Tips on finding a financial planner

INDIANAPOLIS (WISH) - The Marc Schrenker saga follows the case of Bernie Madoff, the New York financial manager accused of bilking billions from clients.

According to police, Schrenker gave financial advice that benefited him not the investor.

"The way he had it invested was I could never get the money, we could never get the money back," said Bob Sellers.

Schrenker put Sellers' money into an annuity that wouldn't allow him to withdraw it for years without huge penalties.

Certified Financial Planner Mark Just, owner of the Just Company said there are some red flags to look for before hiring a financial planner. He said an annuity that won't allow you to touch your money for more than 10 years often doesn't benefit you but does benefit the advisor.

"The longer the surrender charge period the greater the commission often," said Just.

Authorities said Schrenker drew large commissions for putting money in financial products inappropriate for many of his elderly clients. Schrenker told Seller he could take $425,000 and change that into a million dollars within six months. Just said that type of promise is nearly impossible to follow through on.

Secretary of State Todd Rokita advises you to do your research before investing with a planner.

"You can do that right at the Secretary of State's Office. We have online tools that you can look people up at. Make sure they're registered. Make sure they don't have any complaints against them," said Rokita.

And Just said you should also check the Financial Industry Regulatory Authority or FINRA.

"Probably the most recognized and probably respected designation for a financial planner is Certified Financial Planner or CFP," said Just.