March is Fraud Prevention Month

March is Fraud Prevention Month and we’re asking Nova Scotians to check to see if your financial adviser is registered before you invest.

Why is registration important? Securities industry professionals are required to register with the securities regulator in each province or territory where they do business. Registration helps protect investors because securities regulators will only register firms and individuals if they meet regulatory criteria.

It’s easy to check registration by using the National Registration Search to see if your adviser or firm is indeed registered. You can take it a step further and check the Report to see if your adviser has any fines against them.

Being an informed investor is one of your best defences against investment fraud. Although most investment advisers are honest and work in your best interest, you still need to carefully choose who you deal with.

Keep in mind that, just because an individual or firm is registered doesn’t mean the investment is a good fit for you. Those offering investment opportunities have varying skills, provide a variety of services and likely charge different fees. Ensure the person you’re working with understands your goals and is willing to work with you to meet them. It is important that they assess your current financial and personal situation, your investment objectives and risk tolerance. Working with a Financial Adviser Guide.

If you discover the person or company you are dealing with is not registered, is offering you something they don’t seem permitted to, or if you need help understanding the results of the National Registration Search tool, please contact us, or fill out our Report a Scam form.

Happy Investing