The SEC, FINRA, and North American Securities Administrators Association (NASAA) today have issued a 2010 Addendum to their report of best practices for financial services firms to improve their policies and procedures for serving senior-citizen investors. The 2010 Addendum focuses on the following categories of practices:
• Communication with seniors;
• Training brokers on senior-related issues;
• Creating a process for escalating issues and taking action;
• Securing accurate information at account opening;
• Making sure investments are suitable; and
• Supervision and compliance reviews.
Securities regulators are publicizing this updated report to ensure that broker-dealers will serve senior investors in an ethical, respectful and informed manner.