State officials have been talking here about preventing abuse of financial services industry credentials.
“More has to be done to protect seniors,” Karen Tyler, a North Dakota securities commissioner and president of the North American Securities Administrators Association, Washington, said here at the spring meeting of the National Conference of Insurance Legislators, Troy, N.Y.
Today, Tyler argued, too many producers use questionable credentials in connection with “educational free lunch seminars” that are almost always designed to sell financial services products.
Another problem is that requirements for designations can vary greatly, Tyler said.
“The proliferation of titles adds to the confusion,” according to Assemblyman Joseph Morelle, Rochester, N.Y. But advisors can get around new designation rules by simply saying they have years of experience, without actually advertising a designation, Morelle said.