A newly created advice unit will work with the industry to provide regulatory feedback on automated advice models
Publication aims to help protect senior clients from the adverse consequences of financial exploitation and diminished capacity
The product most commonly associated with potentially unsuitable recommendations is variable annuities
The anti-exploitation program will now include training for employees of banks and credit unions
SEAC advises OSC staff on policy and operational issues concerning older investors
As regulators increase their focus on elderly clients, financial services firms of all descriptions are working diligently to provide products, services and staff training suited to help advisors take care of the needs of their aging clients
Here are some of the steps advisors and dealers need to take to ensure they meet the new stringent requirements that are in place
Senior clients may be vulnerable to exploitation by family members, friends and strangers. While investment industry groups are finding ways to identify and prevent financial abuse of elders, you can do your part to help protect your clients
Legislation will allow firms to disclose cases of potential senior financial exploitation without the fear of legal ramifications
The checklists on cognitive decline and financial exploitation will help advisors prepare for the challenges of working with aging investors