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CFP Board in the News

Seniors Victims Lose Average of $140,500 to Financial Abuses

Aug 22, 2012

Lured in by the promise of free lunches, big-cash prizes and high-yield investments, seniors are losing big money to bogus financial schemes and bad advice.

On average, seniors who become victims of financial abuse lose an estimated $140,500, according to a survey of 2,649 [CFP® professionals] conducted by the nonprofit organization Certified Financial Planner Board of Standards.

More than half of the [CFP® professionals] surveyed said they have worked with a senior – or multiple seniors – who has been a victim of "unfair, deceptive or abusive practices," such as misleading marketing schemes and other scams that end up draining their bank account. Read more >

CNN Money
Blake Ellis
August 22, 2012

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CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Did You Know?

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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