You might like your financial advisor to predict the future in ways that could help you get rich. But legitimate advisors won’t promise to know what comes next – and you shouldn’t invest with anyone who guarantees you riches. It’s kind of a rule of thumb about investing: there are no guarantees, and anyone who promises you big money is likely running a scam.
Enter the fortuneteller – you know, someone who might read palms, tea leaves, tarot cards, and who generally predicts the future. Now, fortunetellers can be good entertainers, and have been for centuries. Many people seek them out – whether for fun or in all seriousness. And it’s a profession with a code of conduct and ethics – including not taking financial advantage of clients, and not charging more than agreed. (A quick internet search for fortuneteller ethics will get you the full list.)
When the smoke clears, here’s what you need to listen for: is your fortuneteller telling you how to spend or invest your money? Does he see great wealth if you invest in a particular business? Does she see someone approaching you tomorrow with the opportunity of a lifetime – if only you’ll invest? Does she even promise you more details about your future if you’ll pay an extra $50 ($100, $200) right now?
Fortunetellers are not financial advisors. Period. Actual financial advisors are trained and licensed. If you want to find a real financial advisor, here are some ideas on how to start. If you’ve found someone, you can look here, here and here to see if that person is licensed.
But if a fortuneteller starts pressing you for more money, or giving you investment advice, walk away. And help protect the people you care about by telling your local police and the FTC.
