This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ANSI Personnel Accreditation Promotes The Protection Of American Seniors From Deceptive Financial Adviser Certifications

NEW YORK, April 24, 2013 /PRNewswire-USNewswire/ -- A new report from the U.S. Consumer Financial Protection Bureau (CFPB) highlights the challenges 50 million Americans seniors face in selecting reputable financial services providers with meaningful credentials, and offers possible solutions to mitigate those challenges. Among its recommendations, the CFPB promotes third-party accreditation of credentialing organizations to help older consumers identify quality certifications and avoid financial advisers who might misuse credentials to sell inappropriate products. The American National Standards Institute (ANSI), coordinator of the U.S. voluntary standardization system and a global leader in conformity assessment, supports the CFPB recommendations and offers a concrete solution via its third-party accreditation of personnel certification bodies.

Entitled " Senior Designations for Financial Advisers: Reducing Consumer Confusion and Risks," the CFPB report states that there are more than 50 different "senior designation" credentials used by financial advisers to market their services to older Americans. Intended to indicate advanced expertise in the financial needs of older consumers, the array of names and acronyms associated with these various credentials can easily cause confusion – particularly to older consumers, who have unique vulnerabilities to fraud.

According to the report, third-party accreditation of certifications is an "accountability mechanism" that must be in place to ensure the quality and legitimacy of senior financial designations. ANSI's Personnel Certification Accreditation Program is a solution for providing that accountability, by verifying the quality and appropriateness of personnel credentialing programs.

Based on the international standard ISO/IEC 17024, Conformity Assessment – General requirements for bodies operating certification of persons, ANSI's program is the most comprehensive and in-depth personnel certification accreditation available in the United States. If a consumer sees the ANSI accreditation mark on a financial services provider's certificate, he or she can be assured that the adviser has the necessary knowledge and skills to make the credential meaningful. It would also mean the certification body has the ability to remove the certification, after due process, for any violations of a code of conduct or for being proven not have the necessary competencies as delineated by the credential.

Among other findings, the report noted that consumers have no clear means to distinguish among the many senior designations, and many similar sounding designations can have very different requirements. ANSI strongly supports the report's stated need for consumers to have access to information and verification "about the training, qualifications, education, and standards required for a given designation."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,686.52 -43.59 -0.25%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs