INTERNATIONAL SECURITIES AND EQUITIES COMMISSION WARNS ON FINANCIAL ADVISORS USING SENIOR DESIGNATIONS TO FOOL RETIREES.
International Securities and Equities Commission has noticed the prevalence of financial advisors that present themselves as trained specifically to advise senior citizens on their investments even although they often are not. The use of designations such as “senior investment specialist” or “certified pension advisor” is on the rise and even although such titles may convey the impression of a qualified and educated advisor the reality is that many of these such titles are obtainable from a weekend course or less and are simply a tactic to impress a certain segment of the investing public.
The use of such titles is not illegal but International Securities and Equities Commission warns the public against assuming that this title may involve the holder having specialist knowledge of the financial requirements of retirees or senior citizens.
We have noticed that the use of such designations is both widespread and allowed by many investment firms.
Of the firms surveyed, almost 70% allowed the use of such designations and even although verification of such credentials is required, almost 60% of firms failed in their responsibility to check the qualifications of the individual advisor. The bottom line is that the vast minority of investment firms is following the guidelines presented.
We suggest that our member companies should establish procedures to ensure that any qualifications being presented to the investing public are verified as part of the responsibility of the investment firm to their clients.
If a qualification such as “senior investment specialist” is to be given to a potential client then the member company should take steps to ensure that the client knows exactly what the qualification entails.
International Securities and Equities Commission is aware of the use of such designations on a widespread basis in certain firms that target the retiree and senior citizen sector as a tactic to miss-sell certain insurance products that are un-advantageous to the investor.
If you are looking for an investment advisor or firm that will give you qualified advice then please check the advisor before dealing with them or ask for references. Checking with International Securities and Equities Commission COMMISSION can ensure that the company has no complaints filed against them.
Other Warnings From International Securities and Equities Commission
International Securities and Equities Commission Issues Alert on Retirement Portfolios.
International Securities and Equities Commission Warns About the Proliferation of Fake Gold Stocks.