CFP Board Seeks Measures to Protect Seniors from Financial Abuse

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CFP Board Seeks Measures to Protect Seniors from Financial Abuse

Aug 21, 2012

"There are 142 designations for financial advisors," says Marilyn Mohrman-Gillis, managing director for public policy and communications at the CFP Board. "We determined that most of them actually have nothing at all behind them other than a weekend course with an open book test and then you get three letters behind your name. They are basically worthless."

To help distinguish the pretenders and sales people from authentic advisors, [CFP Board] is asking the Consumer Financial Protection Bureau (CFPB) to create a ratings system for financial certifications and designations. Read more >

Financial Planning
Ann Marsh
August 21, 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 themselves 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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