March 15, 2016 Personal Finance

Top 3 questions about ID theft to ask your investment adviser

If there’s anyone in your life who knows more intimate details about you than your hairstylist, it’s your investment adviser.

Not only does your adviser know all about how much money you have amassed for your kids’ college expenses and your retirement, your adviser also knows all those important things that you’re supposed to keep secret, such as your Social Security number and your account numbers.

You always want to be protected from ID theft, but you should be especially sensitive to it when it involves your financial adviser and your retirement nest egg.

Millions victimized by ID theft

Even though you’ve chosen a trustworthy adviser, you’re not always protected from becoming a victim of identity theft.

According to the 2016 Identity Fraud study by Javelin Strategy & Research, 13.1 million American consumers were victims of identity fraud in 2015.

Opt for a credit freeze

Paul Bennett, a financial adviser and managing director at United Capital Financial Life Management in Great Falls, Virginia, says he and his wife have twice been victimized by identity thieves and opted for credit freezes to prevent additional fraud.

If you suspect you’ve become a victim of identity theft, get your credit report for free at myBankrate.

“As a company, we offer all of our customers 10% off of LifeLock because we want them to have a credit monitoring service,” Bennett says. Lifelock Inc. is an ID theft protection service.

To avoid becoming an identity theft victim yourself, ask your investment adviser the following questions to assure you’re protected:

Getting the right answers from your adviser can keep you from being an ID theft victim.