Producer Awards To Be AvoidedPosted September 9th, 2011
If you receive an award notice from the Consumers’ Research Council of America, don’t take the honor lightly.
It isn’t the responsibility that comes with the award that should give you pause: This isn’t the financial planners’ equivalent of the Miss America Pageant, where the winner has to assume a laundry list of responsibilities and make public appearances on behalf of the organization.
It’s the legitimacy of the award and its sponsoring organization that’s the problem. If you get the award letter, you can proudly proclaim yourself one of “America’s Top Financial Planners,” as recognized by the Consumers’ Research Council of America, but don’t accept the award without preparing yourself to answer questions about what the award really means.
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For previous coverage of professional designations in Advisor’s Journal, see SEC OKs CFP Board’s Request to Dig into Applicants’ Backgrounds (CC 11-88).