BILL TO PROTECT SENIORS FROM BOGUS FINANCIAL ADVISORS PASSES BOTH HOUSES

Legislation aimed at prohibiting financial advisors from using misleading information to make it appear they have special certifications for advising senior citizens has received final legislative approval. The bill is co-sponsored by Assemblyman Matt Milam. The bill would prohibit financial advisors from advertising senior-specific certifications or professional designations which:
· Was not actually earned or that an advisor is otherwise ineligible to use;
· Is nonexistent or self-conferred; · Indicates or implies a level of occupational qualifications obtained through education, training or experience that the person does not have; and
· Is conferred by any organization that does not meet certain recognized professional criteria.

The bill was recently given final legislative approval by the Assembly by a 78-0 vote. It was approved by the Senate in March. It now heads to the governor.