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Protect Your Parents From Financial Fraud

Apr 12, 2013

Here’s some news you’ll want to share with your parents to avoid the heartbreak of fraud and abuse at the hands of financial professionals.
 
A new guide by the Certified Financial Planner Board of Standards, called “Financial Self-Defense for Seniors,” has been developed to help older adults understand the designations, certifications and fiduciary responsibilities (which require them to act in the best interest of their client) of financial experts. Some so-called designations are nothing more than marketing tools, the board points out, adding that no education or exam is required.
 
The guide describes “red flag” situations and the actions that you, or your parents, can take to protect against such fraud. It also offers information on where and how to file an official complaint. Read more >

AARP Blog
Carole Fleck
April 12, 2013

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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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