Legislation recently introduced in Maine grants financial institutions new authority to delay transactions and report suspected financial exploitation involving residents aged 62 or older.
Legislative Document No. 1445, introduced during the state’s First Special Session in 2025, permits financial institutions and credit unions authorized to do business in Maine to delay a disbursement from an account if they have reasonable cause to believe that the disbursement may result in financial exploitation. The bill defines an “eligible adult” as an individual 62 years of age or older.
Under the law, institutions must notify the customer or other authorized parties on the account — unless suspected of involvement — and the Office of the Attorney General within two business days of the delayed disbursement. Institutions are also expected to continue an internal review and report their findings within seven business days. The disbursement delay may last for no more than 15 business days, unless extended by court order.
Institutions may also refer suspected cases to law enforcement agencies and provide access to relevant records, which are deemed confidential.
The legislation includes provisions allowing institutions to establish procedures for clients to designate a “trusted contact person.” This person can be contacted by the institution to confirm account details or the client’s well-being in cases where financial exploitation is suspected.
In addition to outlining these protocols, the bill provides immunity from administrative or civil liability for financial institutions and credit unions that act in good faith under its provisions.
It’s a ruthless competition for advisors right now, with buyers promising top dollar to advisors willing to sell.
Vanilla, SS&C and FinTurk are rolling out a mix of agentic and AI-assisted features aimed at planning gaps, client insights, and manual account monitoring.
David Haughton, formerly of Carson Group and Commonwealth Financial Network, takes on VP of engagement role at Hargrove MSO, a subsidiary of Hargrove Firm.
Retirement plan clients may not grasp what fiduciary duties they keep when joining a PEP.
OnePoint BFG has added a $400 million team from Northwestern Mutual while Modern Wealth scooped a veteran-led team overseeing nearly $710 million in assets.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income