Misleading Senior Designations
Because seniors have built up a lifetime of savings, they continue to be the targets of individuals recommending investments that are fraudulent or unsuitable for their particular financial needs. Investors 55 years and older should carefully research the credentials of anyone claiming to be a “senior specialist.”
While there are legitimate organizations that require completion of rigorous programs of study and examinations as well as practical experience for certification, a number of organizations have been formed with less stringent qualifications and preparation. The designation may, in some cases, consist of training that involves nothing more than marketing techniques and sales tips for certain investment products being targeted to seniors. In fact, the individuals touting these investments may not be registered or licensed to sell securities or give financial advice at all.
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