The New York state assembly is considering mandating that everyone who advises senior citizens have a Certified Financial Planner designation.
A new bill would limit those who sell or promote investment advice in the state to those who have taken the CFP exam, although in theory any similar accreditation would meet the requirement.
Lawyers and other non-investment advisors are already raising their eyebrows.
The key word here seems to be "investment" advice. Obviously, accountants can go on telling their older clients about the tax code and lawyers can go on talking about the law.
But if it touches a securities portfolio, the bill wants some form of accreditation.
The Financial Planning Association says it's considering the implications.
UPDATE: Despite outside reports that the bill was essentially drafted by the New York FPA, the FPA has denied that this is the case. They say that "FPA members did recently meet with Assembly and Senate members who talked to us about the bill. No member of the assembly or senate that we met with indicated to us that they intended to move the bill forward. FPA-NY members are taking a look at it and want to work with the sponsor to find ways to protect seniors."