Morris,
This is both interesting and distressing. Imagine if nurses were 'grandfathered' in because they were hospital-trained upteen years ago, and passed hospital competencies only. How could their skills be compared to those of us who had to pass boards, and continue updating our knowledge with continuing ed mandates? Have you ever heard anyone ask a nurse what kind of training s/he has, and where s/he obtained it?
It seems to me that the general population sees the designation 'LPN' or 'RN' and assumes a specific level of education and skill. For the layman, it is likely the same when financial professionals are concerned; we assume credentions indicate a certain level of expertise. The fact that they don't, apparently, is disturbing and misleading. I encourage you to do what you can to raise awareness and rectify this situation.
Sincerely,
Jill Benjamin