Save and invest dot org

[Purron]

I saw an ad for this on the AARP website. Yeah, I know that doesn't mean much

SaveAndInvest.org - Home

Looks like it might have some potentially useful information. Save and Invest is a project of FINRA. Here's the description of FINRA from Wikipedia:

Financial Industry Regulatory Authority - Wikipedia, the free encyclopedia

I don't recall any discussion of this here. Even did a search because I was sure it must have been discussed before but came up with nothing. Nords, I see it was first launched as a "Military Financial Education Project" then later expanded. Are you familiar with them?

I'm curious about what folks around here think about this.

 

[M Paquette]

There's some pretty good information at SaveAndInvest.org on financial basics, fraud avoidance, and whatnot. Oddly, though, it's run by FINRA through their investor education program.

FINRA... A truly trustworthy organization... Maybe they hired some good folks to put that site together. It would have been nice if they made their own management and board read that material.

http://www.fpanet.org/journal/CurrentIssue/TableofContents/AskingtheWrongQuestionsofFINRA/

Madoff wasn’t merely a name associated with FINRA, in some sense Madoff was FINRA. Madoff (Bernie) joined FINRA’s (then NASD’s) Board in 1994 and was its vice chairman while his Ponzi scheme was under way. Madoff (Peter) also made it to that same office at one point. Madoff (Mark) was on the National Adjudicatory Council, a regulatory body that reviews disciplinary decisions made by FINRA. That was an appointed gig courtesy of then CEO Mary Schapiro, who we all know is now chair of the SEC. Madoff (Shana), a compliance officer of Bernie’s until the firm’s collapse, was a member of a compliance advisory committee of FINRA.

Be careful out there...

 

[Nords]

Nords, I see it was first launched as a "Military Financial Education Project" then later expanded. Are you familiar with them?

Hunh. Never heard of them before. I'm more familiar with one of their partners, MilitarySaves/AmericaSaves.

Their materials seem pretty good.

 

[Tyro]

FINRA... A truly trustworthy organization...

Do you mean that facetiously?

 

[M Paquette]

Do you mean that facetiously?

Yes. FINRA is a "self-policing" organization of securities dealers. It relies heavily on its own members reporting compliance problems. As an investor, you are very likely required under terms of your brokerage agreement to settle all disputes with your broker or securities salesperson through FINRA arbitration. (Oddly, brokers rarely lose...)

FINRA Allegedly Provided Altered Records During SEC Inspection In 2008
Morgan Stanley
http://www.njlawblog.com/uploads/file/TBL - DJ Newswire - 3_22_12.pdf

While the advice at SaveAndInvest.org appears to be reasonable, don't make the mistake of assuming the parent organization is all warm and fuzzy.

 

[friar1610]

For a couple of years I did "Outsmarting Investment Fraud" presentations to groups of senior citizens (I are one!). I got involved through an organization here in VT called COVE (Council of VT Elders) which ran this program through a partnership with AARP. All the educational materials - which were very professional - were supplied by FINRA.

As an aside, the two groups that FINRA has determined are most susceptible/most targeted to/by investment scammers are seniors and military personnel. There are no military bases here in VT but I would much prefer to volunteer to educate young military folks than to work with old farts like myself.

 

[Purron]

Thanks all. Learned much from your replies. Bottom line as I understand it: save and invest dot org may have some useful information. But, consider the source.

 

[pb4uski]

The American Institute of CPAs and The Advertising Council sponsor a website targeted to 25-34 year olds to take control of their finances called Feed the Pig

I haven't done much with it but it is interesting nonetheless.