U.S. regulators are rolling out a training program designed to help brokerage and advisory firms spot possible elder financial abuse.
The North American Securities Administrators Association (NASAA) announced on Wednesday it is offering a new training program that aims to help broker-dealers and investment advisers in identify and report suspected elder financial abuse.
NASAA's version of the training for securities industry professionals was developed using a similar program for bank and credit union tellers.
"Recognizing the signs of cognitive decline and financial exploitation is critical if we are to protect elderly and vulnerable investors. Financial professionals are uniquely positioned to identify red flags of fraud and abuse," says Judith Shaw, president of NASAA and Maine securities administrator, in a statement.
"Not only is it an effective educational tool, but it also sets forth a reporting and referral protocol that increases the likelihood that vulnerable adults will be protected," she adds.
NASAA will roll out the training program to its members in April. Earlier this year, it also adopted model legislation designed to help protect vulnerable adults from financial exploitation.