Thought PiecesJuly 27 2020

Staying ‘Scam Safe’ Online: The importance of impartial and professional advice

1 min read

Written by Wigmore Firms

As scammers routinely target experienced investors, it is imperative to seek professional and impartial advice when approached with a sudden offer online. Ultra-high net-worth individuals are at even greater risk of being targeted as over 65s saving in excess of £10,000 a year are 3.5 times more likely to fall victim according to the Financial Conduct Authority (FCA), the financial regulatory body in the United Kingdom.

Only 27% of people investing seek professional and impartial advice. While conducting checks from home, professional help is also available. Professional investment offices usually have strict vetting and monitoring processes in place to protect the interests of their clients above all else. Large professional teams can spot fake or clone firms more easily. They can also leverage the different contacts and expertise of individual team members, or seek out outside experts for advice, to get the best possible investment opportunities.

Scams related to unregulated products that require a level of expertise are very common. 27% of over 55s scammed were by unregulated products such as  wine, diamonds or land via unregulated firms.

Family offices can also help their clients by equipping them with industry knowledge through their various events. Excellent relationship with clients, and the sense of partnership make the process of advising easier. As a global collaboration of family offices, we work together and share expertise to help our families thrive.