Update on NASAA Focus on Senior Investor Issues

By Patricia Uceda, Fall 2014 Graduate Research Assistant

seniors2Yesterday, we told you about NASAA’s newly formed Committee on Senior Issues and Diminished Capacity. NASAA also recently announced the formation of an advisory council which will provide guidance to the Committee. The advisory council will consist of a panel of experts from diverse backgrounds including government, business, senior advocacy organizations, academic, medical practitioners, and lawyers. The council and committee will work together to tackle the wide range of issues facing senior investors as well as security regulators.

On a related note, the Securities Industry and Financial Markets Association (SIMFA) recently announced a Senior Investors Forum entitled “Serving the Needs of Our Aging Investors” which will take place on September 30, 2014 in Chicago. The forum will focus on educating their members, which includes hundreds of securities firms, banks, and asset managers, about the best practices to ensure the highest level of service to senior investors. Topics of discussion in the forum will include the issues facing senior investors, current regulatory structures and potential developments to enhance protection of senior investors, communicating with clients who may have diminished capacity, internal policies firms have implemented to deal with clients who may have diminished capacity, and specialized training on how to deal with senior clients.

It is encouraging to see major security organizations focusing on this group of investors that historically have been susceptible to investment fraud. Hopefully this trend continues so that we can ensure the funds accumulated by our senior citizens through a lifetime of hard work and saving are not needlessly squandered by investment fraudsters.