As investors look for guidance in these troubled markets, one question looms above all others:

Whom can you trust?

During boom times, it was easy to hire a financial adviser and put your money on autopilot. Now the market is in chaos and thousands of investors have been devastated by fraud, with Madoffed threatening to become an all-too-common verb.

Small wonder that many investors are getting reluctant to put their faith in experts. More than three-quarters of individuals with at least $1 million to invest intend to move money away from their financial advisers, and more than half intend to leave their advisers altogether, according to Prince & Associates Inc., a market-research firm.

The trouble is, many investors don't have the time or expertise to make all of their own investment decisions. So, having a professional on your side is crucial. But how can you guarantee that your expert is reliable?

The short answer is that you can't. There are no guarantees. But you can be a lot more sure than many investors are today.

The first step is to realize that you're ultimately responsible for your family's money -- you're the chief executive of your own investment company. Your financial adviser, mutual-fund manager, wealth manager and anyone else who handles your investments should report directly to you. Even if you don't understand the ins and outs of investing as well as they do, you're responsible for ensuring that they handle your money properly.

Once you recognize that you're in charge, you can approach your advisers like a boss -- not just a client. That means putting them through a tough vetting process to make sure they're competent, trustworthy and looking after your best interests. Here are some big questions to keep in mind as you review your candidates:

1. What's in the adviser's background?

'Think like an employer,' looking at a potential adviser's criminal and regulatory record, as well as references from past employers, says Wayne Cooper, founder of Wealth Management Exchange, a social-networking site for high-net-worth investors.

But all of that leaves an important question open: What exactly constitutes a red flag in an adviser's history?

'A discriminating person wouldn't just look at the fact the adviser had a complaint,' says George Brunelle, a New York securities lawyer. He suggests looking for complaints related to customer disputes, fraud or excessive buying and selling of securities, called churning. Investors should zero in on disputes that led to a substantial arbitration award.

On the other hand, some technical infractions -- such as failure to comply with continuing-education requirements on time are more common and may be permissible. Either way, there are lots of advisers out there, so 'it is best to comparison-shop,' Mr. Brunelle says.

2. What do the adviser's clients say?

It can be helpful to ask for references from past and current clients in life situations similar to yours. When talking to the clients, get specific about their experiences. How often did the adviser communicate with them? Has the adviser ever admitted to making a mistake? How often do they evaluate their goals with the adviser? Has anything about their relationship surprised or disappointed them? Has the adviser performed well in bull and bear markets? Is the adviser ethical?

Then ask them for additional references from people the adviser hasn't solicited, says Greg Rogers, founder and president of RayLign Advisory LLC in Greenwich, Conn. 'Try to find six degrees of separation from the adviser,' he says. 'You'll get better information if you get indirect references.'

3. How does the adviser get paid?

Knowing how advisers get paid will help you tell if they're working in your best interest. 'It's no different than going into a clothing store -- when a salesperson says you look great, you know they have a bias to sell you clothes,' says Mr. Sonnenfeldt, the Tiger 21 co-founder.

Advisers use a bunch of compensation structures. They may get a commission on the securities they sell; charge fees, either flat or a percentage of the assets they manage for you; work at an hourly rate; or a combination of all of them. Ask advisers to detail exactly how they work and the total compensation picture from managing your portfolio. Be wary of anyone who shies away from answering these questions in a transparent way, Mr. Sonnenfeldt says.

Also ask about conflicts of interest. For example, if advisers work on commission, ask for their firm's commission schedule and find out if there are a limited number of products or services they can recommend and why. If they can't justify the limited choice, that's a red flag. Meanwhile, if advisers take a percentage of assets as a fee, remember that they may be inclined to advise you to avoid moves that may reduce those assets, including charitable giving or buying a new house. Also be wary of an adviser who charges more than 1% or 2% of assets.

4. Where are the adviser's checks and balances?

The most glaring red flag in the Madoff scandal was the lack of checks and balances. Mr. Madoff's clients wrote checks and wired money to, and received statements from, Bernard L. Madoff Securities. The operation's auditing firm, Friehling & Horowitz, had only one licensed accountant and was operating out of a storefront in New City, N.Y. Madoff investors relied on this firm to verify the authenticity of trades, the SEC said in a complaint.

When purchasing investments, make sure you are writing checks to a third-party custodian, like Fidelity Investments Co. or Charles Schwab & Co., not to your financial adviser directly. This way, 'an adviser can make purchase decisions based upon my instruction, but they can't run away with my money,' says Wealth Management Exchange's Mr. Cooper.

Call the independent institution to verify it's serving your adviser, and never send checks anywhere but that firm's business address. What's more, don't allow your transaction confirmations and account statements to be mailed to your financial adviser instead of you. You should receive account statements from a third-party custodian.

Likewise, find out what auditors your adviser's firm uses. Auditors are crucial, since they verify the existence of the assets your adviser manages. Each state has its own database to check if an auditor is licensed. (While you're at it, check if your adviser has switched accounting firms or custodians recently, a move that could indicate trouble with the previous firm.)

It's also important to ask advisers about another kind of oversight: how the advisers conduct due diligence on any money managers they recommend investing with. Do they check out the managers' balance sheets, and how their actions line up with their investment strategies? Do the advisers have a personal relationship with the managers or get kickbacks from referring you?

Note, though, that it isn't uncommon for advisers to get a referral fee, 'as long as they disclose who is getting the money and demonstrate why they are recommending' the particular money manager, says Ken Springer, president of Corporate Resolutions Inc., a corporate-consulting and investigative firm.

5. What's the adviser's track record?

Advisers sometimes say they can't easily describe their track record, since they tailor each portfolio to an individual client's needs. But that excuse doesn't hold up. 'There are many ways to evaluate an adviser's track record,' Mr. Sonnenfeldt says.

For example, you might ask: How many clients beat their benchmarks or are in line with their goals? How have clients similar to me fared during recessions? Can you combine all of your clients into a single portfolio and tell me how the overall portfolio did? Remember to ask about both short-term (one year) and long-term (10 years or more) records, and ask if your adviser is using absolute returns or returns relative to the performance of the market.

Next, use the advisers' record to understand how they make decisions. 'You can ask about performance, but what you're really after is how the adviser processes decisions,' says Mr. Rogers of RayLign Advisory.

He suggests asking advisers to dissect a specific situation that has occurred to them. For instance, you could say, ''Take your worst investment and evaluate how you made the investment, monitored it and the decisions you made along the way to stick with it or get out,'' he says.

'If you feel they are dodging the question or putting a positive spin on everything, it's a red flag,' Mr. Rogers says. 'It could mean they're not going to deal with or handle the tough decisions.'

Finally, be watchful for claims of all-too-consistent returns. No adviser can deliver 10% to 20% returns every year. More reasonable -- and responsible -- is an adviser who says they may get you 10% one year, 2% the next and so on, Mr. Rogers says.

6. Can the adviser put it in writing?

Ask for a formal written outline of the services the adviser will be providing and what fees you will be paying. By setting concrete expectations, you can determine if an adviser is going to, say, 'help you set goals and do budgeting or just make investment decisions,' says Ellen Turf, chief executive of the National Association of Personal Financial Advisors.

Also ask advisers to spell out who else stands to gain from your relationship -- such as affiliated broker-dealers and insurance agencies -- as well as exactly how much the adviser, the adviser's firm and all those other parties will earn from your business.

Finally, find out whether the advisers are going to take on fiduciary responsibility, in which they are legally bound to act in your best interest. If advisers don't take this oath, they're only required to sell you products that are deemed suitable for you-and those may not always be the best fit for your financial situation or objectives.

7. What do other pros think?

Sure, you pay your adviser to do the heavy lifting, but it's imperative that you double-check any big moves -- especially in this turbulent economy.

That means knowing the basics behind your investments, insurance, estate planning and taxes, and then turning to other experts for confirmation. For instance, if your financial adviser recommends investing in commodities, read up on recent news affecting the commodities markets and then search out an expert and ask questions.

'Just like you would ask a specialist for a second opinion on your doctor's diagnosis,' ask your accountant, lawyer and other financial professionals for their opinions on individual strategies, Ms. Turf says.

投资者在困难重重的市场中寻求着指引，所有人都面临着一个问题：

你可以相信谁？

在市场热潮时期，你可以轻松地聘请一位财务顾问，近乎自动地进行投资。但现在市场动荡不安，数以千计的投资者遭遇欺诈而损失惨重，马多夫(Madoff)几乎成为了一个人人皆知的动词。

因此，许多投资者越来越不愿意信任专家也不足为奇。根据市场研究机构Prince & Associates Inc.的数据，目前持有投资资金超过100万美元的投资者中，超过四分之三的人都打算从他们的财务顾问那里撤资，超过半数的人计划炒顾问的鱿鱼。

问题是，很多投资者并没有时间或是专业知识，自己制定所有的投资决策。因此，拥有一个职业人士帮你出谋划策非常重要。但你如何才能保证自己的专家是可以信赖的呢？

简单的回答就是，你没法保证。但你可以做到比现在的许多投资者更有把握。

第一步就是认识到你最终要为你家庭的资金负责──换句话说，你就是你自己投资公司的首席执行长。你的财务顾问、共同基金经理、理财顾问以及其他替你打点投资的人都应当直接向你报告。即便你不能像他们那样理解投资的具体知识，你也有责任确保他们在认真负责地替你投资。

一旦你意识到自己才是负责人的时候，你就可以像个老板那样和自己的顾问打交道──而不只是当自己是客户。这意味着你必须对他们进行一番严格的审查，确保他们称职、值得信任，且能为你的最佳利益考虑。下面是你评估审查财务顾问时需要谨记的几个重要问题：

1、顾问有什么过往背景？

高净值投资者社交网站Wealth Management Exchange的创始人库玻(Wayne Cooper)说，你应该像个雇主一样想问题，查看你未来财务顾问的犯罪纪录和监管纪录，以及他们以前雇主的证明材料。

但这一切还有一个重要问题：查看顾问的过往经历时，哪些才是真正需要警惕的？

纽约证券律师布鲁内尔(George Brunelle)说，一个有辨别力的人不会只看顾问是否有被投诉的经历。他建议要看与客户争端、欺诈或频密买卖（过度买入卖出证券）的相关投诉。投资者应当重点关注那些导致重大仲裁的严重争端。

另一方面，一些未能及时遵守继续教育要求等技术性违规比较常见，也是可以容忍的。布鲁内尔说，不管怎样，财务顾问多了去了，最好是货比三家多看看。

2、顾问的客户怎么说？

一名财务顾问过去和现在总会有一些生活状况和你类似的客户，要求查看这些客户的证明可能会有所帮助。在和这些客户交谈时，记得要问的详细具体。顾问和他们联系的频率怎样？顾问是否承认犯下错误？他们隔多久会评估与顾问的投资目标？他们和顾问的关系是否曾让他们惊喜或是失望？这位顾问是否在牛市和熊市都表现出色？顾问的人品怎样？

康涅狄格咨询机构RayLign Advisory LLC创始人兼总裁罗杰斯(Greg Rogers)说，然后你再问问这些客户，想办法得到那位顾问没有提到的其他客户的评价。他说，试图从顾问那里找到其他人的评价。如果你能获得间接评价，就能得到更有用的信息。

3、顾问薪酬状况怎样？

知道顾问的薪酬情况有助于你判别他是否符合你的最佳利益。Tiger 21的共同创始人索内菲尔特(Sonnenfeldt)说，这和去逛服装店没什么不同──当推销员说你看上去好 了的时候，你该知道他们是想卖给你衣服。

财务顾问们有着各种繁多的薪酬结构。他们可能会从销售的证券那里得到佣金；可能收取管理费，固定的或是按照为你管理资产的比例收取；可能按照小时收费；或是包括以上所有方式。详细询问顾问他们的工作方式以及为你管理投资组合的总体收费情况。索内菲尔特说，如果一名顾问不肯坦诚透明地回答这些问题，那么你就得小心了。

你还要问到利益冲突的问题。举例说，如果顾问是按佣金收费的，那么你就该问问他们公司的佣金收费表，看看他们是否只有数目有限的产品或服务可以推荐，询问其中的原因。如果他们不能为有限的选择给出合理解释，那这就是个警告信号。与此同时，如果顾问按照资产比例收费，那你该记住他们有可能会建议你进行可能令投资资产减少的举动，例如慈善捐助或是购买新房。你还应该小心那些管理费超过资产的1%或是2%的财务顾问。

4、顾问的制约与平衡状况怎样？

马多夫丑闻中最突出的警告信号就是缺乏制约与平衡。马多夫的客户填写支票或通过汇款向Bernard L. Madoff Securities投资，并从这家公司得到证明。该公司的会计行Friehling & Horowitz只有一名注册会计师，而且只在纽约新城设有一家店面。美国证券交易委员会(SEC)在一份指控文件中说，马多夫的投资者完全依靠这家公司来验证交易的真实性。

在购买投资时，应确保将支票开给富达投资(Fidelity Investments Co.)或嘉信理财(Charles Schwab & Co.)这样的第三方托管人, 而不是直接开给你的财务顾问。Wealth Management Exchange的库玻说，这样一来，财务顾问可以根据我的指示做出买进决定，却不能卷走我的钱。

给独立机构打电话确认它为你的顾问提供服务，不要把支票寄到该机构办公场所之外的任何地址。而且，不要允许将你的交易确认书和帐户报表寄到你的财务顾问那里。你应该会收到来自第三方托管人的帐户报表。

同样，搞清你的顾问所在公司使用哪家审计行。审计行非常关键，因为他们能核实你的顾问所管理的资产是否存在。每个州都有自己的数据库可以查看一家审计行是否有业务执照（顺道查一下你的顾问最近是否换过会计行或托管行。这类举动可能表示你的顾问与以前的公司有纠纷）。

同样重要的是，要向财务顾问询问另外一种监督性质的问题：财务顾问是如何对他们建议投资的理财公司进行尽职调查的。他们是否检查了这些公司的资产负债表、他们的行为与投资策略是否一致？财务顾问与这些理财机构是否有个人关系、或因为介绍你的业务从理财公司拿回扣？

不过要注意，财务顾问收介绍费的情况并不少见。企业咨询和调查公司Corporate Resolutions Inc.的总裁斯普林格(Ken Springer)说，只要他们披露谁拿到钱、并说明他们为什么要推荐某家特定的理财公司就可以了。

5.财务顾问的过往业绩记录如何？

财务顾问有时会说，他们不太容易表述自己的业绩记录，因为他们是根据每位客户的具体需求定制投资组合的。但这种借口是站不住脚的。索内菲尔特说，可以有很多方式评价财务顾问的业绩记录。

比如你可以问：有多少客户的收益超过他们的基准或与目标一致？类似我这样的客户在衰退期间收益如何？你是否可以把你的所有客户放在一个投资组合里，然后告诉我总的投资组合的业绩？记得短期（1年）和长期（10年以上）记录都要问到，并问问你的顾问，他是采用绝对回报还是相对于大盘市场表现的相对回报来评估业绩。

其次，利用财务顾问的业绩记录来弄清楚他们是如何做决定的。RayLign Advisory的罗杰斯说，你可以问到业绩表现，但你真正希望了解的是这位顾问作决策的过程。

他建议让顾问剖析一个他们曾遇到过的具体情况。他举例说，你可以说，找出你做过的一项最糟糕的投资，评价一下你是如何决定这项投资及如何监测它、你在过程中决定持有或退出此项投资的决定等等。

罗杰斯说，如果你觉得他们在回避问题或给所有事情都贴上积极的标签，就要警惕了，这或许意味着他们将不会处理或应付艰难的决定。

最后，对财务顾问声称非常一贯的回报保持警觉。没有哪个财务顾问每年都能实现10%-20%的回报。罗杰斯说，比较合理──且负责任──的顾问会说，他们可以每年让你拿到10%的回报，下年是2%，如此下去。

6. 顾问能把它写下来吗？

针对财务顾问要提供的服务以及你要支付的费用提出要一份正式的书面概要。全美个人理财顾问协会(National Association of Personal Financial Advisors)首席执行长特夫(Ellen Turf)说，设定具体的预期，这样你可以决定某位财务顾问是否要帮助你制定目标、制定预算或者只是做投资决策。

还要问财务顾问，其他还有什么人会从你们的业务关系中获得收入──比如关联的经纪自营商和保险机构──以及顾问、顾问所属公司和所有其他相关各方将从你的业务中挣多少钱。

最后，要搞清财务顾问是否将承担受托责任、在法律上以你的最佳利益为出发点采取行动。如果财务顾问不接受这样的约定，那么他们只被要求向你出售被认为适合你的投资产品，而这些或许未必总是最适合你的财务状况或者目标。

7. 其他人是什么看法？

的确，你向财务顾问付了钱，让他们为你出力，但你仍有必要核实任何一项重大决策，特别是在如今经济形势多有动荡的情况下。

这意味着了解你的投资、保险、房地产规划和税收后面的基本情况，然后求助其他专家予以证实。比如，如果你的财务顾问建议投资大宗商品，那么，你应读读近期影响大宗商品市场的有关新闻，然后找位专家咨询一下。

特夫说，就像你在拿到一位医生的诊断后会再找一位专家、听听他的意见一样，可以向你的会计师、律师和其他金融专业人士了解他们对具体策略的看法。