Friday, March 28, 2014

Use Only Credentialed Financial Advisors

In practice, our students will deal with a variety of advisors. It’s not too early to warn students to rely only on experts who are well credentialed. There are a lot of scam artists out there. Here, from Trust Advisor,  is the store of one alleged estate planner who bilked senior citizens out of their life savings. Consider this advice from a commenter on the article:

The only way for titles matter, and be legitimized, is for them to be issued by a governmental agency. It really is pure and simple. CPAs and attorneys are licensed by each state, Enrolled Agents are licensed by the US Treasury. Wannabe regulators who are membership organizations, marketing leads or whatever, probably do the public more harm than good. I know of several advisory firms who have adopted the policy of only allowing credentials issued by a government agency to be used - all should follow.


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