|SARAH SKIDMORE, AP Business Writer|
Financial advisers often advertise "senior" designations to imply to consumers that they have advanced training or expertise in the financial needs of older people. But a report released Thursday shows that these designations are not always a clear indicator of experience and are confusing for consumers.
The professionals who typically acquire these designations include investment advisers, broker dealers, accountants, insurance agents, financial planners and other general financial professionals.
The titles and acronyms for the different designations are often similar or nearly identical to other designations, making it difficult for consumers to distinguish one from the next.
For example, the report pointed out, Certified Estate Planners (CEP), Chartered Estate Planning Practitioners (CEPP) and
In addition to confusing consumers, some of these specialists also appear to be exploiting seniors as well.
The group said that various regulators and consumer groups have been reporting in recent years that some financial advisers with senior designations are targeting older consumers and selling them inappropriate and sometimes fraudulent financial products and services.
The group is urging
It also wants to require that those individuals holding senior designations and certifications meet and maintain minimum levels of professional standards, including education and accreditation, as well as a code of conduct.
"These recommendations mark an important step toward addressing the proliferation of designations, certifications and titles used to mislead, confuse and deceive America's seniors,"
|Copyright:||(c) 2013 The Associated Press. All rights reserved.|