During National Financial Capability Month, TDCI recommends that both new and existing investors take proactive measures to safeguard their financial interests

The Tennessee Department of Commerce & Insurance (TDCI) encourages Volunteer State investors to utilize TDCI’s Division of Securities many investor education resources during National Financial Capability Month, which runs throughout April and throughout the year.

“No matter your investor profile or where you are in your investment journey, TDCI’s Securities Division has tailored resources designed specifically for you,” said TDCI Assistant Commissioner for Securities Elizabeth Bowling. “Building a solid foundation in financial literacy empowers investors to not only recognize and steer clear of fraudulent schemes, but to successfully invest and prepare for their retirement years. Throughout April and beyond, we invite Tennessee investors to explore our comprehensive investor education materials.”

During National Financial Capability Month, TDCI recommends that both new and existing investors take proactive measures to safeguard their financial interests. 

Verify Legitimate Registration Sources:

  • Contact your state or provincial securities regulator to ensure that you’re investing with an authorized professional. For more financial education information, contact TDCI’s Securities Division online at tn.gov/securities, by email at securities.1@tn.gov, or call 800-863-9117.

Independently Verify Identity:

Before you invest, confirm that you’re dealing with a bona fide securities professional. Using resources like BrokerCheck or IARD allows investors to independently verify the identity of anyone soliciting personal information or investment funds. 

Scrutinize Investment Solicitations:

  • Pay attention to typos, misspellings, and factual discrepancies in any investment solicitation.
  • Cross-check the provided contact information with that available on BrokerCheck, the IAPD or the Canadian National Registration Search. Inconsistencies are red flags.
  • Conduct Independent Research:
  • Don’t rely solely on solicitation information. Investigate further.
  • Verify information using authentic regulatory filings.
  • Remember the Adage: If It Seems Too Good to Be True… Trust your instincts. If an opportunity appears exceptionally favorable, exercise caution.

Learn the Red Flags:

  • Never buy an insurance policy, make an investment, or give money to a stranger who contacts you or visits you unannounced.
  • If someone calls you and threatens you with arrest or harm unless you pay them via wire transfer or a gift card, hang up immediately. You’re dealing with a scammer. Report the call to your local law enforcement agency immediately. 
  • Make sure your insurance agent or investment adviser is licensed to work in Tennessee before doing business with them.

More red flags can be found at the North American Securities Administrators Association’s (NASAA) website

Image by jcomp on Freepik.

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