Consumer bureau: Senior citizens need help with financial advisers

The Consumer Financial Protection Bureau CFPB is pushing to bolster what it takes for a financial adviser to be able to market their skills specifically to seniors.

The watchdog released a new report Wednesday that called on fellow regulators and Congress to take steps to make it harder for phony advisers to take advantage of older Americans, by making it easier for individuals to determine the qualifications of potential advisers.

“With such a bewildering array of titles and acronyms, it is no wonder that older Americans are confused and misled by these titles,” said CFPB Director Richard Cordray. “Today’s report underscores the need for consistent high-level standards of training and conduct for those advisers who want to acquire a bona fide senior designation.”

read the complete article here:   Consumer bureau: Senior citizens need help with financial advisers – The Hill’s On The Money.

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