Broker-dealers and registered investment advisors can no longer use professional designations that imply special knowledge of senior needs without the designation having specific state approval, says the Securities Bureau of Nebraska’s Department of Banking and Finance, Lincoln, Neb.

In Massachusetts, starting June 1, 2007, financial advisors are only allowed to use senior designations that have been accredited by 1 or 2 national certifying organizations recognized by the state. The organizations are the National commission for Certifying Agencies (part of the national Organization of Competency Assurance) and the American National Standards Institute, both of Washington, D.C.

As of June 2007, the department named 8 designations to the approved list, and was considering applications for 16 others.

Here is the approved list:

• Certified financial planner (CFP)
• Chartered financial consultant (ChFC)
• Personal financial specialist (PFS)
• Chartered financial analyst (CFA)
• Chartered investment counselor (CIC)
• Chartered life underwriter (CLU)
• Life Underwriter Training Council fellow (LUTCF)
• Financial service specialist (FSS)