A famous speech by the then Chair of the Ontario Securities Commission describes the many designations used by financial advisors as “the alphabet soup of designations”.
It is common for a financial advisor to use a string of designations in their marketing materials. These designations may seem impressive, inspire confidence and suggest that they have superior training and/or experience. At Geller & Associates we understand that these designations represent specific education, standards and/or commitments by the financial advisor. An advisor who has a CFP, RFP, Ch.F.C, CLU, RHU etc. designation must adhere to higher standards in their work than a financial advisor who merely has an introductory level of competency such as an “investment advisor” or “life insurance agent”. Frequently our investigation uncovers breaches by the financial advisor to adhere to the standards of their licensing organizations. If these breaches lead to substandard work and the work results in loss, then the client has a good chance of recovering some or all of her/his damages. So, in the right circumstances, there is a lot in a name.
Also, financial advisors market themselves and are licensed under an myriad of names including:
- stockbroker
- investment representative
- investment advisor
- mutual fund advisor
- mutual fund representative
- insurance agent
- financial planner
- retirement planner
- financial consultant
The way the financial advisor describes herself/himself can be an important element of a case. Talk to us to better understand what’s in a name.