Published:
CFP Board Endorses Two New Measures to Protect Seniors From Unqualified Financial Advice
WASHINGTON, April 3, 2008 /PRNewswire-USNewswire/ -- The Certified
Financial Planner Board of Standards, Inc. (CFP Board), the non-profit
certifying and standards-setting organization that oversees more than 57,000
financial professionals holding the CERTIFIED FINANCIAL PLANNER(TM)
certification, today announced its strong support for two mutually-reinforcing
measures intended to stem the proliferation of financial planning designations
that are aggressively marketed to seniors. The "Senior Investor Protection
Act of 2008", introduced Tuesday, April 1, by Senators Herb Kohl and David
Vitter, and the "New Model Rule on the Use of Senior-Specific Certifications
and Professional Designations," issued Tuesday, April 1, by the North American
Securities Administrators Association (NASAA), both seek to codify standards
on what constitutes an acceptable financial certification or designation and
how those certifications or designations may be marketed.
On behalf of the public, CFP Board has worked closely with the Senate
Special Committee on Aging since the September 2007 Committee hearing that
first disclosed the depth and breadth of abusive marketing tactics used by
unscrupulous financial advisers. At the Committee's hearing, CFP Board
announced the creation of a task force to identify specific steps that CFP
Board could take to assist the Committee in combating the fraudulent marketing
of financial services to seniors. Similarly, CFP Board was among a handful of
publicly-focused organizations that provided input on NASAA's proposed Model
Rule.
"We commend both the Senate Special Committee on Aging and NASAA for
identifying effective and practical methods to prohibit the misleading use of
senior and retiree designations," said CFP Board CEO Kevin R. Keller, CAE.
"We believe that a client's best interests are served by a financial adviser
who has earned a reputable credential and adheres to an enforceable code of
ethics. Seniors can and should demand transparency, accountability, and
honesty when choosing how to invest their life-savings."
The mission of the Certified Financial Planner Board of Standards, Inc. is
to benefit the public by granting the CFP(R) certification and upholding it as
the recognized standard of excellence for personal financial planning. CFP
Board owns the certification marks CFP(R), CERTIFIED FINANCIAL PLANNER(TM) and
the federally registered CFP (with flame design) in the U.S., which it awards
to individuals who successfully complete CFP Board's rigorous initial and
ongoing certification requirements. CFP Board currently authorizes more than
57,000 individuals to use these marks in theUnited States.
SOURCE The Certified Financial Planner Board of Standards, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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