Most likely not, since this is the principal way in which fraudulent planners rope in new unsuspecting victims. Many people think that by asking friends for advice, they will somehow escape the hard research that we all must do to identify the best financial planner. It’s best to do the research yourself, do not skip any steps, and be diligent in your interviews.
Even people who pride themselves on being smart investors can be fooled. In one of the biggest scandals in recent years, investment advisor and stock broker Bernie Madoff was caught in a Ponzi scheme, paying his clients off with money from other clients instead of actual profits from investments. Madoff was one of the most trusted and well-connected figures in the financial world, but he fooled rich and famous alike out of millions of dollars.