NASD to Teach Military About Finances

WASHINGTON -- Abusive marketing to military recruits of overpriced, unsuitable mutual funds and life insurance has led to a campaign to educate service members and their spouses on financial matters, The Associated Press reported Thursday.

The campaign is being announced Thursday by the National Association of Securities Dealers -- the brokerage industry's self-policing organization -- as well as several members of Congress and government officials.

The NASD's $6.8 million program will provide financial training programs for military spouses and financial counselors located on bases. A new Web site, http://www.SaveAndInvest.org, will provide information for military personnel and their families, and there will be a global advertising campaign.

Many servicemembers report having difficulty covering their expenses and saving for the future. More than 2,000 military spouses already have applied to become financial counselors, according to the NASD.

"We know that military personnel want and need objective, unbiased information to help them make sound financial decisions," said NASD Chairman and CEO Robert Glauber.

-- NYSSCPA.org News Staff

Posted on 2/16/06