Insurers will pay out if your adviser makes off with your money.
Barely a week passes without news of another financial adviser ripping off his or her clients. In many tragic cases they steal everything, and when the scam is finally uncovered there is nothing left.
They promise the policy will pay out as soon as your adviser is indicted “and the handcuffs are on.” You won’t have to wait for a conviction. Some of the founders have encountered the problem of embezzlement personally. Capital Shields’ CEO Jim Foglio, who worked in insurance in New Jersey for over 30 years, said a colleague stole $1 million. The company’s president Travus Pope said he had been “taken to the cleaners” by certain international distributors of a movie he produced in Hollywood. The experiences showed them there was a real need in the market, they say.
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