Be Wary of “Weekend” Designations

Senior clients should be wary of trusting financial advisors who claim to be trained to provide investment advice to seniors. Many times financial advisors who use titles like “certified senior advisor” or “certified retirement counselor” base these designations off of a weekend hotel seminar they attended and nothing more.

According to a recent study conducted by the Financial Industry Regulatory Authority Inc. (FINRA), 68% of the 157 firms surveyed allow their advisors to use these designations, and 23% of these firms do not verify the credentials of the senior designations. FINRA suggests firms create procedures that permit their financial advisors to use senior designations “that instill substantive knowledge to better serve and protect senior investors.”

When looking for qualified financial advice, clients should look for titles like “certified financial planner,” “chartered financial consultant,” or a “master of science in financial services (MSFS).”

See Financial Industry Regulator Issues Warning on Senior Designations, ElderLawAnswers, Dec. 2, 2011.