The myriad of senior designations for financial advisers confuses consumers, with no single authority responsible for ensuring that those using senior designations don’t mislead or harm seniors, according to the Consumer Financial Protection Bureau.
There are more than 50 different senior designations, said the agency, which released a report today on Senior Designations for Financial Advisers.
The Certified Financial Planner Board of Standards, which grants the CFP® certification, supports the bureau’s recommendations.
“These recommendations mark an important step toward addressing the proliferation of designations, certifications and titles used to mislead, confuse and deceive America’s seniors,” said Kevin R. Keller, the board’s chief executive. “We fully support the bureau in its efforts to shine a light on this significant problem and hope policymakers and regulators will quickly implement these common sense recommendations to better protect older Americans.” Read more >
The Dallas Morning News
April 18, 2013