TRENTON — Legislation Assemblymen Matt Milam and two others sponsored to prohibit financial advisors from using misleading information to make it appear they have special certifications for advising senior citizens was released 7-0 on May 6 by the Assembly Financial Institutions and Insurance Committee.
“Consumers rely on professional designations because they confer a level of trustworthiness and expertise that not everybody has,” said Milam (D-1st). “Especially in financial matters, these seals of approval mean a lot. We need to take a tough stance against advisors who take advantage of the goodwill these certifications create – especially among seniors and retirees.”
The bill (A-369) 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.
Financial advisors found in breach of the bill would be considered in violation of the state’s Uniform Securities Law and could be subject to civil and criminal penalties.
Assemblymen Gary Schaer and John Wisniewski also sponsored the bill, which now heads to the Assembly Speaker, who decides if and when to post it for a floor vote.
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