Beware of Instant Experts in Financial Services
A recent New York Times article cautions senior citizens that certain designations, such as Certified Senior Adviser (CSA), are used by unscrupulous insurance salespersons and financial advisers to imply knowledge or expertise they do not have. Many such designations are easily obtainable by taking short courses and passing simple exams, and are practically meaningless in measuring competence or ethical standards.
Other designations, such as Certified Financial Planner (CFP), Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC), require extensive study, rigorous exams, and background checks, and provide a much better method of judging a prospective adviser.
