A report from the organization of state and provincial securities regulators found that brokerage and advisory firms need to address issues related to the aging of their increasingly older adviser workforce.
The report from the North American Securities Administrators Association’s committee on senior issues and diminished capacity was based on a series of discussions that state and provincial securities regulators had with broker-dealers, investment advisers and compliance consultants to understand how the industry handles issues related to diminished capacity and cognitive impairment of financial professionals.
The report suggested firms encourage or even require all financial professionals to establish a succession plan regardless of age, and identified several areas for firms to consider, including whether appropriate staff are trained to recognize the red flags of diminished capacity and cognitive impairment. Those interviewed believe there are roles for regulators to play in identifying the problem and setting guidelines and goals on how to address it.
“Addressing financial professionals with cognitive impairment or diminished capacity requires sensitivity and respectfulness. Each situation will present differently and firms will have varying resources to address these concerns,” notes the report, which was prepared by a working group chaired by Claire McHenry, deputy director of the Nebraska Bureau of Securities.
The NASAA board-level committee on senior issues is chaired by Deborah Gillis of the New Brunswick Financial & Consumer Services Commission.
Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.
A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.
NorthRock Partners' second deal of 2025 expands its Bay Area presence with a planning practice for tech professionals, entrepreneurs, and business owners.
Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.
Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
