Should you check the lifestyle of your Financial Adviser?

Two recent cases involving multi-million investment scams have both highlighted the expensive lifestyles of the main promoters. This raises the question if investors would be well advised to conduct a background check on the personal life of any current or prospective investment adviser. I would tend to say yes as the time when you could rely on self-restraint as demonstrated by the legendary old school Swiss Private Banker are long gone. Ostentatious lifestyles that involve million-dollar birthday parties where rock stars serenade the guests and over-the-top spending on art or property should always flash red warning lights.
See also 'Long jail terms for three fraudsters in £85 million boiler room scam' (Daily Telegraph)