Regulators act to protect seniors

The SEC, FINRA and NASAA will seek input on firms’ best practices to protect senior investors.
FEB 08, 2008
The Securities and Exchange Commission has partnered with a pair of securities regulators, seeking input on firms’ best practices to protect senior investors. The Financial Industry Regulatory Authority Inc. and the North American Securities Administrators Association will help the SEC’s staff with the initiative. Specifically the three groups want to hear about financial services’ firms marketing to seniors, account opening and review, ongoing relationship reviews, as well as appropriateness of products for this age group. Regulators are also interested in how firms are adjusting to the changing needs of their senior investors as they age, along with training procedures for workers and compliance and surveillance reviews. Upon receiving and compiling the responses, the regulators plan to publish their findings to help all firms improve their service to these investors. “It’s important to maximize the cutting-edge practices being developed by financial services firms to ensure that America’s senior investors are being protected and well-served by brokers, investment advisers and others in the securities industry,” SEC chairman Christopher Cox said in a statement.

Latest News

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline