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Experts believe investor education is flawed

06/23/11

In a letter sent to the Securities and Exchange Commission this week, the Certified Financial Planner Board of Statistics stated that incorporating the value of financial planning into investor education is crucial. The board believes that Americans need help planning for retirement, choosing the right annuities and gaining an overall sense of their financial situations.

"We also recognize that personal finance is personal - one person's life goals and financial resources may differ dramatically from those of another person, and there is no one investment strategy or financial plan that will fit all situations," said CFP Board CEO Kevin R. Keller.

The board focuses on educating Americans about the benefits of using a financial adviser that can help them achieve a plan that best suits their needs. Experts believe that the current level of understanding among general Americans about financial services and products is less than desirable, the letter stated.

The Employment Benefit Research Institute found that the number of households that have been saving for retirement dropped to 69 percent in 2010, down 6 percent from the previous year.

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