NYT exposes “senior financial advisors”

The NEW YORK TIMES ran an expose on so-called certified senior financial advisors who hold themselves out as experts on senior investing, and often sell products that aren’t suited to older clients.  To wit: 

Many graduates of these short programs say they only want to helpolder Americans. But they are frequently dispensing financial counselthey are unqualified to offer, advocates for the elderly say. Andthousands of them are paid by some of the country’s largest insurancecompanies — including AllianzLife, Old Mutual Financial Network and American Equity Investment LifeInsurance — to sell elderly clients complicated investments thateconomists say most retirees should never own.  The prize forthese insurers and sales agents is a piece of the $15 trillion held byAmericans 65 and older, the largest pool of assets ever amassed by anaging population, according to the Government Accountability Office.  Asolder Americans’ wealth has grown, so too have programs that offerquickly earned credentials or that teach agents how to sell to theelderly. The number of certified senior advisers has increased by 78percent in the last five years. More than two dozen such programs nowexist, and have enrolled more than 39,000 people over the last decade.As more baby boomers retire, the number of programs and enrollees islikely to grow significantly, analysts say.

More here:  http://www.nytimes.com/2007/07/08/business/08advisor.html