Tuesday, October 19, 2010

What if your financial guy is a Q.U.A.C?


Not that anyone can make any money with interest rates so low, but what if you do want to invest? Is your neighbor’s cousin the guy to ask? Depends on the Alphabet Soup.

Jason Zweig and Mary Pilon got into this in the WSJ, Oct 16-17, 2010.

Seems like organizations “certifying” financial planners have multiplied and are tossing out titles like Tic-Tacs.

CAA-Certified Annuity Adviser, CAC—Certified Annuity Consultant. CAS—Certified Annuity Analyst…You see where this is going…

There are 95 of these, according to one place. The WSJ found 115 others.

They like to throw in the word “senior.” (That you be you, the advisee.)

Some are good, some are weird things yu can score in a weekend course in a motel.

What has credibility? CFA means Chartered Financial Analyst. 900 hours of courses. CPA is Certified Public Accountant—been around a while and takes work to get it. Certified Financial Planner is also legit.

Less zippy are Certified Retirement Financial Adviser, Certified Senior Adviser, Certified Senior Financial Planner.

My eyes are crossing. I don’t have any money to invest, but if you do, look into this. Anything in the back of MAD Magazine—probably not great.

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