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CFP Board in the News

Financial Elder Abuse Increases in a Down Economy

Jun 20, 2012

World Elder Abuse Awareness Day recently occurred on June 15, and to mark the occasion, the recently created Consumer Financial Protection Bureau (CFPB) is ramping up efforts to prevent scams targeted at the elderly....

The CFPB has noted that part of its effort will be aimed at how seniors can best determine the legitimacy of the credentials of financial planners and advisers. One question that will help you vet potential advisers or brokers is to ask them to identify the organizations that license or supervise them. Brokers are regulated by FINRA; investment advisers by either the SEC or a state securities regulator; insurance agents by the state insurance commission in states in which they do business; CFP® professionals by the CFP Board. Use these organizations' websites to check the adviser's background and any disciplinary history.

I encourage you to download and read CFP Board's Consumer Guide to Financial Self-Defense at http://www.cfp.net/learn/FinancialSelfDefense/default.asp. The guide shows you how to arm yourself with information and spot fraudulent red flags, in addition to providing specific self-defense moves to guard against elder investment fraud and financial exploitation. Read more >

Chicago Tribune
Jill Schlesinger, CFP®
June 20, 2012

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Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call himself a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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