Is your adviser really an expert in your needs?

KNOW YOUR

FINANCIAL ADVISER 

Many financial advisers call themselves senior 

experts to gain your trust, but not all have your 

best interests at heart or the right kind of 

training to serve you well. 

Insurance agents, brokers, financial planners, 

and other financial professionals sometimes 

have titles like “retirement adviser” and “senior 

specialist.” There are dozens of similar-sounding 

titles that imply expertise in senior needs. 

However, special titles don’t always mean 

someone is qualified to help you manage your 

money. It’s up to you to find out what the titles 

mean, and to check on the qualifications of the 

person offering you advice.

Important questions

Proceed with caution

Before you trust a financial adviser, check the person’s background.

Not all titles or credentials for retirement or senior financial planning are the same.

Watch out for sales pitches disguised as “educational” seminars.

Does the title or certification your adviser uses require college-level coursework?

That’s good. Senior experts train in complex topics like estate planning, income 

tax laws, and investments. 

It can be harder to know if your adviser was well-trained.

Yes

No
If you aren’t sure, ask your adviser to put in writing any potential conflicts of 

interest including any situations in which your adviser will not be acting in your 

best interest.

Consider working only with advisers who will tell you in writing about any 

potential conflicts of interests. Make sure that you are comfortable with 

any conflicts. 

Some advisers earn commission fees for selling you financial products or 

investments, while others charge an hourly fee or flat rate.

If you aren’t sure, ask your adviser to explain the fees and put them in writing so 

you know all your costs.

This is a good sign. This means the organization has taken important steps to 

ensure the quality of its training program.

Beware. This is a sign that you should take a closer look at the certification.

Can you file a complaint if you have a problem with your financial adviser?

Is the credential from an accredited organization?

Do you know how your financial adviser is paid?

Is your financial adviser working in your best interest?

Training and education alone don’t ensure ethical behavior. Organizations that 

grant senior financial credentials should make it easy for you to check your 

adviser’s complaint history and file a complaint if necessary. 

If the organization granting the credential doesn’t take complaints and share 

adviser history, how do you know if advisers follow the rules?

Yes

Yes

Yes

Yes

No

No

No

No

KNOW YOUR FINANCIAL ADVISER 2
Have you been invited to an investment seminar?

Watch out for freebies

Financial salespeople may use freebies like 

lunch and dinner invitations, golf trips, and 

country club outings to get you to come to 

marketing and sales events. They give you 

something knowing you’ll be more likely to 

give them something in return. 

Watch out for high-pressure sales tactics

You may be asked to make a quick investment 

decision, or be warned that “opportunities are 

limited.” Don’t fall for these schemes. Good 

financial advisers won’t rush you because it 

takes time to make good investment decisions.

Watch out for exaggerated claims

If you are told about investments that make a 

lot of money without much risk, don’t believe 

it. If you think an adviser made exaggerated 

or unrealistic claims about investment risk or 

returns, report this to your state securities or 

insurance regulator.

KNOW YOUR FINANCIAL ADVISER 3 

Check your adviser’s background

Before hiring a financial adviser, it’s a good idea 

to ask for references and get a background 

report. If a financial adviser is regulated by 

state or federal government, you can check the 

status of his or her license, and find information 

about professional history using these online 

resources:

FINRA Broker Check 

finra.org

SEC Investment Advisor Public Disclosure 

Database

adviserinfo.sec.gov

Your state insurance regulator

naic.org

Your state securities regulator

nasaa.org

FINRA Professional Designations and 

Organizations Locator

apps.finra.org/DataDirectory/1/

prodesignations.aspx

For helpful tools and good information on 

investing

investor.gov

Any time you see a retirement or senior 

seminar advertised as “educational” or 

as a “workshop,” beware. The true goal 

may be to sell investment, insurance, or 

financial products at the seminar or in 

follow-up calls.
KNOW YOUR FINANCIAL ADVISER 4

Resources

Ask CFPB 

consumerfinance.gov/askcfpb

Tell your story

consumerfinance.gov/app/tellyourstory

Download and request publications

promotions.usa.gov/cfpbpubs.html

For more information, visit the Office for Older 

Americans on the Consumer Financial Protection 

Bureau website at consumerfinance.gov.

Blog

consumerfinance.gov/blogcategory/

older-americans

Email

OlderAmericans@cfpb.gov