問(wen)剖(pou)析(xi)一(yi)個(ge)他(ta)們(men)曾(zeng)遇(yu)到(dao)過(guo)的(de)具(ju)體(ti)情(qing)況(kuang)。他(ta)舉(ju)例(li)說(shuo)，你(ni)可(ke)以(yi)說(shuo)，找(zhao)出(chu)你(ni)做(zuo)過(guo)的(de)一(yi)項(xiang)最(zui)糟(zao)糕(gao)的(de)投(tou)資(zi)，評(ping)價(jia)一(yi)下(xia)你(ni)是(shi)如(ru)何(he)決(jue)定(ding)這(zhe)項(xiang)投(tou)資(zi)及(ji)如(ru)何(he)監(jian)測(ce)它(ta)、你在過程中決定持有或退出此項投資的決定等等。
羅(luo)傑(jie)斯(si)說(shuo)，如(ru)果(guo)你(ni)覺(jiao)得(de)他(ta)們(men)在(zai)回(hui)避(bi)問(wen)題(ti)或(huo)給(gei)所(suo)有(you)事(shi)情(qing)都(dou)貼(tie)上(shang)積(ji)極(ji)的(de)標(biao)簽(qian)，就(jiu)要(yao)警(jing)惕(ti)了(le)，這(zhe)或(huo)許(xu)意(yi)味(wei)著(zhe)他(ta)們(men)將(jiang)不(bu)會(hui)處(chu)理(li)或(huo)應(ying)付(fu)艱(jian)難(nan)的(de)決(jue)定(ding)。
最後，對財務顧問聲稱非常一貫的回報保持警覺。沒有哪個財務顧問每年都能實現10%-20%的回報。羅傑斯說，比較合理──且負責任──的顧問會說，他們可以每年讓你拿到10%的回報，下年是2%，如此下去。
6. 顧問能把它寫下來嗎？
針對財務顧問要提供的服務以及你要支付的費用提出要一份正式的書麵概要。全美個人理財顧問協會(National Association of Personal Financial Advisors)首席執行長特夫(Ellen Turf)說，設定具體的預期，這樣你可以決定某位財務顧問是否要幫助你製定目標、製定預算或者隻是做投資決策。
還要問財務顧問，其他還有什麼人會從你們的業務關係中獲得收入──比如關聯的經紀自營商和保險機構──以及顧問、顧問所屬公司和所有其他相關各方將從你的業務中掙多少錢。
最後，要搞清財務顧問是否將承擔受托責任、zaifalvshangyinidezuijialiyiweichufadiancaiquxingdong。ruguocaiwuguwenbujieshouzheyangdeyueding，nametamenzhibeiyaoqiuxiangnichushoubeirenweishihenidetouzichanpin，erzhexiehuoxuweibizongshizuishihenidecaiwuzhuangkuanghuozhemubiao。
7. 其他人是什麼看法？
的確，你向財務顧問付了錢，讓他們為你出力，但你仍有必要核實任何一項重大決策，特別是在如今經濟形勢多有動蕩的情況下。
這意味著了解你的投資、保險、fangdichanguihuaheshuishouhoumiandejibenqingkuang，ranhouqiuzhuqitazhuanjiayuyizhengshi。biru，ruguonidecaiwuguwenjianyitouzidazongshangpin，name，niyingdudujinqiyingxiangdazongshangpinshichangdeyouguanxinwen，ranhouzhaoweizhuanjiazixunyixia。
特夫說，就像你在拿到一位醫生的診斷後會再找一位專家、聽聽他的意見一樣，可以向你的會計師、律師和其他金融專業人士了解他們對具體策略的看法。
