Knowing when to press pause: How a trusted financial advisor can help safeguard against scams.
You’re never expecting a call that says, "Grandma? It’s me. I’m in trouble. I’m in jail."
In January, a long-term client of ours (we’ll call her Joyce to protect her identity), received that call. The voice on the other end was frantic, sobbing, and muffled. The caller, claiming to be her grandson who is a college sophomore, explained he’d been in a car accident with a prominent local figure; therefore there was a legal "gag order," and she couldn’t tell his parents. He needed $25,000 for bail immediately, or he’d be transferred to a high-security facility.
Clouded by panic and urgency of the situation, and driven by a need to protect her grandson, Joyce didn't question the logic. She withdrew her entire liquid savings into a cashier’s check.
By noon, the "attorney" called back. He had claimed to have gotten him out of jail, but the college-aged student broke the gag order because he posted on social media about it! Now the grandson was going to be hauled back to jail and he needed another $25,000 to get him out. Joyce’s checking account was dry, so she decided she would transfer money from her investment accounts.
She called Massie Financial Planning with the request to liquidate and wire the funds to make an emergency payment.
"Joyce, we can get you the money today via wire," Tom responded, "But my job is to protect these assets. Before we move forward, what can you tell me about the situation? There’s a few red flags here and some markers of a potential scam."
While we pride ourselves on the ability to be responsive to any emergencies you may need, in this case we took time to press pause and have a conversation with the client. We didn’t rubber stamp and process a trade that took advantage of a vulnerable individual.
As Joyce shared the story and the events of that day, Tom recognized the red flags instantly: the "gag order," the sense of extreme urgency, and the request for untraceable funds. He asked Joyce to hang up and call her grandson’s personal cell phone. When he answered from his college dorm, out of any harm’s way, the overwhelming emotion was relief.
With the sense of fear and urgency lifted, the situation came into focus. The initial $25,000 was gone, a painful lesson in modern predatory tactics. But the rest of her retirement security was safe.
A proactive financial advisor is more than a market strategist; they are a behavioral circuit breaker. Managing assets is the baseline, but the true value of the relationship lies in safeguarding your finances against the unexpected—whatever form that threat takes that day. Massie Financial Planning is always a phone call away, and our advisors are prepared to discuss any questions you may have to help you make informed financial decisions.
Joyce’s experience is an opportunity to discuss these increasingly-present scams, and how to identify and avoid them.
Red Flag Phrases: Spotting a Financial Scam
In an era of sophisticated deepfakes and high-pressure tactics, scammers often use a specific "script" designed to bypass your logic and trigger your emotions. If you hear these phrases, stop, breathe, and call your advisor.
The Tactic | What They Say | The Reality |
|---|---|---|
| The "Gag Order" | "There is a strict legal gag order. You cannot tell anyone about this, not even your spouse or kids." | Scammers isolate you so no one can point out the holes in their story. True legal matters rarely involve secret bail. |
| The "Urgency" Trap | "The courier is leaving in 20 minutes. If the funds aren't sent now, the consequences are permanent." | Urgency is a tool to prevent you from thinking clearly. Legitimate institutions will always allow time for verification. |
| The "Untraceable" Ask | "We need this via a cashier’s check, wire transfer, gift cards, or cryptocurrency." | These methods are nearly impossible to reverse. Once the money is sent, it is gone. |
| The "Authority" Play | "I am Officer [Name] from the [City] Police. I’m putting your grandson on the line now." | AI voice cloning can now mimic a loved one’s voice with terrifying accuracy. Always verify through a known, trusted number. |
Steps to Protect Yourself:
- The "Slow Down" Rule: No financial emergency is so dire that it can't wait for a ten-minute consultation with your advisor.
- Verification First: Hang up and call the person directly on a number you already have saved in your contacts.
- The Advisor Buffer: Give your financial advisor permission to "red flag" unusual, large-scale liquidations that deviate from your long-term plan.
Looking for a trusted financial advisor to have your back? 👉 Schedule a call with Massie Financial Planning today
Massie Financial Planning (MFP) is an investment adviser registered with the state of Virginia. MFP may only transact business in states where it is registered, exempt, or excluded from registration.
Information presented on this site is for informational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any product or security. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.
The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of the information provided at these websites.