An infamous bank robber was once asked why he robbed banks. The obviousness of his reply instantly became folklore. He replied “Because that’s where the money is!”

Not surprisingly, the money management business attracts more than its fair share of ethically-challenged advisors (aka “crooks”). Investors can help protect themselves by following these rules:

1. Never write a check directly to your planner. It should be payable to a third-party, arms-length custodian.

2. Never allow your planner to be a joint owner or beneficiary of your accounts.

3. Never lend money to your planner.

4. Never let your planner sign your name to a document.

5. Never let your planner use his address to receive account statements.

6. Never let your planner sell you anything that is unavailable from other planners. Proprietary products are seldom any good.

7. Never let your planner share in the profits.

8. Never let your planner assign the agreement with you to another planner.

9. Never do business with a planner without a CFP or CIMA certifications.

10. Never sign a contract that cannot be terminated with 30 days notice.