Most of these individuals, noted Joseph Borg of
the Alabama Securities and Exchange Commission, are trained only in
marketing and selling techniques that target the elderly.
However, unsuspecting seniors are easily fooled and are comforted by
the title “senior specialist”, assuming that the adviser has their best
interest in mind.
Indeed, the article points out, there is a Society of Certified Senior
Advisers (CSA) made up of individuals who are trained to address the
specific financial needs of the senior population, and because of the
growing number of baby boomers that are reaching retirement age, more
and more financial advisers are seeking this certification.
It’s those that don’t have the training in senior issues that concern
the securities regulators as well as those that seek CSA certification
without a solid background in financial advising.
Certification alone
does not qualify someone to advise seniors as to their financial
well-being, notes the article.
Because of the record number of individuals reaching retirement, more
and more individuals are sponsoring so-called senior seminars to offer
advice on investments and other tools that will ensure a comfortable
retirement. Many who offer the seminars are not properly trained
in this area, so the article advises those attending such seminars or
private sessions with an adviser to seek proof of certification.
The AARP has also stressed their concern over such senior scams, notes
the article. They have issued a warning to the elderly population
about the potential danger of investing with “senior specialists” and
remind seniors that if someone presses them to “buy it today”, they
should refuse.
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