NEW YORK — Regulators are starting to evaluate complaints by customers about brokers who hold any of three popular designations that imply expertise in working with seniors and retirees.

The sweep is the second phase in a push by the Financial Industry Regulatory Authority to uncover whether brokers use designations as mere marketing tools to dazzle investors, or whether the titles have some educational value.

Susan Merrill, Finra’s enforcement chief, said her staff is evaluating the requirements behind the three most popular senior-related designations: Chartered Retirement Planning Counselor, Certified Senior Advisor and Chartered Advisor for Senior Living. Finra is also compiling the records of complaints against advisors who hold those designations, to see if any patterns exist.

Protecting retired and elderly investors from unscrupulous financial advisors has been a major focus among state, federal and industry regulators since 2006. Especially with waves of baby boomers beginning to retire, regulators view their huge amounts of assets as vulnerable to would-be predators.

Educating financial advisors on how to help seniors or retirees navigate the financial, health and social challenges facing them isn’t necessarily a bad thing, said Jean Setzfand, director of financial security for the AARP. But, she added, many titles come with training that shows advisors “how to sell to this market,” instead of skills that will actually help clients.

“With so many designations out there, it’s really hard for any individual to figure out…what’s credible and what’s not,” she said.

In the sweep’s first stage, announced in September, regulators found that reps were using more than 50 designations touting experience related to seniors or retirement.

Now, Merrill said, Finra is trying to determine whether the designations are misused. Part of that is finding out what the educational qualifications are for earning the titles. The other part is learning how reps market them.

“If there are designations that are practically self-conferred…how are the firms and reps then marketing that expertise?” Merrill said. “Are they exaggerating the expertise that goes along with it?”

It’s not clear what exactly would constitute a misuse of a title. For example, just listing a designation on a business card may not be considered misleading. But it could be a problem “if someone’s saying, “Because I have this I am therefore qualified to give you retirement-related investment advice,’” Merrill said.

Programs’ Requirements

According to the providers of the titles Chartered Retirement Planning Counselor, Certified Senior Advisor and Chartered Advisor for Senior Living, the coursework for students is rigorous. But the requirements for the three vary widely.

The CASL designation consists of five distance-education courses offered by The American College. The college estimates that it takes 300 to 450 hours — a year or two — to complete the coursework, which includes topics like understanding the older client and fundamentals of estate planning. To participate in the program, people must have three years of professional experience. After completing the coursework, students take closed-book, proctored exams at nearby locations.

A spokesman said the college doesn’t conduct background checks on students, but that it remains in contact with state, federal and industry regulators to monitor those holding its designations.

Those trying for a CRPC, offered by the College of Financial Planning, are tested on the contents of 11 books as part of a self-study program that takes anywhere from 100 hours to 250 hours to complete, according to the college. There are no prerequisites for taking the course, which covers information like sources of retirement income and investing for retirement.

Once someone passes a proctored, online, closed-book exam, he must promise to disclose conflicts of interest and not to solicit business through false or misleading statements or ads. Students must also fill out a form saying whether they’ve been criminal or civil defendants, or are the subject of any investigation. If they answer yes, the college does a background check.

The CSA self-study coursework includes four online courses — including one on ethics — with short, open-book, multiple-choice exams. The courses, along with a textbook that students must read, take 26 to 35 hours to complete, the CSA Society estimates. They must also conduct an interview of a professional in another field who works with seniors and write a 900-word report. They must sign a code of ethics and pass a closed-book, proctored exam before receiving the CSA. Students can also take the course in a classroom environment, where the coursework is slightly different.

Starting in January, candidates who want to sit for the final exam — whether or not they take the course — will have to have some amount of work or volunteer experience working with seniors, or a degree or certificate from an accredited college or university in a field related to working with seniors.

Those who hold CSAs are obligated to inform the Society of CSAs about disciplinary, legal or civil proceedings against them. If they don’t self-report, they can face a one-year suspension of the designation. Also starting in January, CSAs will be required to disclose on marketing materials that the “designation alone does not imply expertise in financial, health or social matters.”

Concerns

Despite the programs’ arguments that their courses are valuable, some investors’ advocates are skeptical of the general idea, especially given the proliferation of such programs.

Some designations give “the impression to potential clients that someone is more important than they are, or more qualified educationally than they are,” said Stuart D. Meissner, an investors’ lawyer. “Often the reality is they just pay a fee and get a book, and they get the degree.”

Finra’s sweep comes alongside efforts by state regulators to curb the types of designations financial advisors can use. Earlier this year, Massachusetts securities regulators adopted a rule saying financial advisors can only use senior designations that have been accredited by a national agency recognized by the state. And the North American Securities Administrators Association is floating a similar model rule.

Merrill said it’s too early to know whether enforcement actions will come out of the sweep, but said “it may help sensitize firms to the issue.” She said she’s already seeing firms get more rigid about what designations they will allow reps to use.

She said five firms have said they would ban the use of senior-services designations by the end of 2007, and others are drafting procedures to oversee their brokers’ use of the credentials.

Merrill said guidance for firms might be the key outcome of the Finra sweep. “We have to help educate firms about how designations are being used,” she said.