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A potent mix of factors have created fertile conditions for elder financial abuse. Here's how advisors can better protect older clients from fraudsters.
Amid persistent criticism from industry groups, a Labor Dept. official says the comment process will be pivotal to getting the fiduciary proposal right.
Opponents warn definitions are overly broad and call on advisors and brokers to make their voices heard at the Labor Department.
The head of a global standards-setting body argues that regulators overreacted to the financial crisis and says banking-style regulation is a poor fit for the asset management industry.
Labor Secretary tells skeptical lawmakers fiduciary proposal is a needed investor protection, as industry representatives contend rules would force them out of retirement segment.
SEC Commissioner Kara Stein is worried that mutual fund sector is moving beyond the reach of the regulators.
Gregory Fleming, president of Morgan Stanley Wealth Management, says advice and advisor training will always have a role in the advice sector, which also must address its diversity problem.
Experts agree that while there's no cure for elder abuse, regulators, advocates and advisors can help mitigate the losses by educating investors and training financial professionals.
Regulators at the SEC and FINRA are taking a hard look at how advisors and brokers are protecting digital systems. Here's how firms can respond.
A top lawyer for the industry regulator says it would be happy to help after a congressman calls on the agency to assume advisor exams.
"Advisors that know their clients can smell when something's up," says regulatory and compliance consultant Daniel Bernstein.
Discussions about cognitive impairment and end-of-life issues might be difficult, but they need to happen, and could yield an upside for the advisor's practice.
Co-sponsor of legislation to derail Labor Department's fiduciary proposal admits that the bill's greatest goal is to put political pressure on the administration.
The revised proposal would require brokers to disclose to clients the compensation they receive when jumping to a new firm.
Richard Ketchum voices support for SEC to move on a uniform fiduciary standard for brokers and advisors, while warning of unintended consequences from DoL's proposal.
Experts say the vast majority of abuse cases involve family members and close friends or associates, but financial professionals play a part, too.
Experts cite challenges in building and prosecuting cases involving elder financial abuse, suggesting advisors need policies and procedures to spot and report issues as they arise.
Investigating potential elder abuse can be tricky, particularly when dealing with a long-time client who might be suffering from cognitive impairment.
Federal and state examiners still see compliance failures when advisors take to social media to promote their practice.
State securities officials are drafting a model rule that would provide advisors cover if they delayed a transaction when they suspected the client was the victim of exploitation.