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The Financial Industry Regulatory Authority, also known as FINRA, has put a rule proposal out for comment that would help protect senior investors. The rule would require investment firms to obtain the name and contact information of a trusted person for the customer’s account. The new rule would also allow, but not require, firms to freeze funds in accounts of investors 65 and older when there is “reasonable belief” of financial exploitation.
Earlier this year, FINRA introduced a senior protection hotline for investors to call. Since its introduction, FINRA has received over 1,400 calls, Mr. Ketchum said. They often resulted in a “quick resolution” of issues.
Call 844-57-HELPS (844-574-3577)
Monday – Friday
9 a.m. – 5 p.m. Eastern Time
www.finra.org
(source: http://www.investmentnews.com/article/20150917/FREE/150919912)
This means that financial advisors can take action when they believe a client is at risk of loss due to scams or lack of ability to make informed decisions. It’s important to have a “trusted person” to contact if need be. And, it’s imperative to have client authorization in advance. That way, the advisor won’t violate the firm’s privacy policy. These proposed rules should be enacted as they will help keep our seniors safe and sound.
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