In a case of back to the future, senior designations are receiving regulatory attention after the new Consumer Financial Protection Bureau (CFPB) issued a scathing report criticizing their use. Designations for advisors who work the senior marketplace were the focus of reforms about five years ago, but CFPB believes more must be done.
“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. “(Our) report underscores the need for consistent high-level standards of training and conduct for those advisors who want to acquire a bona-fide senior designation.”