Category Archives: Seniors
 

World Elder Abuse Awareness Day – What Investment Advisers Can Do to Protect Vulnerable Clients

June 12, 2020

June 15 is World Elder Abuse Awareness Day (WEAAD). WEAAD was launched by the International Network for the Prevention of Elder Abuse and the World Health Organization at the United Nations. The purpose of WEAAD is to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect of older persons by raising awareness of the cultural, social, economic and demographic processes affecting elder abuse and neglect.

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Learn How Your Investment Adviser Can Improve Its Report of Elder Abuse to Adult Protective Services

January 20, 2020

Many state legislatures in the U.S. have recently passed legislation mandating that investment adviser firms and their supervised persons report instances of elder abuse by third parties to the applicable authority in the state (e.g., adult protective service, attorney general’s office).  Moreover, many securities regulators have passed specific rules requiring mandatory reporting of elder abuse and/or taken the position that reporting instances of elder abuse is essentially part of an investment adviser firm’s fiduciary duty to act in a client’s best interest.

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Is Your Investment Adviser Subject to Mandatory Reporting of Financial Exploitation of Senior Clients?

July 17, 2018

Recently, there has been a wave of legislation and regulatory action focused on senior investor protections. The U.S. Congress just passed the Senior Safe Act, a law which provides legal immunity to an investment adviser, if the investment adviser meets certain requirements, for the act of reporting suspected senior financial exploitation. Both the U.S. Securities and Exchange Commission (“SEC”) and FINRA have had a senior investor exam initiative going on since 2014. In addition, almost every state has a law pertaining to senior exploitation.

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Investment Advisers Need to Train Supervised Persons and Update Compliance Manual Due to Recent Passage of Senior Safe Act

June 12, 2018

Over the past several years, there has been a significant amount of movement within the financial services industry to develop policies, rules, and regulations that help safe guard the senior investor community. In 2014, the U.S. Securities and Exchange Commission (“SEC”), in coordination with FINRA, released a report on a recent senior investor initiative they had conducted. The exams that comprised the report focused on issues of suitability of investments for seniors, disclosures, account documentation, diminished capacity, and senior financial exploitation. This initiative showed that the SEC was taking an interest in senior protections and that investment advisers must follow different policies and procedures when recommending securities to and working with senior clients.

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Senior Safe Act Passed – Protecting Senior Investors

June 05, 2018

On May 24, 2018 Pres. Trump signed the Senior Safe Act.  The Senior Safe Act encourages financial services firms such as investment adviser firms to train employees to spot elder abuse, while granting limited immunity to individuals at financial institutions who report such abuse to law enforcement or regulators in accordance with the Act. The banking reform package of which the Senior Safe Act is part, formally known as S. 2155 or the Economic Growth, Regulatory Relief and Consumer Protection Act, modifies provisions of the Dodd-Frank Act.

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Protecting Senior Investors

February 06, 2018

On Jan. 24, 2018 the United States House of Representatives passed the Senior Safe Act.  The Senior Safe Act (referred to as “the Act,” formerly H.R. 3758) encourages financial services firms to train employees  to spot elder abuse, while granting limited immunity to individuals at financial institutions who report such abuse to law enforcement or regulators in accordance with the Act.

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