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Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Don’t Hire the Next Bernie Madoff Video: Red Flags to Look For

September 2, 2013 by Thomas Mullooly


Your hard earned money is nothing to mess around with. So don’t hire the next Bernie Madoff! In this video, Tom and Brendan discuss some red flags to look for when hiring an investment advisor. Don’t wait until it’s too late, learn the warning signs that you should be looking for today.

One thing investors should have learned from the Bernie Madoff scandal is to be skeptical when one person owns and Investment Advisory firm and a brokerage company. This is one of several red flags to look for when hiring an investment advisor.

Tom also advises investors to keep an eye on their returns each year. Bernie Madoff’s returns were the same every year. It’s true that your returns will depend on your investment advisor and the market conditions, however returning the same amount year after year is very sketchy. Especially when those returns are very high.

If you can’t check your account activity and balance online, you should also take that as a warning sign. Clients should always have access to their account through whatever brokerage firm their money is invested through.

Be on the lookout for these and other red flags when hiring an investment advisor. Most importantly, don’t hire the next Bernie Madoff. When you begin working with a new investment advisor, make sure that you feel comfortable with him or her and their firm.

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Filed Under: Asset Management, Videos

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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