It is no secret that FINRA and the SEC are sharply focused on
issues regarding elder clients, including severe
disciplinary action. There is another elder "issue"
that must be kept in the forefront as well; senior
designations.
Senior designations are "certifications" that
financial advisors tag onto their other designations like CFA, etc.
Such designations are meant to give an advisor an air of
credibility or specialization when it comes to servicing elder
clients.
However, not all such designations are legitimate. Indeed, some
are no different than the secret decoder rings we used to get out
of a box of cereal. So what should you do?
You should not let any of your advisors tout any such
designations unless and until you have had a chance to vet the
legitimacy of the designation and the entity that is promoting it.
Is there any sort of testing and continuing education requirement
to maintain this designation? Have FINRA or the SEC ever commented
on this
