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December 20, 2005
Regulators Urge Investors to Carefully Check Credentials of "Senior Specialists"

(Washington, DC) The Government of the District of Columbia Department of Insurance, Securities and Banking (DISB) today urged seniors to carefully check the credentials of individuals holding themselves out as senior specialists.

"Although there are legitimate organizations whose members must complete rigorous programs of study, pass extensive examinations, and have practical experience in order to receive their designations, a number of entities formed in the last few years have created designations with much less stringent requirements," said DISB Acting Commissioner Thomas E. Hampton. Without reviewing the course material for each of these designations, it is difficult to verify the claims made by the promoters.

"Individuals may call themselves senior specialists to create a false level of comfort among seniors by implying a certain level of specialized training on issues important to the elderly. But the training they receive is often nothing more than marketing and selling techniques targeting the elderly," Hampton added.

"These sales people and the alphabet soup of letters after their names can be confusing, and in some cases, may even be deceptive to seniors," Hampton said.

 
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