Alphabet Soup of Senior Adviser Designations Confuses Consumers, Says Federal Consumer Watchdog

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Alphabet Soup of Senior Adviser Designations Confuses Consumers, Says Federal Consumer Watchdog

Apr 18, 2013

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
Pamela Yip
April 18, 2013

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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.
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