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The first rule is the most important and the simplest one; Ask Questions.

You need to thoroughly evaluate the background of any financial professional that you plan to do business with, before you give them any of your money.
Check for complaints lodged against the institution and/or the individuals that will be handling your money,
Has the firm ever declared bankruptcy? Has the investment professional ever claimed bankruptcy?
Don't be intimidated, it's your money an after all you're paying for the financial professional and they work for you.

Questions to Ask

• Is the investment product registered with the SEC and your state securities agency?
• Does the investment match your investment goals? Why would the investment be suitable your goals?
• How does the investment make money? (Dividends? Interest? Capital gains?) What must happen for the investment to increase in value? (For example, increase in interest rates, real estate values, or market share?)
• What are the total fees to purchase, maintain, and sell the investment? Are there ways that you can reduce or avoid some of the fees, such as purchasing the investment directly? After all the fees are paid, how much does the investment have to increase in value before you break even?
• How easy would it be to sell if you needed your money right away?
• What are the risks associated with the investment? What is the maximum you could lose?
• How long has the company been in business? How experienced is the financial professional? How successful?
• Is the company making money? How do they compare to other companies?
• Get more information on the investment: PROSPECTUS, SEC filings, current financial statement, current annual report

Investor Tip - Check Out Your Financial Professional You can verify your broker's disciplinary history by checking the Central Registration Depository (CRD). Either your state securities regulator or FINRA can provide you with CRD information. Your state securities regulator may give you more information from the CRD than FINRA, especially when it comes to investor complaints, so you may want to check with them first. You'll find contact information for your state securities regulator on the website of the North American Securities Administrators Association. To contact FINRA, visit FINRA's BrokerCheck website, or call them toll-free at (800)289-9999. You can find out about investment advisers and whether they are properly registered by reading their registration forms, called the "Form ADV."  You can view an adviser's most recent Form ADV online by visiting the Investment Adviser Public Disclosure (IAPD) website.  At present, the IAPD database contains Forms ADV only for investment adviser firms that register electronically using the Investment Adviser Registration Depository.  You can also get copies of Form ADV for individual advisers and firms from the investment adviser, your state securities regulator, or the SEC, depending on the size of the adviser.