If you're thinking about investing, there are many steps you can take to make sure your making a smart choice for your money.
When choosing a financial planner or money manager, doing your homework is extremely important.
We sat down with Edward Jones financial advisor Bill Hall to talk about what steps potential investors can take.
His says first know the reputation of the business you are dealing with.
It's safe to use well-known companies like Edward Jones, Merrill Lynch, and Amarillo National Bank.
He says choosing local companies is good too, but always do your research.
"You can get on Internet and check these guys out and they grade them all from AAA's to B's or C's," says Hall. "You want to make sure you stay with the A rated plus individual companies. Just because it's a name you and I haven't heard of on a daily basis doesn't mean its not a good company, because that's not the case at all."
After choosing the business, getting all information possible will help keep your investment safe.
The Better Business Bureau says to conduct a tough interview.
"Make sure that the investment advisor is explaining to you very carefully what your investment consists of here's the pluses and here's the downside. There is no such thing as a risk-less investment."
"If you're not asking the questions, you should be," he says.
Hall also says to follow-up on checks you write or cash.
Call your bank and ask what account your money was deposited in.
The Texas Panhandle Better Business Bureau office recently released the following tips: