On Wednesday, my editor walked up to my desk to ask what I was writing about.



"For all I know, you could be writing about ostriches," she said.



"Actually," I replied, "did you know an ostrich can call itself a financial planner?"



And take your money, if you like.



Anyone -- banker, painter, serf, newspaper columnist -- can call himself a financial adviser/analyst, wealth manager or investment consultant. It's perfectly legal. This is, after all, a free and capitalistic society.



"People call themselves all kinds of things they really aren't," said Kevin Anselm, head of enforcement for the state Division of Finance and Corporate Securities. "It's been more of a problem on the insurance side than on the securities side."



Now, Oregon is trying to address the problem. The state proposes joining eight others in barring the misleading or fraudulent use of financial designations.



It won't be easy. The Financial Industry Regulatory Authority, the self-policing overseer of U.S. securities firms, lists 86 designations in use.



Among them: certified senior adviser, certified senior consultant, accredited financial counselor and three-dimensional wealth practitioner.



No, special glasses aren't needed for that last title.



All these designations lead to 3-D confusion for consumers, particularly senior citizens -- perhaps as designed.



Apparently, 17 percent of investors age 55 to 64 said they would take advice from someone with the nonexistent designation of "Certified Advisor for Senior Investing," according to a yet-unpublished survey by the Financial Industry Regulatory Authority and the AARP.



As ever before, it's largely up to you to protect yourself and your money.



Just ask Carrie J. Raanes.



Nine years ago, Raanes, a real estate agent, sold Brendan T. Jones a home in hilly Persimmon Country Club near Gresham. They became friends, she said, and he talked of how he invested money for family and pals.



He seemed real, she recalled. His e-mail address included the name "nasdaqbtj." His brokerage account statements referred to himself as "Your financial planner."



Raanes gave Jones $42,000 over three years to invest. Her most recent statement, dated April 15, showed her account value at $55,548, mostly invested in "stocks, rights and warrants."



But last year, the market and real estate crash forced Raanes to dip into her savings. Unfortunately, Jones has refused to return her money, she alleged in a complaint filed with federal and state securities regulators. Raanes said she's asked for a check repeatedly this year -- in person, via e-mail and phone text messages.



She recently discovered Jones is not registered with the U.S. Securities and Exchange Commission or the state Division of Finance and Corporate Securities, as required of any broker-dealer or investment adviser. The state agency is now investigating Jones.



"I'm almost 50 years old, and I've learned you can't trust anybody," said Raanes, who has lost four homes she owned in Sandy to foreclosure, including her own. "If you don't know how to check out a company, ask questions."



Did Jones invest the money? I don't know. He asked to get off his property when I approached him at his home Tuesday.



"I believed everything he told me," Raanes added. "That wasn't smart."



The new rules proposed by the state would prohibit financial and insurance product salespeople from claiming to be a financial planners, specialists or advisers without proper education and oversight. Violators could face fines of up to $100,000.



The rules would also bar the use of acronyms or titles that falsely convey a person has special training in advising seniors -- or any other class of consumer -- on such products.



The Oregon Insurance Division is investigating a case in which a salesperson used the title "Chartered Senior Financial Planner," agency spokeswoman Lisa Morawski said. She declined further comment.



Designations earned from programs that receive federal loan money would be exempt from the rules. So would titles from programs accredited by the American National Standards Institute and The National Commission for Certifying Agencies. A public hearing on the rules is scheduled Oct. 22 at the Department of Consumer and Business Services in Salem, the agency overseeing the insurance and securities divisions.



Washington is a bit ahead of Oregon. Financial planners must be licensed as an investment adviser with the state or SEC, said Mike Stevenson, director of securities at the Washington State Department of Financial Institutions.



It also passed a rule last year regulating the use of "senior" financial designations.



So, what is a trustworthy title?



In the accompanying article, you'll see a list of the most common and legitimate financial designations. You'll also find links to sites where you can verify a person's designation.



Of those listed, the most reliable require a recipient to meet a fiduciary standard. That is, they require the designee to put the client's interest ahead of their own.



The three that do are Certified Financial Planner, Registered Investment Adviser and Investment Adviser Representatives -- particularly those who make money on a fee-only, commission-free basis. While those folks will occasionally have interests that conflict with yours, they offer the safest advice and management of money.



Safer than a newspaper columnist.



Safer than an ostrich.





Brent Hunsberger does not give individual financial advice but welcomes questions and comments on his column and blog. Reach him at 503-221-8359 or brenthunsberger@news.oregonian.c

om. Read his blog at oregonlive.com/itsonlymoney





Titles indicate certain standards are met

There are about 90 designations used by salespeople and advisers to convey some sort of financial, insurance or planning expertise. What follows are the most common, along with descriptions about their education requirements and consumer safeguards.



Certified Financial Planner (CFP):

Recipients must pass a difficult exam, gain three years' experience, take continuing education courses and abide by a code of ethics enforced by the

They also hold themselves to a fiduciary standard. It is a trusted designation, particularly those operating on a fee-only basis. That means they charge by the hour, by a set fee or by assets under management. In contrast, fee-based planners can be compensated by commissions from financial products.



Registered Investment Adviser and Investment Adviser Representatives:

Firms and/or individuals providing securities advice for pay. They must be licensed by or registered with the U.S. Securities and Exchange Commission or state regulators. They also must hold themselves to a fiduciary standard, meaning they must put their clients' interests above their own.

Again, fee-only advisers offer the fewest conflicts of interest. Look up investment adviser firms and their reps at the

. You can

there, too. Search Washington advisers at

. The SEC's

also has a search engine. Finally, ask for the adviser's Form ADV, which will disclose any disciplinary actions.

Chartered Financial Analyst (CFA)

: Awarded by the

to portfolio managers and investment analysts. It takes three years of education to earn, so it's nothing to sneeze at. But they usually work for large firms analyzing securities.

Certified Public Accountant (CPA)

: Awarded by the

. Recipients must pass a tough exam, satisfy work requirements and meet state licensing requirements.

enforces a code of conduct and investigates allegations of illegal or unethical acts.

Personal Financial Specialist (PFS)

: Awarded by the AICPA to CPAs who specialize in personal financial planning. You don't find many of these around, but they'll be well-educated if you do.

Chartered Life Underwriter (CLU)

:

, which educates insurance and financial services professionals, awards this designation to those who have at least two years' work experience, passed courses and agreed to abide by a code of ethics. They don't, however, abide by a fiduciary standard. After all, they sell products.



Chartered Financial Consultant (ChFC)

:

awards this designation, mostly to insurance agents and finance reps, and also applies a code of ethics. However, recipients aren't held to a fiduciary standard.

-- Brent Hunsberger