Making sure seniors get legitimate financial advice

Measure targets those who claim to have certification in advising seniots

A measure to prevent senior citizens from getting improper financial advice is making its way through the New Jersey legislature.

Assemblyman Gary Schaer says elderly residents are being taken advantage of by people who improperly claim to have special certifications for advising seniors about how to invest their money.

“We’ve heard of some instances both from the industry as well as anecdotally, Is it widespread? I don’t think so but we want prevent a problem before possibly it could become bigger.”

The Assembly’s financial institutions committee has approved a bill that makes it a violation of state securities laws to falsely claim to have specialized training in giving seniors financial advice. There’s no indication when the measure may go to the full Assembly for a vote.