Managing investments can be tricky but here are some ways you can protect your savings when it comes to dealing with investors.

Rick Nason, a risk management consultant and associate finance professor at Dalhousie University, has recommendations to make sure people know what's going on with their money.

5 ways to protect your money

1. Check your statements

"That sounds like a very obvious thing but it's something that most people don't do," said Nason.

2. Don't be afraid to ask questions

"A lot of people really don’t like to ask questions for emotional reasons about money or perhaps because of self esteem reasons. They don't want to appear uneducated or unsophisticated. But the point is, that is probably the weakest link, is not asking questions," he said.

Nason said you need to keep asking questions if your adviser is not giving you answers that you understand.

3. Never send money directly in your adviser's name

"If the adviser is trying to do something untoward, that is the easiest way to do it," said Nason.

"Huge, huge, huge red flag."

4. Keep up 'Know your client' form

"Commonly called a KYC, it is basically a statement that outlines what your investment objectives are and keeping that makes sure your goals are aligned with what your adviser is actually doing. It actually helps in some of the risk management that happens behind the scene and later down the road if there is an issue — it becomes a key piece," said Nason.

"Make sure to review that every year with your adviser. You should be doing this anyway because people's situations change."

5. Keep family and investments separate

"One always wants to throw the business, if you will, to someone who's a friend or family member but that just raises all sorts of potential conflicts. Unless you have an extremely long-term sense of trust there, there's way more potential for bad things to happen," he said.