In the post-Madoff world, many have asked why more of his wealthy clients didn’t question returns that were too good to be true. Apparently, common sense isn’t vital to be rich.

Now, more than ever, investors should approach financial advice with a healthy dose of skepticism and never rely exclusively on a single advisor. After all, if you had a brain tumor, wouldn’t you seek medical attention from more than just a general practitioner? In healthcare, second opinions can save lives. In finances, they can save fortunes.

Madoff built his scheme on trust and in doing so, duped thousands. In a podcast from Knowledge@Wharton, Professor Maurice E. Schweitzer suggested four influence principles that caused his investors to suspend their disbelief.

1. Scarity: Investors were told, ‘œThe fund is closed. But maybe I can get you in.’

2. Authority: Madoff had been the chair of NASDAQ.

3. Social proof: Everyone’s doing it.

4. The liking principle: We’re influenced by people we like. Their social networks are what brought people in.

Don’t fall victim to financial fraud or even the latest stock tip. With any advice, always consider what’s in it for the advisor. Listen to the guidance, but make sure it’s not from an interested party. And since financial planners (futurists) are there to help envision your life ahead, it doesn’t hurt to have an accountant (historian) or an attorney (draftsman) weigh in on what you’re doing with your money today.

How have you protected your interests and diversified advice?

Image credit: Steve Rhodes’ photostream on Flickr.