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Kohl Bill targets questionable senior designations.

States that adopt uniform accreditation standards for senior financial adviser designations would be eligible for new federal grants under legislation introduced by Sen. Herb Kohl, D-Wis., chairman of the Senate Special Committee on Aging.

The Senior Investor Protection Act would offer funding for new staff, technology, equipment, training and educational materials for regulators, prosecutors and law enforcers in states that adopt guidelines based on the North American Securities Administrators Association's recently promulgated model rule on senior designations.


The bill follows a series of hearings into the proliferation of questionable financial adviser designations, including some allegedly granted to producers who attend a single weekend seminar and pass an open book, multiple-choice test.

Among those endorsing the proposal is the American College, which grants the Chartered Life Underwriter, Chartered Financial Consultant and Chartered Advisor for Senior Living designations. The legislation also has the endorsement of the Financial Planning Association and the North American Securities Administrators Association.
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Title Annotation:Briefing Highlights from BestWeek
Comment:Kohl Bill targets questionable senior designations.(Briefing Highlights from BestWeek)
Author:Lehmann, R.J.
Publication:Best's Review
Article Type:Brief article
Geographic Code:1USA
Date:May 1, 2008
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