For years, regulators have been monitoring brokers who use titles like “retirement planning specialist.” It’s hard to say which of these designations are meaningful since they are so loosely regulated. In many cases, the financial services industry doesn’t want customers to know that little training or expertise is involved.
The Consumer Financial Protection Bureau (CFPB) recently issued a report on these titles, which helps to illuminate a specialized form of financial abuse:
“With such a bewildering array of titles and acronyms, it is no wonder that older Americans are confused and misled by these titles,” said CFPB Director Richard Cordray.The Bureau found that there are more than 50 different senior designations that financial advisers use to indicate that they have advanced training or expertise in the financial needs of older consumers. These designations can confuse older consumers, who are already at risk for deception and fraud.”
“Today’s report underscores the need for consistent high-level standards of training and conduct for those advisers who want to acquire a bona fide senior designation.”
Full Article and Source:
Senior Specialists Often Swindlers
See Also:
Read "Senior Designations for Financial Advisors"
1 comment:
There are people with titles, and then there are "helpful" agencies like the Area Agency on Aging who do the same thing: steal. And there is no accountability or prosecution for the vast majority of the crooks.
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