Importance of Use of Certified Senior Advisor Disclosure Statement

May 21, 2010 - PRLog -- Disclosure statements are used in many industries to inform the consumer of the restrictions that the product or professional will be or should be performing within.  These statements are often regulated by a state or industry regulatory body because they are a protection clause for both the consumer and the business.  

If a consumer can show no disclosure was provided when required, a court or regulator can find a business or professional to be unlawful and misleading and, consequently, impose a penalty.  When a piece of property, an IRA, or a service is not what the consumer expects, the business can refer back to the disclosure statement and point out the consumer was warned of risks involved.  In one example, a real estate disclosure requirement advises, “….a (disclosure) statement required by law in which the seller of a property must reveal specified information or concerns to potential buyers.”  Buyers of property can form a more educated decision regarding a purchase knowing they have knowledge of items that are potentially detrimental.  

The same is true when it comes to certifications and designations.  Consumers must understand any limitations that the certification or designation has.  However, it is the absolute responsibility of the professional, business, and credentialing body that the limits are conveyed to them in all ways possible.  According to the North American Securities Administrators Association (NASAA),”In determining whether a combination of words (or an acronym standing for a combination of words) constitutes a certification or professional designation indicating or implying that a person has special certification or training in advising or servicing senior citizens or retirees, factors to be considered shall include....“certified”, “senior” and “advisor”.  NASAA also advises, “any person using credentials that indicate or imply that the user has special certification or training in advising or servicing senior citizens or retirees in such a way as to mislead any person shall be a dishonest and unethical practice.”  (NASAA Model Rule, adopted March 20, 2008)  

In order to ensure that seniors are not mislead or confused in any way by the Certified Senior Advisors (CSA)® designation, a requirement was made that all CSAs must print the CSA disclosure on all advertising materials and advise the consumer of the statement prior to a sale of product or service.  This disclosure statement states, “Certified Senior Advisors (CSAS) have supplemented their individual professional licenses, credentials and education with knowledge about aging and working with seniors. The CSA designation alone does not imply expertise in financial, health or social matters”.  This statement ensures that potential consumers understand a CSA is not an expert in all senior areas, and in turn complies with NASAA and NAIC Model Rules and state laws regarding misleading or misrepresented information.  

If you believe someone is misrepresenting their skills and knowledge of senior matters or is abusing the CSA designation, please report it to the Board of Standards immediately by going to www.csa.us.  For additional rules regarding use of the CSA name and logos, please visit http://www.csa.us/docs/csa_code.pdf.

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SCSA educates professionals to work more effectively with their senior clients. That means understanding the key health, social & financial factors that are important to seniors — so you can find success in the senior market.