The guide, “Financial Self-Defense for Seniors,” was developed by the Certified Financial Planner Board of Standards, a nonprofit group that administers the credential for [CERTIFIED FINANCIAL PLANNER™ professionals]. To earn the “certified” designation, financial professionals must meet certain requirements for education and experience and pass a difficult exam on a variety of financial topics.
The new guide lists “red flags” to watch for, and offers advice for vetting financial professionals before you sign up to work with them. It suggests, for instance, asking if, in offering advice, the adviser is required to use the “fiduciary” standard. That standard obligates the professional to put the client’s interests first and to fully explain any conflicts of interest that might affect the advice provided to you. (All planners with the [CFP® certification] designation must adhere to the fiduciary standard, the board says.) Read more >
The New York Times
March 28, 2013