As regulators look for ways to grapple with the unique challenges posed by the growing population of senior investors, the U.S. Financial Industry Regulatory Authority (FINRA) has launched a toll-free helpline for U.S. seniors.
The U.S. industry self-regulatory organization Monday announced the launch of a new toll-free line that will provide older investors with access to assistance from FINRA staff with their brokerage accounts and investments. The new line, which will be available weekdays from 9:00 to 17:00 ET, will offer investors assistance with: understanding how to review their investment portfolio or account statements; concerns about the handling of a brokerage account; and, FINRA’s tools and resources for investors, including its service that provides background checks on brokers.
“Protecting senior investors has been an important priority for FINRA for several years. Our goal in setting up this helpline is to build on these efforts and provide an additional resource to senior investors,” says Susan Axelrod, executive vice president for regulatory operations at FINRA.
FINRA points out that an average of 10,000 people in the U.S. will turn 65 every day for the next 15 years. And, it says that seniors have unique needs, including a lack of other income, potential health complications, and diminished mental capacity, that heighten the need for them to receive prompt attention to their concerns. FINRA stresses that it views the protection of senior investors as a key priority.
“FINRA’s helpline means that older investors are only a phone call away from getting help with questions or concerns they may have regarding their investments. FINRA staff will point seniors to educational tools that can help them better understand investing, savings and investment products, as well as resources like BrokerCheck that can provide valuable information about securities firms and financial professionals,” she adds.