Having faith in your investment plan
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Blue says his clients, who run the gamut from Catholics to charismatics to evangelicals, all want the same thing: peace of mind.

"Deep down, people just want to make good financial decisions, they don't want to make stupid decisions and they really want contentment in their financial life," he says. "And 'more' does not provide contentment."

Russell Bishop, a Quaker and chairman of Harvest Advisers, a values-focused financial services firm in Fort Washington, Pa., routinely advises Quakers on investing and financial planning.

Would a Quaker invest in the same faith-based funds as an evangelical Christian?

"Almost certainly not," he says. "For example, the Timothy Fund is not one that we would have clients recommending, or that we would recommend to clients. We would be more apt to use Parnassus or Ariel funds, as well as individual managers who will invest in areas that are not related to the military industrial complex and would be more inclined to invest in things that would be of value to people all over the world who have less resources than we do."

Would they boycott entertainment media holdings?

"Not particularly," he says. "They probably wouldn't invest in Fox, however."

Faith and affinity fraud
The biggest obstacle facing faith-based investing may be faith-based fraud.

So-called affinity fraud, which targets a specific -- and frequently religious -- group, consistently tops the Securities and Exchange Commission's list of financial cons, scams and Ponzi schemes. Oftentimes the con artist gains the trust of a church leader by "earning" him or her a handsome investment return. The leader then recommends the scam artist to other members of the congregation, who invest and never see their money again.

"It's a perennial member of our top-10 fraud list," says Bob Webster, spokesman for the North American Securities Administrators Association. "We've seen it particularly in the religious area in recent years. People tend to let down their guard when they're dealing with someone who is like them."

Robert Butler thought long and hard before naming his faith-based company Christian Investment Services.

"My wife said, 'Bob, everybody is going to think you're a crook,'" he says. "It's sad that if a guy puts a fish symbol or a cross on his car and doesn't deliver a good product, he really hurts the Christian cause."

Because financial advisers are not government licensed or regulated, check to make sure yours has at least earned one or more professional designation.

Specially trained financial advisers:

• Certified Financial Planner, or CFP, from the Certified Financial Planner Board of Standards. • Chartered Financial Consultant, or ChFC, from the Society of Financial Services Professionals. • Personal Financial Specialist, or PFS, from the American Institute of Certified Public Accountants. • Chartered Financial Analyst, or CFA, from the CFA Institute.

Financial advisers must be state licensed to legally sell investments. Contact your state securities regulator to check out any adviser and investments before you commit.

"People are too trusting with their money," says Butler. "A five-minute call can save a lifetime of misery. You really can't afford to make a mistake here."

Jay MacDonald is a contributing editor based in Texas.