No alphabet soup, this; incompetent financial advice is a serious threat that leads to tangible losses for seniors, and accredited certification programs help protect against this risk, according to Investment Management Consultants Association (IMCA).
Responding to a request from the Consumer Financial Protection Bureau (CFPB) for comments related to senior financial exploitation, the Denver-based industry advocacy organization submitted a letter illustrating the importance of accredited financial certifications. In it, IMCA claims that the majority of financial credentialing programs meet no third-party standard, increasing concerns about consumer protections.
The letter is similar to one sent by the Certified Financial Planner Board of Standards on Aug. 21.
“Older Americans have already given many years of hard work and dedication—raising families, serving in the military, building businesses—all to become one of our most financially secure generations,” CFP Board CEO Kevin Keller said at the time. A CFP Board survey had found “financial abuse victimizing America’s seniors,” he said.