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Stopping Cybercrime By Kelly May KY Dept. of Financial Institutions Disclaimer The views expressed in this presentation are solely the presenter’s and are not binding upon any state agency. This presentation does not necessarily reflect the views of the Department of Financial Institutions or any official within the Executive Branch. Why Invest? Invest in Knowledge Employees today often must provide for their own retirement Financial markets can be complex Choice: Invest on own or hire someone to help? There are now more choices to make in investing Protect yourself from fraud How Do YOU Look at It? Source: The Truth About Money 4th Edition by Ric Edelman xxx Source: The Truth About Money 4th Edition by Ric Edelman Compound Interest Would you rather have $1 million OR the sum of a penny doubled every day for 30 days? What Are Investments? Types of Investments Money Market Accounts Bonds Stocks Mutual Funds Retirement Investments Variable Annuities Crowdfunding Options Futures Money Market Accounts Short-term, high-quality loans Low risk, low return Provide income, no capital gains Risk factors Bonds Loan to government or company Types: Government, corporate or municipal bonds Moderate risk, moderate return Provide mainly income, some capital gain Risk factors Also: savings bonds and treasury securities Stocks Shares of ownership in a company High risk, high return Mainly capital gains, some income Risk factors Mutual Funds Ownership in an investment pool Types: Stock funds, bond funds, balanced funds Moderate-to-high risk and return Income and/or capital Factors to consider Retirement Investments Types: 401(k), 403(b), traditional IRA, Roth IRA Risk/return varies based on investments Age requirements Withdrawal can be made penalty-free at age 59 ½, BUT there are exceptions Ask your investment professional or check with the account holder to find out specifics for your account Risk factors Variable Annuities Insurance contract Risk and return varies by product Factors to consider Fees and penalties Variable is only ONE type of annuity, but it is the only one considered a “security” in Kentucky Indexed Annuities Are both considered insurance products Fixed Annuities Regulated by KY Dept. of Insurance Crowdfunding Online money-raising strategy for small business/start-ups Types: Donations – no expectation of gain/return Investment – expectation of return (security) High risk; return may vary Provide mainly income, possibly capital gains Risk factors Other Investments Regulated by DFI: Structured Products Exchange Traded Funds (ETFs) and Leveraged ETFs Promissory Notes Not regulated by DFI: Options Futures Other Considerations Operating history (at least 3- to 5-year track record) Performance tracking Taxes Should I Get Help? Getting Help Investment professionals: Broker-dealer agent Registered investment adviser Financial planner Other professionals So what’s the difference? Broker-Dealer Agent Makes trade or transaction on behalf of customer Work on commission Two types: Full-service – fees range from 1.5-3% Discount – paid salary or salary + commission Must be licensed by DFI Online brokers generally charge a flat transaction cost rather than commission Investment Adviser Rep. Provides advice about securities Usually paid through fees – around 1.5-2.5% Must be licensed by DFI IAs owe a greater legal duty to look out for their client’s best interest than BDs Fiduciary Duty Financial Planner Providers who develop and may implement comprehensive financial plans based on long-term goals Three types: Fee-only – charge hourly or “flat” rate, no commissions Fee/commission – may charge either Commission – no fee, only product commissions Certified Financial Planner = met specific requirements May also be an IA or BD – if giving investment advice, should licensed by DFI Other Professionals Others include: Certified fund specialist Insurance agent Certified public accountant May also be an IA or BD – if giving investment advice, should licensed by DFI Be wary of some professional designations Check it out at http://apps.finra.org/DataDirectory/ 1/prodesignations.aspx Choosing a Professional Interview candidates Meet in person Evaluate qualifications Determine how he/she will be paid Conduct background checks Check license and complaint history with DFI And/or check with FINRA or the SEC Ask for references Account Choices Type of account (investment adviser) Discretionary – adviser can make transactions without prior notification or approval Non-discretionary – you remain in control More Account Choices Payment for purchase Pay full cost within 3 days of purchase order Finance with money borrowed from the firm (margin account) Settling disputes Arbitration – Mandatory for BDs; Cannot be mandatory for IAs Litigation - IAs Mediation - IAs Make sure you understand what you’re signing How Do I Invest? (With or Without Help!) Five Keys to Success 1. Pay yourself first (make investing a habit) 2. Set exciting goals 3. Don’t take unnecessary risks 4. Keep time on your side (time value of money) 5. Diversify 1. Pay Yourself First 2. Goals What are your specific goals? Is this your goal? 3. Risks Higher return = High risk Low risk = Lower return NO EXCEPTIONS! Diversify Strive for balance between risk and return What is YOUR risk tolerance? Inflation Risk Inflation is a risk you should take into account Source: The Truth About Money 4th Edition by Ric Edelman 4. Time NOTE: Assumes a 9% fixed rate of return, compounded monthly. All interest is left in the account to be compounded. Time Horizon Is your emergency fund in place? Recommended: 3 to 6 months of living expenses Do you need income or appreciation? When do you need your money? (Time horizon) 5. Diversify * Source: “Five Keys to Investing Success,” Investor Protection Trust and the editors of Kiplinger’s Personal Finance magazine. *DISCLAIMER: This is only an example. Your investment professional can help determine the best suitability for you. Reallocation Over time your asset allocation will change with the performance of the market. Adjust with periodic reallocation. Example: * Source: The Truth About Money 4th Edition by Ric Edelman *DISCLAIMER: This example is hypothetical only and not intended to serve as an actual allocation model. Be an Active Investor Don’t just take the recommendation of others Ask questions Research the investment Know what you’re paying – costs and compensation Keep accurate track of your account Review statements and confirmations Require explanations Save Records Stay alert to investment fraud’s warning signs INVESTigate Investigate before you invest! Resources: Financial publications Broker/adviser reports or recommendations Internet (but validate the source) Company annual reports and prospectus Securities regulator Contact DFI to check out the investment and the person selling it – 800-223-2579 Check It Out KY Department of Financial Institutions (DFI): http://kfi.ky.gov 800-223-2579 Other investing resources: FINRA BrokerCheck www.finra.org/brokercheck SEC Investment adviser www.adviserinfo.sec.gov KY Dept. of Insurance http://insurance.ky.gov SEC’s EDGAR Database www.sec.gov/edgar.shtml Fraud prevention tips: http://kfi.ky.gov/public/Pages/invest.aspx www.nasaa.org Questions? Kelly May KY Dept. of Financial Institutions http://kfi.ky.gov 502-573-3390 x252 800-223-2579 x252 [email protected] Kelly May Kentucky Department of Financial Institutions Department of Financial Institutions – state regulator . License/Register . Examine . Investigate Complaints /Fraud . Provide Outreach Securities Division regulates investment advisers, brokers, issuers, offerings, etc. Securities fraud takes many forms: . Fraudulent product/offering . Unsuitable investments for investor . Unlicensed adviser/broker . Unregistered product . Theft/misappropriation of funds Investment fraud is increasing: . More than 7.3 million older Americans have been victimized by a financial swindle . That’s 1 in 5 citizens over age 65! Are more financially literate Are more likely to listen to sales pitches Are more likely to rely on their own experience and knowledge when making investment decisions Dramatically under-report fraud If an investment is unsuitable, it might mean: . Bad information on risks and benefits . A bad product for your situation Your investment adviser (or broker) has an obligation under state law to make sure your investments are “suitable” for you Promise of a fee meal along with “high returns and little or no risk” In many cases it turns out to be the opposite Sometimes the goal is to obtain contact information for later Variable annuities – product often promoted Promoter/Scam Artist Investors New Investors Oil and gas deals are complicated investments Often promoted through “boiler rooms” or over the Internet Highly risky and often not appropriate for some investors Internet Scams/Social Networking Scams Unlicensed Individuals Unregistered Products Abusive Sales Practices Fraudulent Products High return – no risk! Profit guaranteed! For YOU only Today only (“limited time”) Make the check out to me (or “cash only”) I’ll get you the paperwork later Trust Me! Relies on trust Con artists become part of a group (religious, ethnic, cultural, professional) Once they are accepted members, then they sell their securities (scam) Or they may sell to the group
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