Federal agencies that bring in outside counselors to give presentations about retirement preparedness and other financial matters should remember that by doing so, they are “implicitly telling your employees that the individual is trustworthy and competent,” the Thrift Savings Plan has said in guidance to agencies.
It suggested that agency officials responsible for making such arrangements:
* research the vendor with the SEC, state securities regulators and state insurance commissions;
* look for recognized professional certifications such as CFP® (Certified Financial Planner), ChFC (Chartered Financial Consultant), AFC® (Accredited Financial Counselor), and Certified Employee Benefit Specialist (CEBS); and
* be aware that vendors who also accept financial planning clients or sell financial products may have conflicts of interest, and make sure these are disclosed.