The American College Supports the U.S. Senate Special Committee on Aging's Standards for Designations Serving Seniors

"As the nation's leading financial services college with the highest level of accreditation, and as a non-profit public charity dedicated to financial literacy, we strongly endorse the diligence and leadership demonstrated by Chairman Kohl, Senator Vitter and the Committee," said Larry Barton, PhD., President and Chief Executive Officer of The American College. "In an era when the public is concerned from Main Street to Wall Street, we need legislation that will help consumers understand that some 'credentials' in insurance and financial services are not worth the paper they are printed on, while other professional designations represent years of rigorous study."

The bill, "The Senior Investor Protection Act of 2008," offers states those resources necessary to protect seniors from unscrupulous financial advisors who prey on the retirement savings of the elderly by touting misleading or fraudulent senior designations. The proposed legislation would create a new grant program that encourages state regulators to adopt a uniform standard for the accreditation of senior financial advisors and assists states in their efforts to protect seniors from being duped by these misleading designations.

The bill sets the standard for legitimate certifications and designations that provide financial advisors with the expertise necessary to effectively serve seniors. According to the Senior Investor Protection Act of 2008, legitimate programs are offered by academic institutions having regional accreditation or meet the standards outlined by the North American Securities Administrators Association (NASAA) Model Rule on the Use of Senior-Specific Certifications and Designations or are issued or obtained from any State. Other programs meeting less stringent standards are referred to in the bill as "misleading designations."

Barton also stated, "Those who mislead senior citizens with rogue credentials do a disservice to the many hard working agents and planners who are diligently assisting seniors achieve financial security."

Dr. Barton has been a leading voice among financial services industry professionals in calling for increased scrutiny of weekend "rogue" designations. For more than three years Dr. Barton has challenged the industry, calling the growing number of unregulated designations "a dangerous situation." His views have been widely reported in leading consumer and financial industry media including CNN, ABC, Bloomberg Television, National Underwriter, Investment News, Best's Review, Senior Market Advisor and Agent's Sales Journal where he has consistently blasted designations with questionable content, testing and certification. In addition, Dr. Barton has been featured at meetings of leading financial services associations such as the National Association of Insurance and Financial Advisors (NAIFA) and the General Agents and Managers Association (GAMA) where he has spoken passionately on this issue.

Helping seniors achieve financial security is a critical issue. According to a recent statement released by the Social Security Board of Trustees, the financial condition of the Social Security and Medicare programs remains problematic with Social Security's current annual surpluses of tax income over expenditures beginning to decline in 2011 and then turning into rapidly growing deficits as the baby boom generation retires.

Barton concluded by stating, "This committee's efforts are of vital importance to regulators, companies, financial advisors and the seniors they serve." Reporters interested in interviewing Dr. Barton should contact The American College Office of Public Relations at 610-526-1450.

The American College is dedicated to leadership in innovative training and development that helps financial services companies and their employees succeed. As a non-profit educational institution holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others for over 80 years. The American College's faculty represents some of the financial services industry's foremost thought leaders. For more information, visit TheAmericanCollege.edu

SOURCE The American College

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