Senate Unit To Probe Senior Title Abuse

The U.S. Senate Special Committee on Aging will hold a hearing Sept. 5 to scrutinize tactics used by some financial investment specialists to gain access to the retirement savings of senior Americans.

An investigation by the Aging Committee has found that some designations used by advisors suggesting expertise in counseling seniors have dubious qualifications, according to Herb Kohl (D-Wisc.), chair of the committee.

Some designation have limited or no value for advising seniors on financial matters and often are obtained simply by attending a weekend seminar and passing an open-book, multiple-choice test, Kohl alleges. Many seniors targeted by salesmen using these designations have lost their life savings because they were steered toward investment instruments that were unsuitable for them, given their retirement needs and life expectancy, Kohl says.