Nebraska Bans Senior Designations

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Feb 8, 2007 12:00 pm

With all the talk here about Larry Klein and his scams has anyone noticed that Nebraska has banned the use of senior specialist titles? Massachusetts is thinking of doing the same. Klein's CRFA course (and others like it) might just crash and burn from the bad smell of the whole field.

Feb 8, 2007 3:17 pm
HSBR:

With all the talk here about Larry Klein and his scams has
anyone noticed that Nebraska has banned the use of senior specialist
titles? Massachusetts is thinking of doing the same. Klein's CRFA
course (and others like it) might just crash and burn from the bad
smell of the whole field.





This is going to happen nationwide, as these "senior" designations are
mostly used a cover for high preasure annuity sales. Once Newyork does
this, this will happen nationwide.



People could get into a lot of trouble if claiming a "senior" designation is declared to be a per se fraudulent act.




Feb 8, 2007 10:55 pm
HSBR:

With all the talk here about Larry Klein and his scams has anyone noticed that Nebraska has banned the use of senior specialist titles? Massachusetts is thinking of doing the same. Klein's CRFA course (and others like it) might just crash and burn from the bad smell of the whole field.


Yes. I've alway had a keen interest in the Nebraska legislative highlights.

Feb 9, 2007 8:28 am

Inner Child:


          What about the NASAA, NASD, SEC, and states of Pennsylvania and Massachusetts- at all interested in their activities? All are currently investigating the fraudulent use of senior designations. Further legislation is likely and warranted.

Feb 9, 2007 10:10 am
HSBR:

Further legislation is likely and warranted.





Do you promote youself with sham senior designations? This sort of
legislation only affects the bottom 8% of brokers/insurance agents.
Most of them being annuity sharks.

Feb 9, 2007 11:02 am

I posted the topic to bring up the fact that in at least one state ALL senior designations have been banned due to the bad apples. The question becomes whether the bad publicity of the "sham" designations makes the whole area questionable and one to be avoided in one's practice. Many if not all of the low level designations (including the CRFA and so many others ) should probably be avoided.Agree?

Feb 9, 2007 3:06 pm
HSBR:

I posted the topic to bring up the fact that in at
least one state ALL senior designations have been banned due to the bad
apples. The question becomes whether the bad publicity of the "sham"
designations makes the whole area questionable and one to be avoided in
one's practice. Many if not all of the low level designations
(including the CRFA and so many others ) should probably be
avoided.Agree?





Yes, pretty much. In some states the American College ChFC can be
useful, but otherwise a CFP is the only useful designation with the
general public.



Among people who know, a CFA would be much more prestegious and the
CPA/PFS combo  also good, but mostly because  being a CPA
brings you enourmous credibility and the healthy conservatives
necessary for investment sucess.

Feb 9, 2007 11:02 pm
HSBR:

Inner Child:


          What about the NASAA, NASD, SEC, and states of Pennsylvania and Massachusetts- at all interested in their activities? All are currently investigating the fraudulent use of senior designations. Further legislation is likely and warranted.



Nope. Just Nebraska.

Feb 10, 2007 3:24 pm

Tend to focus on the NASD and SEC myself but to each his own.


Agree that the senior credentials are of question and have decided to avoid the "alphabet soup" designations myself.