Labels Under Fire

Financial Planning, August, 2008 by Donald Jay Korn

To the North American Securities Administrators Association (NASAA), there are plenty of modern-day Willie Suttons eager to go "where the money is." Today, "the money" is largely held by seniors. Hence, regulators say, seniors are the targets of unscrupulous salespeople armed not with pistols, but with professional designations that exaggerate their competence or their concern for seniors' well-being.

Now some of these individuals are being sought out not by potential clients, but by federal regulators, including the SEC and FINRA. These regulators are making it clear that advisors who use the word "senior" or various synomyms to transact business unethically are squarely in their sights. These individuals are "among [regulators'] top targets," says Tracy DeWald, general...

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