Individuals may call themselves “senior specialists” to create a false level of comfort among seniors by implying a certain level of training on issues important to the elderly. However, the training they receive is often nothing more than marketing and selling techniques targeting the elderly. Bogus senior specialists commonly target senior investors through seminars where the specialist reviews seniors’ assets, including securities portfolios. Typically, the specialist recommends liquidating securities positions and using the proceeds to purchase complex and risky financial products that are unsuitable for senior investors. Investors should check with their state or federal securities regulators to determine whether the investment professionals they have been dealing with are properly licensed and if there are any disciplinary actions or complaints on the record.
For more information, see:
- North American Securities Administrators Association (NASAA): http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/4028.cfm NASSA’s headline on warning investors to carefully check credentials of “Senior Specialists.”
- Baltimoresun.com: http://www.baltimoresun.com/business/investing/bal-bz.ml.ambrose13apr13,0,2617133.column?page=1 Article on how the investment adviser title of “senior” can mislead.