Securities Arbitration Lawyers BlogElder Financial Fraud Alert: Scrutinize Brokers Using a Senior Designation in Their Titles
Why this may just be a marketing ploy
It is quite possible that your broker or financial advisor has an impressive-sounding title that indicates expertise managing the accounts of older investors – something like Senior Specialist. This, in fact, could be one of the reasons why you chose him or her to manage your investments. But what you may not know is that the title might not really mean anything.
When a securities professional has a special designation, he or she may have earned it through training or by passing certain tests. However, it is important to understand that there may not have been any requirement to get it. And when it comes to designations involving seniors, the SEC, FINRA, and state regulators don’t endorse them.