One out of every five Americans over the age of 65 has been victimized by a financial scheme, according to the Investor Protection Trust. If you have elderly parents, how can you help them avoid being “scammed?”

For starters, observe their behavior. Be aware if their actions or statements indicate that they might be vulnerable to financial fraud.

Next, urge them to send any suspicious emails straight to their “spam” basket. Remind them that any offer that sounds too good to be true won’t be good — or true.

Also, encourage them to further their financial education. Many agencies provide programs designed specifically for seniors.

Finally, if they don’t already work with a financial advisor, recommend a trusted one to them.  The more guidance they get from a qualified professional, the less likely it is that they’ll fall victim to scam artists.

Five Reasons Not to Be a "Do-It-Yourself" Investor

These days, you can go online and invest, for modest fees. So, why shouldn’t you be a “do-it-yourself” investor rather than work with a financial professional?

Here are five reasons why a financial advisor can help make you a better investor:

First, a financial advisor can help you ask the right questions so that you’ll have the proper framework for making solid investment decisions.

Second, a financial advisor can look at your situation objectively. When you invest on your own, emotion can cloud your judgment.

Third, a financial advisor has a deeper understanding of investment research.

Fourth, a financial professional with training and experience can evaluate the factors that go into making portfolio recommendations.

Finally, a financial professional can spend time looking for new investment opportunities outside your portfolio — as well as possibilities for improvement within your current holdings.

Contact Wendell at Edward Jones www.edwardjones.com.