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 >
April 12, 2013