The U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority, and North American Securities Administrators Association released a joint report on Monday outlining practices that financial services firms can use to strengthen their policies and procedures for serving older investors as they approach retirement.

The regulators’ joint report summarizes firms’ senior-specific practices in certain areas, such as: reforming their supervisory and compliance structures, client communications, training and educating employees, advertising and marketing, account opening, suitability, and conducting senior-focused supervision, surveillance and compliance reviews. The regulators’ joint report provides practical examples of steps being taken financial services firms in serving senior investors.

The SEC, FINRA, and NASAA say they view the protection of senior investors as a top priority.

“The practices outlined in this report, combined with strong regulation, effective industry compliance and supervision, and increased investor awareness, help ensure that the financial needs of our growing senior population are being met by brokers, investment advisers and others in the financial services industry,” said NASAA president Fred Joseph.

FINRA CEO Mary Schapiro said: “FINRA is working closely with firms to make sure they treat seniors properly and educate brokers how best to interact with this growing segment of the investor population. The Joint report will prove to be a valuable resource to financial services professionals as they struggle with the range of issues associated with an aging customer base — and it is my belief that this report will help make the securities industry a leader among industries when it comes to developing guidelines to serve senior customers.”