On June 12 at West Chester University, the Securities and Exchange Commission's (SEC) Philadelphia regional office will host an educational event directed specifically at older Philadelphia-area investors.
Widely considered one of the most pressing problems of our times, elder abuse and particularly elderly financial abuse have received national attention, thanks to initiatives by the Department of Health, the Department of Labor, and the Obama Administration. These agencies have focused on the loss of billions of dollars per year in retirement savings among not just millionaires but ordinary hard-working and retired Americans.
In many cases, seniors don’t realize their investment portfolios no longer reflect the risk-tolerances and investment objectives they indicated in their broker-dealer account opening documents. On your account statements, your investor profile may not change. It may still be labeled “Conservative” or “Moderate-risk” while the actual investments or overall allocation of investments you hold are anything but conservative or moderate.
The law prohibits the use of senior-specialization designations by any person who lacks certification from an accrediting organization. This law makes clear that using a phony senior-specific designation that falsely implies some financial expertise in the investment needs of our elderly investors is against the law.