The Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) will launch a new initiative designed to identify effective practices used by financial services firms in dealing with the special challenges faced by senior investors.

The SEC, NASAA, and FINRA will solicit input in order to identify strong supervisory, compliance and other practices used by financial services firms serving seniors in the following areas:

  • marketing and advertising to seniors;
  • account opening;
  • product and account review;
  • ongoing review of the relationship and appropriateness of products;
  • discerning and meeting the changing needs of customers as they age;
  • surveillance and compliance reviews; and
  • training for firm employees.

The regulators will solicit input from investors, broker-dealers, investment advisers, and a broad cross-section of the business community.
The regulators will make their findings public at the 3rd Annual Senior Summit later this year. Lori Richards, the Director of OCIE, and Kristi Kaepplein, the Director of OIEA, will lead the initiative.

Please click for a copy of the press release announcing the initiative.