Senior Specialists
In our society, much value is sometimes placed on specialization. A specialist is often some with a professional titles, such as PhD, MD, JD, or CPA. Unfortunately, unscrupulous salespeople understand that by adding a professional sounding title to their name, they can gain the trust and confidence of consumers. For example, a salesperson might find it easier to sell investments to the elderly by putting the title “Senior Specialist” after their name on a business card. There are many different types of titles of this type that have been used in recent years to make a salesperson look important and qualified, when in fact, they are simply empty words or letters that actually mean very little or nothing in the way of actual expertise or skill.
These phony specialists usually offer seminars where they are able to convince senior investors to allow them to review their assets. The 'specialist' then recommends liquidating securities positions and using the proceeds to purchase indexed or variable annuities products he or she is offering.
Every year, thousands of agents with the objective of deceiving the elderly purchase these "Specialist" certificates that often requires no more than 3 or 4 days of training. A simple test that has a 97% passing rate is also required. By writing a check for the quickie course and exam, these salespersons are awarded official sounding certificates that announce them to be "Certified Advisors" or "Certified Specialists" in all things relating to elder issues. In most cases, the title isn’t worth the paper it’s printed on. This is merely a way to put a title on a business card in order to deceive naïve investors.
The important thing is to be very careful when dealing with a salesperson that carries such a title. Be sure to always ask how it was earned.
If you think you may have been the victim of an Investment Fraud, please call us at 1-800-306-6010 or contact us online.
These phony specialists usually offer seminars where they are able to convince senior investors to allow them to review their assets. The 'specialist' then recommends liquidating securities positions and using the proceeds to purchase indexed or variable annuities products he or she is offering.
Every year, thousands of agents with the objective of deceiving the elderly purchase these "Specialist" certificates that often requires no more than 3 or 4 days of training. A simple test that has a 97% passing rate is also required. By writing a check for the quickie course and exam, these salespersons are awarded official sounding certificates that announce them to be "Certified Advisors" or "Certified Specialists" in all things relating to elder issues. In most cases, the title isn’t worth the paper it’s printed on. This is merely a way to put a title on a business card in order to deceive naïve investors.
The important thing is to be very careful when dealing with a salesperson that carries such a title. Be sure to always ask how it was earned.
If you think you may have been the victim of an Investment Fraud, please call us at 1-800-306-6010 or contact us online.
