States, Advisors Lead Fight Against Senior Exploitation

Principal Richard Szuch was quoted in the article " States, Advisors Lead Fight Against Senior Exploitation" published by Financial Advisor.

The article discusses the different state laws that have been passed to protect advisors worried about violating privacy laws when they report suspected financial abuse of the elderly.

“Only in the last 15 years or so have financial industry regulators focused on the problems related to the aging of baby boomers who are now moving into retirement,” says Richard Szuch, a principal at Bressler, Amery & Ross who manages the firm’s Senior and Vulnerable Investor Group. “Previously, regulators focused on the usage of potentially misleading titles, such as ‘senior specialist,’ or on making sure that complex products were fully understood by retired investors. By 2010, the SEC, FINRA, self-regulatory organizations and Congress began to focus on the issue of exploitation leading to the theft of client assets. Now, the legislative solution trend is accelerating and more states are beginning to act.”

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