Best Financial Advisors in Derry

How Frauds Work and How To Avoid Being a Victim*nnIf you are stung and become a victim of fraud, the perpetrators won’t be as nice as Paul Newman and Robert Redford, and you’ll probably never get your money back.nnAn Independent Financial Adviser who’s a member of an advisers’ social media group of which I am also a member was contacted by a client of his whose husband had recently died. Out of the blue, this lady told her IFA that she had decided to encash all her investments of roughly £450,000 held mostly within an offshore bond. She said she had no plans for the funds. She had ample cash reserves without encashing them, and the investments she proposed encashing were providing her with a £2,000 monthly income. The adviser highlighted that encashing her investments would create a tax liability and requested the provider's transaction history to calculate this. The client however emailed the adviser insisting that she did not want to wait for an updated cashflow plan or tax calculations before the withdrawal as she had made her mind up.nnThe adviser in question was deeply concerned that she was in such a mad rush to encash her investment seemingly regardless of the unfavourable tax consequences, which potentially created numerous regulatory issues, so he raised this concern with our group which discussed it. Potential fraud was flagged as a major concern and the adviser made the pertinent enquiries. It turned out that the client WAS a victim of fraud! The fraudsters - n• Cold-called her pretending to be...