RICHMOND — In observance of America Saves Week 2013
(February 25 to March 2), the State Corporation Commission (SCC) encourages Virginians
to start a conversation about their personal finances.
“The more families can talk about their finances, the better they will be in the
long run,” said Ron Thomas, director of the SCC’s Division of Securities and Retail
Franchising. “Information is a powerful tool when making financial decisions that
fit your specific needs and avoiding investment fraud.”
To encourage people to talk about financial matters, the Securities Division makes
available a series of “Conversation Starters,” developed by the North American Securities
Administrators Association (NASAA) and available on NASAA’s website at
. These conversation starters, which consist of a series
of open-ended questions, are designed to help families begin an ongoing dialogue
about budgeting, saving, investing and avoiding fraud.
Thomas urges all investors to beware of potential traps by anyone targeting them
for their hard-earned savings. “Before investing, contact your state securities
regulator to verify that the investment and the person recommending it are properly
registered,” Thomas said. The Securities Division can provide detailed information
about an investment product, broker or adviser. Its website – www.scc.virginia.gov/srf/index.aspx
– also offers numerous investor education materials.
Thomas offers the following tips before making any investment decision:
- Investigate before you invest. Check out the registration and license of potential
investments and salespeople.
- If it sounds too good to be true, it probably is.
- Take your time. Don’t give in to high-pressure sales tactics.
- If you’ve been a victim of fraud, contact the Securities Division in Richmond at
(804) 371-9051 or toll-free in Virginia at 1-800-552-7945 or by email at SRF_General@scc.virginia.gov.
Additional information is available on the NASAA website and at InvestWiselyVA.com.
America Saves Week is part of a national public awareness effort by the Consumer
Federation of America to motivate individuals and families to save for their financial
future. To learn more, visit www.americasavesweek.org