As people live longer, healthier lives and more baby boomers approach retirement, the population of individuals 65 and older in the United States continues to increase dramatically. This has profound implications for investment advisors, who will need to determine how to thoughtfully serve aging and vulnerable clients while navigating the evolving regulatory landscape.
This Compliance Review white paper from Schwab offers insight into new state laws as well as the SEC's recent approval of FINRA's Financial Exploitation of Specified Adults rule and the amended Customer Account Information rule. The paper also highlights some operational and compliance best practices for working with aging clients. It's essential that firms be proactive in implementing a thoughtful, dynamic process for serving aging and vulnerable clients. After all, you may be the first line of defense in identifying an elderly client issue.