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Follow on Google News | "Senior Specialist" and Similar Financial Credentials Lead to ConfusionFinancial title designations like "senior specialist" and nearly 100 others may be a marketing ploy to gain trust of older investors. Investment fraud attorney David Meyer explains the danger in today's trend.
Financial credentials (http://www.investorclaims.com/ Of the nearly 100 financial designations (http://www.investorclaims.com/ Some organizations that grant the titles do have strict qualification requirements, but many do not. To make matters worse, most senior investors can’t tell the difference. “These designations imply special training and experience in providing financial advice to seniors,” wrote Consumer Financial Protection Bureau Director Richard Cordray in a recent report. “If well grounded, they can provide a sound basis for recommending financial products to help consumers prepare for and maintain a secure retirement. In preparing the enclosed report, however, the Office for Older Americans heard frequently from industry representatives, state and federal regulators, and consumer organizations that older consumers may be confused or misled by financial advisers touting senior designations.” The 62-page report, which was prepared for Congress, highlights 50 confusing and misleading senior designations – some of which require nothing more than an application (and presumably a fee). According to the Bureau, these designations are “extremely confusing” for consumers, particularly because the titles and acronyms for some designations were nearly identical to others. “Every senior designation is different, and there is a very wide range in their characteristics,” For example, Certified Estate Planners (CEP), Chartered Estate Planning Practitioners (CEPP), and Certified Estate and Trust Specialists (CES) are different designations conferred by different organizations, with different training requirements, yet the similarity of these titles may lead consumers to believe each possess similar qualifications and expertise.” Other misleading or illegitimate designations highlighted in the Consumer Financial Protection Bureau's report included the Accredited Retirement Advisor (ARA) designation, the Certified Healthcare Financial Professional (CHFP) designation, and the Registered Financial Planner (RFP) designation. According to the Bureau, these misleading designations are often combined with “free lunch” seminars (http://www.investorclaims.com/ Many presenters called themselves “Certified Senior Advisers,” “Elder Care Asset Protection Specialists,” Because of the wide-sweeping confusion these titles are creating, many regulators, including FINRA, have recommended that lawmakers and/or brokerage firms themselves prohibit the use of specious designations that do not require a rigorous curriculum, continuing education, demonstrable experience, and an emphasis on ethics. In the report, the Bureau noted that state and federal regulations on the credentials would help protect consumers shopping for senior financial expertise. Let’s hope lawmakers soon begin to take these recommendations seriously. For now, seniors can protect themselves by checking out an adviser’s qualifications (http://www.investorclaims.com/ About our law firm: The law firm of Meyer Wilson represents individuals across the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis and we never request a retainer of any kind. Contact us toll-free at 1-866-827-6537 for more information or complete the online form on the top of this page and we will respond promptly. http://www.youtube.com/ End
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