A proposed rule by the Massachusetts Security Division, which would prohibit financial services professionals from using misleading professional designations has received the public endorsement of the Financial Planning Association.
In an FPA release Robert Neill, assistant director of government relations in Washington, D.C., was quoted as saying, "There are way too many titles floating around out there which imply expertise where none exists. The public is entitled to a little truth in advertising by their financial adviser."
The FPA stated in its letter to the Massachusetts Securities Division that there are, "a bewildering number of designations currently in use in the marketplace that denote high levels of experience and expertise when, in fact, many are essentially marketing tools and nothing more."
