Predator with fake qualifications for the elderly


Insurance companies and other financial product salespeople claim they are experts to persuade the target as reliable, but they are hurting legitimate financial experts while fraudulating the elderly.

I call these financial scammers "SMELIE". SMELIE is an acronym for "senior market, educational shortage, independent company". This is not the accusation of all or most insurance agencies and other financial services experts, most of whom do business in honorous way. But SMELIE becomes too general and victims are running away with millions of dollars of funds.

Note: SMELIE cuts this URL and sticks it to the browser to see how SMELIE is involved in the camera in the process of linking elderly consumers to purchasing inappropriate pension products Please give me. http://www.msnbc.msn.com/id/24095230 / If you just click on the video link, NBC's DateLine can be seen using the same way you capture children predators last year.

One way to identify SMELIE is to have little knowledge and expertise on elderly complex planning issues, purchase one or more "credentials", and invest in long-term care plans and retirement savings It has advanced education and experience to make full use of qualifications to advise the elder about important matters such as the best way for.

Minnesota State attorney general Rory Mr. Swanson was quoted in a recent survey report developed by the NBC's "data line" "underground industry" to show crooked agents legitimately. SMELIE can obtain titles to be followed by names such as "Certified Senior Specialist" (CSS), "Certified Senior Advisor" (CSA), "Certified Senior Consultant" (CSC), "Certified Retirement Financial Advisor" (CRFA) I can do it. By paying fees typically within the range of $ 1000 to $ 2500, "Certified Estate Planner" (CEP) and "Registered Financial Gerontologist" (RFG) will participate in 2-3 days class and will I will pass. The same company they paid to take the course.

Compared with legitimate qualifications such as designation of Certified Financial Planner (CFP) that requires long-term intensive course work and study and strict examination by independent testing company regardless of the number of successful applicants please.

In September last year, Joseph Borg, the director of the Alabama Securities Commission and Chairman of the North American Securities Administrator Association (NASAA). Outline of NASA's policy to violate the law to designate to make investors mislead at parliament hearing on NASAA's state-wide efforts to address issues arising from an increase in the designation of inappropriate senior financial advisers did.

Senator Wisconsin State Senator Ha B Kohl, chairman of the Special Committee on Senate Aging, will ask the financial distributors who use these suspicious credentials to access retirement savings for the elderly Said that it would create a law that provides a uniform standard of accreditation to prevent conduct. Regulators are encouraged to adopt these new standards according to Kohl's office.

The big tragedy is that these frequent and worrying practices will be sufficiently helpful in purchasing financial finance such as long-term care insurance and reverse mortgage to the eyes of the elderly and their families, Because products that protect retirement savings and assets and improve the quality of life believe that even legitimate agents who are in compliance with consumer-focused ethical principles are fraudsters You can not.

You think that a reputable insurance company or financial services company will listen to the waking up phone when an agent selling their products is presented.


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