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Phone Scams Catch Unsuspecting Grandparents Off-Guard
A family member calls and says “Grandma, I need your help and please don’t tell mom and dad.” The reality is that the request can be real or it can be a line used by a criminal posing as the victim’s grandchild. Differing versions of the same scam have been around in one form or another for years. Unfortunately, when the caller is a con artist looking to pull off a phone scam; deceit and lies are designed to catch the caller off guard.
Recently, I was talking with friends and uncovered an ugly story that bears repeating even if it saves one grandparent from financial loss (not to mention the emotional aftermath of being scammed).
The criminal called posing as a grandchild and convinced the well-meaning grandmother that he was in serious trouble. The circumstances sounded plausible in a moment where fear for the safety of a family member was heightened.
The “facts” heard by the unsuspecting grandmother:
- My grandson is in Mexico attending the wedding of a friend
- He was driving a rental car and was sideswiped
- The hit and run driver left the scene
- The police took my grandson to jail
- An attorney is going to save the day and free my grandson
- I can help by wiring $3,000 ASAP
While most of us would like to believe we would never be trapped in a scam like this, it is does happen. Awareness is one important key to stopping phone scam criminals from preying on family trust and loyalty.
Please pass the word among your family members to be on alert for calls like this. If calling an immediate family member is not an option, then consider contacting a trusted financial advisor to talk through the situation before taking action.
Who, What, When, Where & Why
WHO…WHAT…WHEN…WHERE…WHY. The “five W’s” - we all learned about them in elementary school, but why am I mentioning these “W’s” in a financial planning BLOG, you ask?
It turns out that the five W’s can help you to take control of your financial life. Whether you are new to financial planning or well established, it is important have a clear understanding of YOUR five W’s:
WHO are your key financial advisors (financial planner, CPA, attorney, insurance agent, etc.)?
WHAT do you have (assets, accounts, policies, benefits, etc.)?
WHEN did you acquire each piece of your financial puzzle (maturity dates, etc.)
WHERE are your assets and important documents held or stored?
WHY do you have what you have and how does this fit into your overall financial plan?
Taking an inventory of what you have and recording the information in document form is important for a couple of key reasons:
- For you, it is a reference guide so that key information is not lost or forgotten.
- For your family and or future durable power of attorney/executor, it is an invaluable guide to assist in handling your financial affairs when you are unable to handle them yourself.
HOW do you get started on your “five W’s”? For a free copy of the Center’s Personal Record Keeping Document, go to https://static1.squarespace.com/static/54341a03e4b08690c01bc8de/54dcf260e4b018fb5adfbec4/54dcf263e4b018fb5adfcdbe/1303923614337/record_system.pdf
Center Planners Present Educational Workshop for Gilda's Club in Royal Oak
Sandy Adams, CFP and Laurie Renchik, CFP recently presented a retirement and planning workshop for members and families of Gilda's Club Metro Detroit. Discussions included: HOW TO prioritize retirement objectives, create a withdrawal plan, and maximize your current financial resources.
Gilda's Club is a non-profit organization that provides tools and resources to help those whose lives have been impacted by cancer. They recently partnered with the Financial Planning Association of Michigan (FPA MI) to provide a series of financial education sessions over the coming months.
Investing Against Human Nature
“The loser is the trend-chasing, comfort-seeking investor. The market doesn’t reward comfort. It rewards discomfort.” Rob Arnott
The above quote brings to mind a book I read recently, The Little Book of Behavioral Investing by James Montier. It attempts to describe in detail why we are our own worst enemies in investing.
Human evolution has dictated much of our decision making process and emotions. In modern society we don’t have to play the predator/prey game of survival on a daily basis. Yet much of our instincts are based on this survivalist mentality developed hundreds even thousands of years ago.
Contrary to when it was safer to go with the herd, a safety in numbers mentality can be detrimental when applied to modern investing. Enter the discomfort. Going against the grain when it comes to investing can be very scary, for example funding your Investment accounts when you’d rather throw a brick through your financial advisor’s window; however, it is generally where the best investment returns come from.
Having a sound investment process in place to identify opportunities and maybe more importantly to avoid “knee-jerk” reactions is critical in investing. Process, in an uncertain world, is one of the few things we can control. Just as important as the process, is the time that must also be taken to reflect on your process when you are most successful and not necessarily when you are making the most mistakes.
Investing involves risk and you may incur a profit or loss regardless of strategy selected. Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.
Betsey Schrock Awarded "Stagecrafter of the Year"!
Betsey Schrock
Actively involved for over 15 years, Betsey currently serves on the Board as Production Vice President where she oversees 10 productions per year: 5 on the 372-seat Main Stage, 3 on the 100-seat 'black-box' theatre, and 2 for youth theatre.
In addition, Betsey has been active on the Membership, Nominating, Product Team, Building Maintenance, Ticket and House committees.
Welcome to "Money Centered"
We at Center for Financial Planning are excited to bring you “Money Centered,” our financial planning and investment blog with the Oakland Press. We plan to use our firm’s 25 years of experience and expertise to bring you actionable advice on a wide range of financial planning and investment topics, including:
- Retirement Planning
- Education Planning
- Tax Planning
- Estate Planning
- Insurance Planning
- Investment Planning
- Elder Care Planning
- Life Planning
We believe that money is not an end, but a means to an end. Money is a tool to use to help you reach your personal life goals – to have the life you deserve and dream of.
We want to be your source for information and views on issues related to your financial life, so please drop us a line with comments, questions or suggestions for future topics.
"Financial Gerontology - Everything Changes with Age"
On June 30, 2011 Sandy Adams lead a breakout session at the MACPA's Annual Management Information & Business Show held at the Suburban Collection Showplace in Novi, MI. Participants included over 100 Michigan CPA's interested in learning more about the challenges and concerns in advising Aging clients.
The Michigan Association of Public Accountants (MACPA) is a professional organization that provides education, information, tools and resources to nearly 18,000 members around the state.
The Cystinosis 5k Fun Run was a Great Success!
On May 1, The morning started out with rain and thunderstorms, but by "race" time the rain subsided for our 300 walkers, runners and bikers. We raised over $17,000 for CRN, the Cystinosis Research Network. CRN is a non-profit organization that we have been affiliated with since Kacy's diagnosis in 2006. Dedicated to supporting research, providing family assistance, and educating the public and medical communities about cystinosis, CRN has provided a life support system for our family. Thank you for your support and generosity.
The Wyman Family
The Center's First Full-Time Employee
After more than 24 years of service as The Center's operations manager, Corinne Parker will retire on March 31. At a recent celebration, two Center founding partners recalled how Corinne came to The Center and enumerated her many contributions over the years.
Dan Boyce stated, "Not long after The Center's founding in 1985, the financial planners began to get tired of answering the phones, doing our own mailings and typing, making coffee, etc. So we decided to jointly hire someone -- who turned out to be Corinne.
"Corinne quickly became the face of The Center -- first, to clients, of course. She was professional, unfailingly courteous, gracious, and hard-working. Clients soon came to realize how strong and effective an advocate she was. Corinne has done just about every task imaginable here, and has done each one well."
Marilyn Gunther noted, "How fortunate we were to have Corinne as our first full-time employee. Corinne's professionalism, work ethic and warm demeanor have defined our Center values and set a tone for all who have come to work at The Center.
She has been, for many years, the go-to person, quick to add humor and always there to help. Corinne's spirit has been contagious and has made The Center a great place to work. Her dedication to the staff and clients will become part of our history."
Corinne and husband Dale will be starting a new chapter in their lives. Our memories will be cherished, but the stories of new ventures will be anxiously awaited!