US: Seniors Should Take Care in Seeking Specialized Investment Help

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« It is a supplement, not a substitute » for proper training and licensing, said Dan Danbom, spokesman for the Society of Certified Senior Advisors in Denver, which issues the certified senior advisor designation to a variety of professionals, including insurance agents, clergy and doctors. « We teach people to communicate better. »


If a financial planner wants to do business in Mexico, speaking Spanish would help, Danbom said. Likewise, a professional who wishes to serve the senior community is more effective knowing, for example, that an older adult might have trouble reading small print or that, in many cases, seniors want to remain independent.


Gordon Williamson, executive director of the Institute of Business & Finance in La Jolla, Calif., said the education and testing involved in earning the institute’s certified senior consultant designation address issues of specific concern to seniors, including life insurance, Medicare and long-term care insurance.


But Williamson, too, offers a warning: « The fact that anyone has any designation does not make them beyond reproach. »


It’s impossible to know how many use the titles to deceive. Regulators are just beginning to track the scope of such fraud.


Jim Nelson, Mississippi’s securities administrator, said victims are often embarrassed, and those who seek help from regulators often don’t want to file complaints. He said many more likely keep the damage secret.


« That’s why prosecution of (scammers) is so difficult, » he said.


Be aware of fraudulent tactics, Nelson advised. Anyone who tells a consumer to sign a document without the chance to review it or who suggests not telling anyone else about a « special deal » is suspect.


And reject sales pitches built on fear.


« These guys play on (seniors’) feelings: `You don’t want to send your grandchild to college? »‘ said Michael J. Byrne, chief counsel of the Pennsylvania Securities Commission. « With a song and a dance … what they are left with is their Social Security check. »


source:newhousenews.com


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