World Elder Abuse Awareness Day recently occurred on June 15, and to mark the occasion, the recently created Consumer Financial Protection Bureau (CFPB) is ramping up efforts to prevent scams targeted at the elderly....
The CFPB has noted that part of its effort will be aimed at how seniors can best determine the legitimacy of the credentials of financial planners and advisers. One question that will help you vet potential advisers or brokers is to ask them to identify the organizations that license or supervise them. Brokers are regulated by FINRA; investment advisers by either the SEC or a state securities regulator; insurance agents by the state insurance commission in states in which they do business; CFP® professionals by the CFP Board. Use these organizations' websites to check the adviser's background and any disciplinary history.
I encourage you to download and read CFP Board's Consumer Guide to Financial Self-Defense at
http://www.cfp.net/learn/FinancialSelfDefense/default.asp. The guide shows you how to arm yourself with information and spot fraudulent red flags, in addition to providing specific self-defense moves to guard against elder investment fraud and financial exploitation. Read more >
Jill Schlesinger, CFP®
June 20, 2012