Insurance agents and other financial products salesman, as the experts in order to convince their targets that they can trust claim are infringed cheat legitimate financial professionals, while older consumers.
I call this financial scam artists "SMELIE's". SMELIE is an acronym for "Senior Market, lack of education, independent company." This is not a condemnation of all or even most of the insurance or other financial service professionals, most of which the conduct of itsBusinesses in an honorable manner. But have SMELIE'S and their victims are all too commonplace for millions of dollars are sheared.
Note: To see some dramatic shots of SMELIE sets to capture on camera in the process of trying to elderly consumers to buy unsuitable annuity products con cut and paste this URL into your browser http://www.msnbc.msn.com/ id/24095230 / click on the video link, and you can see, Dateline NBC's with the same tactics they used to catch children Predators last year.
One possibility, a SMELIE is to identify that they are often the fact that very little knowledge and know-how about the complex issues of planning for the elderly, to appear through the purchase of one or more "credential (s)" to that they have a "sophisticated level of training and experience that they are well qualified to make elders on important issues such as planning for long-term care or the best way to invest their retirement to advise.
Minnesota> Attorney General Lori Swanson was on a recent research report broadcast of "Dateline NBC's", "Metro has developed industry" to look obliquely agents cited legitimate. A SMELIE can get a title to put her name as "Certified Senior Specialist (CSS), Certified Senior Advisor (CSA), Certified Senior Consultant (CSC), Certified Retirement Financial Advisor (CRFA) "Certified Estate Planner (CEP) and Registered Financial Gerontologist (RFG) byPayment of a fee, usually ranging from $ 1000 to $ 2500, then visit a few as 2 or 3 days of classes and then pass an examination, by the same company they were paying managed to take the course.
Compare this with legitimate credentials like the Certified Financial Planner (CFP) designation, the years of intensive course work and study and a rigorous examination by an independent testing company with no interest in running, or how many pass the test is not required.
Last September,Joseph Borg, director of the Alabama Securities Commission and the president of the North American Securities Administrators Association (NASAA), said a congressional hearing on the state of NASAA-by-state efforts to combat the problems posed by the proliferation of inappropriate Senior Financial Advisor Terms and causes outlined policy NASAA that there is a violation of the law to a definition that would use to mislead investors.
Senator Herb Kohl of Wisconsin, chairman of the Senate's SpecialCommittee on Aging, he said the legislation is to provide a uniform standard for accreditation to develop in order to win the practices of the financial agent for the use of these questionable credentials for access to the retirement of senior citizens.State regulators to prevent after Kohl's office, will be encouraged to these new standards.
The great tragedy is that these have been frequent and flagrant practices of the financial industry as a bad image in the eyes of the olderConsumers and their families, many of which are also served by the purchase of long-term care insurance, reverse mortgages and other financial products that can protect their retirement and wealth and improve their quality of life not to do so because they believe that observe the legitimate representatives where a consumer focused code of ethics are crooks too.
One would think that would be well-known insurers and financial services companies a kind of wake-up call to listen "if the funds to sell, thetheir products are presented.
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