State requires training for advisers to elderly

Massachusetts today adopted the nation’s first rules requiring financial advisers to the elderly to prove they are properly trained.

The crackdown is designed to stop scam artists who prey on senior citizens.

Secretary of State William Galvin said advisers now must prove certification by a nationally recognized accreditation agency.

‘‘The objective is to prevent people who are older citizens from being misled by sham titles which are usually just simply marketing titles designed to mislead people into buying things,’’ Galvin said.

Galvin said seniors with savings of several hundred thousand dollars are usually the targets, not the very wealthy, who are generally more financially savvy and can afford specialist advisers.

The rules take effect June 1.
(Reuters)