More States Adopt Disbursement Hold Regulations to Protect Senior and Vulnerable Adults

As the population dynamics in the Unites States moves towards an unprecedented number of baby boomers entering their retirement years, federal and state regulators and FINRA have enacted regulations, examination priorities and enforcement efforts to protect the assets of senior and vulnerable adults. In 2020, the states of New Jersey (April 12th), West Virginia (June… READ MORE

Regulators Continue to Focus on Senior Clients in Exams – Are You Ready?

Registered Investment Advisor (RIAs) should expect SEC exams to contain document request lists and specific questions focusing on how they are protecting seniors and vulnerable adults.  In RIA examinations performed this year by the SEC, document request lists and specific questions asked during the onsite interview process reflected the importance the SEC is placing on… READ MORE

Senior Consultant Bob Tuch Publishes Senior Safe Act Article

Oyster Consulting Senior Consultant Bob Tuch recently contributed his article, “Protection of Seniors from Financial Exploitation – Congress Enacts the Senior Safe Act” to Practical Compliance & Risk Management for the Securities Industry, a Wolters Kluwer publication.  The Senior Safe Act provides immunity from liability to covered financial institutions and certain employees and representatives of… READ MORE

Passage of the Senior Safe Act Will Provide Protection for Senior Investors

The Senior Safe Act (SSA) has been signed into law to provide protection for senior citizens from financial exploitation.  The SSA is designed to enable investment professionals and others to work more effectively with law enforcement officials by protecting them from liability when suspected financial exploitation is reported under the circumstances described below. The SSA… READ MORE

Recording Available: Looking Out for the Baby Boomers: Are You Protecting Your Firm and Your Client?

The U.S. population is aging – in January 2011, thousands of Baby Boomers began turning 65 every day.   FINRA’s new rules to increase protections for vulnerable investors and to provide firms with guidelines to ensure these protections take effect February 5, 2018.  Is your firm ready to handle the issues that come with having senior clients? On… READ MORE

Senior and Vulnerable Adult Client Protection: A Continuing Issue for the Securities Industry and Regulators

  If you are waiting until February 5th to implement procedures to protect senior and vulnerable adults because that is when the FINRA rule is effective, you may be risking a violation of current state regulations. In June and August 2017, the North American Securities Administrators Association (“NASAA”) published findings from a review of broker-dealer… READ MORE