Regulator Reviewing Elderly Complaints Against Financial Advisors With Lofty Titles

The Wall Street Journal reports:

• The Financial Industry Regulatory Authority is starting to evaluate complaints by investors about brokers who hold any of three popular designations that imply expertise in working with seniors and retirees. Susan Merrill, the agency's enforcement chief, says her staff is evaluating the requirements behind the three most popular senior-related designations: Chartered Retirement Planning Counselor, Certified Senior Advisor and Chartered Advisor for Senior Living. The agency also is compiling the records of complaints against advisers who hold those designations, to see whether any patterns exist.

• Many of the more than 50 titles that imply expertise in advising seniors or retirees reflect training that shows advisers "how to sell to this market" rather than how to help clients, says Jean Setzfand, director of financial security for AARP, the Washington-based advocacy group for people 50 years old and older.

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