It’s an email every financial advisor should expect to receive at least once.
Financial advisor Charles Failla recalls receiving an email from a client asking for about $5,000. She was vacationing in the Caribbean and claimed the hotel where she was staying didn’t accept credit cards.
“She needed cash,” said Failla, certified financial planner and principal at Sovereign Financial Group in New York.
“I said, ‘I know you’re on vacation, but call me collect. I need to confirm it’s you before I send money to a Caribbean island.’”
After several emails, the client was able to track down a phone and confirm her identity.
“She understood and appreciated it,” Failla said. “It’s definitely a policy at our firm: You get an email asking for money? Verify it with the client via telephone.” MORE