The Consumer Financial Protection Bureau, created under the 2010 Dodd-Frank Act, reports that there are more than fifty different "senior designations" that financial advisors are using to bring in older consumers into the business.
This extensive list of certifications creates confusion with consumers in determining how much experience the advisor has and whether the title is being improperly used.
"The designations can be earned from places as varied as a three-hour online course offered by a for-profit company to a two-year graduate degree from a reputable university," said CFPB Director Richard Cordray during a conference call Thursday. "A senior choosing between an Accredited Retirement Advisor and an Accredited Estate Planner will likely do so without knowing which one is required to have five years of experience and some graduate level education and which is not - and hence to know who is better equipped to advise them on financial matters."
"The report says the designations have become too complex and confusing since each requires a different level of training, certification, education or exams," writes American Banker's Rachel Witkowski.
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