CFPB Report on Financial Planner Certification and "Senior Designations"
Thursday 7 November 2013
The Consumer Financial Protection Bureau, itself one of the few meaningful reforms to have come out of the 2008-onward financial crisis, issued a report earlier this year on the state of certification in the financial planning industry, with a special focus on those credentials aimed at professionals working with retirees or on old-age pension/benefit issues. While some certificates, such as the "gold standard" CFP (Certified Financial Planner) designation do signal competence and integrity, others seem to be awarded without much more effort on the part of the certify than writing a check. The CFPB is quite worried that these fake, or at least "baseline," certifications are being used by individuals working more as salespeople than as professional financial planners, using the veneer of legitimacy offered by a certificate hanging on the office wall and a few letters after their name on their business card to mislead senior citizens into poor financial decisions. Yet, since financial planning is not yet a licensed occupation, there is not much more that the CFPB can do other than issue this report and use the media to try to warn individuals to exercise great care in choosing a financial adviser. If you use professional financial services, you might want to read the report for yourself, especially if you live in the United States, and see if your adviser holds any of the certifications called out by CFPB - while holding an "easy" certification does not in and of itself signal a quack, if not pared with a more rigorous credential it could be a sign of someone more interested in lining his or her own pockets than providing genuine financial help...
Subscribe to:
Post Comments (Atom)
A strategic plan can help define and set the course. Financial planning is all about allocating finite resources -- such as money, employees and equipment -- over time, to reach the broad goals set out in strategic planning. To do so involves measuring current performance against past data and trends for the future. Ayers Contractor management provide assistance in business financial planning. I am associating with them since last 3 years and i am fully satisfy with their services.
ReplyDeleteThere are a few qualities to look for to find a trusted attorney to help you with your financial crisis.
ReplyDeleteBankruptcy Attorney
they can enjoy their “golden years”,
ReplyDeleteHow to start investing their hard-earned money, so they can get higher returns than banks…
Then YOU may also be interested about how to be a financial advisor, don’t you think? Certified Financial Advisor
I have read your blog it is very helpful for me. I want to say thanks to you. I have bookmark your site for future updates. get your web site on google
ReplyDeleteAnd since the frail elderly are incapacitated to do such activities, they need elder care services. Senior living
ReplyDeleteExcellent to be visiting your blog again, it has been months for me. Rightly, this article that I've been served for therefore long. I want this article to finish my assignment within the faculty, and it has the same topic together with your article. Thanks for the ton of valuable help, nice share. financial news for today
ReplyDeleteThis article gives the light in which we can observe the reality. This is very nice one and gives indepth information.
ReplyDeletefinancial advisor fort worth
Profit primarily prime quality items -- you can understand them all within: Best Forex Signals
ReplyDeleteIf you're a homeowner in this situation, don't blame yourself. Probably half of the families on your street are going through the same thing right now. Fill out a check Step by Step Guide (USA)
ReplyDeleteYour privacy is secure as compared to other modes of payments over the internet where your vital information can be leaked and misused. cryptocurrence processing
ReplyDeleteThis fact was also impressed upon by billionaire macro hedge fund manager Paul Tudor Jones when a month back he announced plans to invest in Bitcoin. https://binorcoin.com/
ReplyDeleteIncredible post! I am really preparing to over this data, is extremely useful my companion. Additionally incredible blog here with the majority of the significant data you have. Keep doing awesome doing here. writing a business plan
ReplyDeletemmorpg oyunlar
ReplyDeleteinstagram takipçi satın al
tiktok jeton hilesi
tiktok jeton hilesi
antalya saç ekim
referans kimliği nedir
İnstagram Takipçi Satın Al
metin2 pvp serverlar
İnstagram Takipçi Satin Al
çekmeköy lg klima servisi
ReplyDeletetuzla beko klima servisi
çekmeköy bosch klima servisi
ataşehir bosch klima servisi
üsküdar samsung klima servisi
beykoz mitsubishi klima servisi
pendik vestel klima servisi
pendik bosch klima servisi
pendik arçelik klima servisi
"How much you have more Patience, how much you will have more Profit with less Risk on your Portfolio Accurate Trading Signals
ReplyDelete