Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

"Senior Specialist" and Similar Financial Credentials Can Lead to Confusion

CFPB Claims That Senior Designations Are "Confusing"

One common way investors evaluate their stockbrokers and advisors for credibility is by looking at their credentials. Unfortunately, a slew of new credentials have cropped up in recent times, many of which allow shady advisors to prey on seniors so they can sell them scam products and unsuitable investments.

Currently, there are approximately 100 financial credentials available. One designation is the "senior specialist" designation that can be particularly dangerous for older Americans. This credential sounds legitimate, but often it is little more than a way to manipulate investors by building false trust.

Don't get me wrong. There are many organizations that have very strict criteria that must be met before handing out credentials. However, there are just as many illegitimate ones. Sadly, many investors cannot tell the difference.

In a recent report, Richard Cordray stated,

These designations imply special training and experience in providing financial advice to seniors. The Office for Older Americans heard frequently from industry representatives, state and federal regulators, and consumer organizations that older consumers may be confused or misled by financial advisers touting senior designations.

The full report was 62 pages long and was intended to inform congress on the misleading and confusing claims made particularly by senior specialist certifying agencies. Not only are many of these designations extremely easy to get, many of them sound almost identical to other, more legitimate, certifications.

According to the Consumer Financial Protection Bureau, some of these designations even offer free lunches and seminars to lure people, many of them seniors, into investment scams. In response to these extremely confusing designations, FINRA and other investment industry regulating agencies have limited the use of these acronyms and titles.

Before you invest, it is a good idea to do your research and check out the adviser's qualifications.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram