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Monday, April 22, 2013

CFPB on Senior Designations for Financial Advisers

The CFPB published a report highlighting problems with so-called “senior designation” credentials that many financial advisers use to market their services to older Americans. The CFPB found that there are more than 50 different senior designations that financial advisers use to indicate that they have advanced training or expertise in the financial needs of older consumers.

The report outlines policy recommendations for consideration by Congress’ and the SEC. The recommendations also refer to other policymakers, particularly at the state level, because they have primary authority over many senior designees and, therefore, are well positioned to improve the marketplace for consumers in this area.

The recommendations in this report seek to reduce consumer confusion and protect consumers by improving the:
  • dissemination of information and consumer education around senior designations; 
  • standards for the acquisition of senior designations; 
  • standards for senior designee conduct; and 
  • enforcement related to the misuse of senior designations.

Read the report.

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