Reverse Mortgage Fraud and Other New Scams Target Seniors

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Reverse Mortgage Fraud and Other New Scams Target Seniors

Aug 01, 2013

Seniors lose several billion dollars a year to financial chicanery

Scammers are out there, and unfortunately retirees are often their targets. According to the Government Accountability Office, seniors lose several billion dollars a year to financial fraud. Government and law enforcement efforts to stop them have tended to be scattershot, with little coordinated effort. And banks, which are supposed to be on the lookout for suspicious transactions, have not been sufficiently vigilant.

Hype or help? How to evaluate financial credentials

The alphabet soup of financial designations like [the] CFP[® mark], for [CERTIFIED FINANCIAL PLANNER™], is tough enough for consumers to navigate. Now there’s a new slew of financial designations, many of which have the word “Senior” attached to them, presumably to appeal to retirees who are seeking financial counsel. Certified Senior Adviser, Chartered Senior Financial Planner, and Registered Financial Gerontologist are a few of the more than 50 designations you might come across.

Other than to attract business, the value of some of these designations is questionable. Becoming a CFP[® professional] takes at least two years of supervised financial planning experience. But some of the less common designations require no coursework, or merely a training course of less than a week. Read more >

Consumer Reports
August 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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