CHOOSING AN INVESTMENT PROFESSIONAL

The Florida Department of Banking and Finance has prepared a brochure which recommends that  you consider the following when you are looking for an investment professional:

Talk to people you know that are successful investors and listen to those whose judgment you trust

Ask a broker about all commissions, fees, and any other costs you might have to pay

Ask if the firm belongs to the National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC)

Ask all the questions you want and pay close attention to the answers

Be on your guard against fast-paced sales pitches 

Call the Florida Comptroller's toll-free hotline at 1-800-848-3792.

They also offer a check list of questions to ask investment professionals before you decide to give them your business:

1.  How long have you been in the securities industry?

2.  What are your qualifications?

3.  how did you learn your business/what is your educational background?

4.  How long have you been with your current firm?

5.  Where did you work before?

6.  What services distinguish your current firm from others?

7.  What is your investing philosophy/what risks do you take?

8.  How many clients do you have?

9.  What fees and other expenses can I expect?

The Florida Department of Banking and Finance advises:  You may decide to use more than one investment professional.  Getting different opinions can be instructive.  When investing, it's a good idea not to put all your eggs in one basket.  That's particularly important if you have a large amount to invest.  Be deliberate in choosing an investment professional.  It will pay off in the long run.

To obtain a copy of the brochure entitled " Choosing an Investment Professional" you can telephone the number above or visit them at http://www.dbf.state.fl.us