By 2030, seniors aged 65 and above will make up 18% of the nation’s population. Currently, Americans over the age of 50 account for 77% of personal financial assets in the United States. This group of investors own a disproportionate share of the nation’s personal wealth and faces greater risks of cognitive decline and financial exploitation. Unfortunately, seniors lose roughly $2.9 billion annually in cases reported by the media, and only an estimated 1 in 44 cases of exploitation are ever reported to the authorities.
It is vital that we are able to protect our senior investors. SIFMA has been working with industry members, academics, and state and federal lawmakers to advance policies, practices, rules, regulations, and statutes which enhance senior investor protections. A growing number of states have enacted senior investor protection laws that extend to broker-dealers, and several others are currently working to develop a similar path. Additionally, FINRA has released Rule 2165, on report and hold, and Rule 4512, on trusted contact forms, which will go into effect in February 2018. SIFMA continues to hold regional workshops to educate participants on the unique challenges faced by senior investors.
This is an issue of increasing importance, and SIFMA looks to continue to lead on this issue, as it has for the past several years.