CFP Board to CFPB: Seniors Drowning in Alphabet Soup of Advisor Credentials

News & Events


CFP Board in the News

CFP Board to CFPB: Seniors Drowning in Alphabet Soup of Advisor Credentials

Aug 21, 2012

Older Americans Lost At Least $2.9 Billion to Financial Exploitation in 2010

To help thwart the rising use of misleading, fraudulent and deceptive designations and certifications, the CFP Board is urging the Consumer Financial Protection Bureau (CFPB) to create a ratings system for such credentials.

In a comment letter on Monday, the Certified Financial Planner Board of Standards told the CFPB that fraudulent certifications are mostly used to exploit seniors. "The financial exploitation of older Americans is a pervasive national consumer protection issue, and there are no effective resources on the federal level that allow for seniors to evaluate certifications and designations or deter their misuse," CFP Board CEO Kevin Keller wrote. Read more >

Melanie Waddell
August 21, 2012

Speaker's Bureau
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 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.
Let's Make A Plan
Don't address your finances individually. Pull your finances together with the help of a CFP® professional.