“CFP Board Seeks Measures to Protect Seniors From Financial Abuse” by: Ann Marsh Tuesday, in Financial Planning magazine.
“To help distinguish the pretenders and sales people from authentic advisors, the board is asking the Consumer Financial Protection Bureau (CFPB) to create a ratings system for financial certifications and designations.”
I participated in this survey. I have seen the results of deceptive sales practices when people come to me and they’re stuck in a product they didn’t understand that didn’t meet their needs as those needs change. This is the biggest problem, regardless of age … people forget that things change so their plans need to be flexible to change with them.
This forgetfulness, along with needing even more financial flexibility when older, combine to make planning an issue when “planning” people get is product focused (sales) instead of process focused (flexible outcomes).
The CFP Board published a “Self Defense Guide for Seniors.”