Sep. 22—CONCORD — Secretary of State David Scanlan and other top officials unveiled Thursday a new investor guide to help New Hampshire residents profit from their savings and avoid becoming victim to a growing number of frauds.
Scanlan said the New Hampshire Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud is one of the first initiatives of his Bureau of Securities Regulation to create a robust program about investor education.
The office also created a new website to launch this effort.
Plans are also in the works to hold investor education seminars across the state, officials said.
Improving these educational efforts can work to reduce the incidence of scams and financial fraud that the bureau has to enforce, Scanlan said.
"Wise investing is crucial to the financial security of our citizens and their families. Invest Smart NH will have a positive impact on NH citizens of all backgrounds, ages and investing experience," Scanlan said.
Barry Glennon, director of the securities regulation bureau, said it is important for New Hampshire residents to be cautious before they invest their money.
"The golden rule if you think about it is (if) you do not understand the risks and benefits of an investment, you need to hesitate and investigate before you sign on the dotted line," Glennon said.
Scams are on the rise
Financial fraud schemes are on the rise, and New Hampshire can be a magnet for them, Glennon said.
The guide helps investors with making the right decision before hiring a financial investor from among the 130,000 broker dealers in financial securities licensed to sell investments here in New Hampshire.
Glennon said there are 2,500 financial advising firms registered with his office and many of those advisers are physically located outside New Hampshire.
The 68-page guide is available to any member of the public upon request either by mail to the Bureau of Securities Regulation at the State House, Room 204, 107 N. Main St., Concord, N.H, or by calling the office at 603-271-1463.