Adler Announces Legislation To Protect Consumers From Financial Planner Deceptions

TRENTON – The Senate approved legislation today sponsored by Senator John H. Adler that would provide consumers with the tools needed to protect themselves from deceptive practices used by unscrupulous insurance brokers and financial planners.

“Seniors in New Jersey are continuously targeted by unethical insurance brokers looking to sell unnecessary annuities to retirees,” said Senator Adler, D-Cherry Hill. “This measure takes aim at the latest scam where these individuals use impressive-sounding, but ultimately meaningless titles that give seniors a false sense of expertise.”

TRENTON – Senators John Adler and Robert Singer and Assemblywoman Linda Greenstein will join Patrica Kelmar of NJAARP tomorrow to introduce new legislation that will provide consumers with new protections against hard-sell pitches from the insurance industry.

Also on hand will be Kathleen Statue, the daughter of Edith Baker, a Flemington woman who was deceived by a financial planner into buying an unnecessary annuity.

PRINCETON – A measure sponsored by Senator John H. Adler which would provide consumers with the tools necessary to protect themselves from deceptive practices by dishonest insurance brokers and financial planners was signed into law today by Governor Corzine. The public bill signing took place at AARP’s New Jersey State Office in Princeton.

“‘Get-rich-quick’ schemes have been around since the beginning of time, but this law will send a clear message that we will not allow the much-needed finances of our seniors to be compromised,” said Senator Adler, D-Cherry Hill. “The idea for this legislation came to me one morning while I was sitting in my kitchen, reading the paper. As legislators, we have to be able to anticipate problems like these before they become crises – I wish officials in Washington would do the same thing.”

TRENTON – The Senate Commerce Committee approved legislation today sponsored by Senator John H. Adler that would provide consumers with the tools needed to protect themselves from deceptive practices used by unscrupulous insurance brokers and financial planners.

“Seniors in New Jersey and across the country are repeatedly targeted by less than honest insurance brokers looking to sell unnecessary annuities to retirees,” said Senator Adler, D-Cherry Hill. “This bill takes aim at the latest scams – using impressive-sounding, but otherwise meaningless titles to make it seem like they have expertise in financial planning. Instead, they only jeopardize the financial security of their clients.”